First Busey (NASDAQ:BUSE) Upgraded to “Hold” by Zacks Investment Research

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Zacks Investment Research upgraded shares of First Busey (NASDAQ:BUSE) from a sell rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

According to Zacks, “First Busey Corporation is a financial holding company located in Urbana, Illinois. First Busey is engaged primarily in commercial, retail and correspondent banking and provides trust services, insurance services, and travel services. “

A number of other research analysts have also recently issued reports on BUSE. BidaskClub raised First Busey from a sell rating to a hold rating in a research note on Tuesday, May 7th. B. Riley reaffirmed a buy rating on shares of First Busey in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $30.75.

Shares of NASDAQ:BUSE opened at $25.20 on Tuesday. First Busey has a 12-month low of $23.13 and a 12-month high of $33.25. The stock has a market cap of $1.40 billion, a PE ratio of 12.00, a P/E/G ratio of 1.94 and a beta of 1.00. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.23.

First Busey (NASDAQ:BUSE) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.03). First Busey had a net margin of 25.94% and a return on equity of 10.23%. The company had revenue of $94.33 million for the quarter, compared to the consensus estimate of $96.24 million. As a group, analysts anticipate that First Busey will post 2.13 EPS for the current year.

In other news, Director Stanley J. Bradshaw acquired 3,680 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was bought at an average cost of $25.69 per share, for a total transaction of $94,539.20. Following the acquisition, the director now directly owns 4,195 shares in the company, valued at $107,769.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen V. King acquired 48,910 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average price of $26.83 per share, with a total value of $1,312,255.30. Following the completion of the acquisition, the director now owns 7,357 shares in the company, valued at $197,388.31. The disclosure for this purchase can be found here. Insiders have bought 69,955 shares of company stock valued at $1,859,546 over the last quarter. Company insiders own 7.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in BUSE. Citigroup Inc. boosted its holdings in shares of First Busey by 166.5% during the fourth quarter. Citigroup Inc. now owns 9,248 shares of the bank’s stock valued at $227,000 after acquiring an additional 5,778 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of First Busey by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,308,610 shares of the bank’s stock valued at $56,653,000 after acquiring an additional 127,023 shares during the period. Strs Ohio acquired a new position in shares of First Busey during the first quarter valued at $224,000. California Public Employees Retirement System boosted its holdings in shares of First Busey by 31.8% during the fourth quarter. California Public Employees Retirement System now owns 88,031 shares of the bank’s stock valued at $2,160,000 after acquiring an additional 21,232 shares during the period. Finally, Bank of Edwardsville acquired a new position in shares of First Busey during the first quarter valued at $13,681,000. Institutional investors own 45.88% of the company’s stock.

First Busey Company Profile

First Busey Corporation operates as the bank holding company for Busey Bank that provides retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. The company operates in three segments: Banking, Remittance Processing, and Wealth Management.

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