First Busey (NASDAQ:BUSE) Sets New 52-Week Low – Here’s What Happened

First Busey Co. (NASDAQ:BUSE)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $21.56 and last traded at $21.57, with a volume of 518561 shares. The stock had previously closed at $22.55.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $33.00 price target (down from $34.00) on shares of First Busey in a research report on Thursday, January 30th. Piper Sandler decreased their target price on shares of First Busey from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Stephens restated an “equal weight” rating and set a $26.00 price target on shares of First Busey in a research report on Monday, February 24th. Finally, DA Davidson reiterated a “neutral” rating and issued a $25.00 price objective on shares of First Busey in a research report on Tuesday, February 25th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $28.00.

First Busey Stock Up 2.4 %

The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 11.05 and a beta of 0.84. The business’s 50 day moving average is $23.57 and its 200-day moving average is $25.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 0.82.

First Busey (NASDAQ:BUSE) last announced its earnings results on Tuesday, January 28th. The bank reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. First Busey had a net margin of 17.14% and a return on equity of 8.94%. On average, sell-side analysts predict that First Busey Co. will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 24th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, January 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.59%. This is a boost from First Busey’s previous quarterly dividend of $0.24. First Busey’s dividend payout ratio is presently 50.76%.

Insider Transactions at First Busey

In other news, Director Stanley J. Bradshaw acquired 1,838 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were bought at an average price of $23.75 per share, for a total transaction of $43,652.50. Following the acquisition, the director now owns 437,481 shares of the company’s stock, valued at approximately $10,390,173.75. This trade represents a 0.42 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 7.10% of the company’s stock.

Institutional Investors Weigh In On First Busey

A number of large investors have recently modified their holdings of BUSE. Huntington National Bank purchased a new stake in First Busey during the 3rd quarter valued at about $38,000. Empowered Funds LLC increased its holdings in shares of First Busey by 5.4% in the third quarter. Empowered Funds LLC now owns 191,934 shares of the bank’s stock valued at $4,994,000 after purchasing an additional 9,782 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in First Busey by 145.4% during the third quarter. Thrivent Financial for Lutherans now owns 28,954 shares of the bank’s stock worth $754,000 after buying an additional 17,155 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in First Busey during the third quarter worth $348,000. Finally, Intech Investment Management LLC purchased a new stake in First Busey in the 3rd quarter valued at $224,000. Hedge funds and other institutional investors own 56.49% of the company’s stock.

First Busey Company Profile

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.