First Busey Co. Announces Quarterly Dividend of $0.24 (NASDAQ:BUSE)

First Busey Co. (NASDAQ:BUSEGet Free Report) announced a quarterly dividend on Tuesday, April 9th, Zacks reports. Investors of record on Friday, April 19th will be paid a dividend of 0.24 per share by the bank on Friday, April 26th. This represents a $0.96 annualized dividend and a dividend yield of 4.40%. The ex-dividend date is Thursday, April 18th.

First Busey has raised its dividend by an average of 2.9% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. First Busey has a payout ratio of 41.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Busey to earn $2.32 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 41.4%.

First Busey Stock Performance

Shares of First Busey stock opened at $21.80 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.25. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 10.05 and a beta of 0.85. The company’s fifty day moving average is $23.10 and its 200 day moving average is $22.51. First Busey has a twelve month low of $16.26 and a twelve month high of $25.80.

First Busey (NASDAQ:BUSEGet Free Report) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. The business had revenue of $108.65 million for the quarter, compared to analysts’ expectations of $107.74 million. First Busey had a net margin of 20.37% and a return on equity of 10.38%. Sell-side analysts forecast that First Busey will post 2.14 EPS for the current year.

Insider Activity

In other news, Director Michael David Cassens sold 2,300 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $23.02, for a total transaction of $52,946.00. Following the transaction, the director now owns 141,278 shares in the company, valued at $3,252,219.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other First Busey news, Director Karen M. Jensen bought 2,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were bought at an average price of $22.98 per share, for a total transaction of $45,960.00. Following the acquisition, the director now directly owns 47,585 shares of the company’s stock, valued at approximately $1,093,503.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael David Cassens sold 2,300 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $23.02, for a total transaction of $52,946.00. Following the completion of the sale, the director now owns 141,278 shares in the company, valued at approximately $3,252,219.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 4,917 shares of company stock worth $117,215. Company insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On First Busey

A number of institutional investors and hedge funds have recently made changes to their positions in BUSE. Bank of New York Mellon Corp increased its stake in First Busey by 0.6% in the 1st quarter. Bank of New York Mellon Corp now owns 328,890 shares of the bank’s stock valued at $8,335,000 after buying an additional 2,067 shares during the last quarter. Bank of Montreal Can increased its stake in First Busey by 4.4% in the 1st quarter. Bank of Montreal Can now owns 13,021 shares of the bank’s stock valued at $335,000 after buying an additional 550 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in First Busey in the 1st quarter valued at about $176,000. MetLife Investment Management LLC increased its stake in First Busey by 49.7% in the 1st quarter. MetLife Investment Management LLC now owns 27,656 shares of the bank’s stock valued at $701,000 after buying an additional 9,178 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in First Busey by 4.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,684,215 shares of the bank’s stock valued at $68,019,000 after buying an additional 104,955 shares during the last quarter. Institutional investors and hedge funds own 56.49% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of First Busey from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

Check Out Our Latest Stock Report on BUSE

About First Busey

(Get Free Report)

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.

Further Reading

Dividend History for First Busey (NASDAQ:BUSE)

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