DA Davidson Weighs in on First Busey Co.’s FY2019 Earnings (BUSE)

First Busey Co. (NASDAQ:BUSE) – Equities research analysts at DA Davidson issued their FY2019 earnings per share (EPS) estimates for shares of First Busey in a report issued on Monday, October 15th, according to Zacks Investment Research. DA Davidson analyst K. Reevey anticipates that the bank will earn $2.26 per share for the year.

A number of other brokerages have also recently issued reports on BUSE. Zacks Investment Research upgraded shares of First Busey from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. FIG Partners restated an “outperform” rating on shares of First Busey in a research report on Wednesday, July 25th. Piper Jaffray Companies set a $31.00 target price on shares of First Busey and gave the stock a “hold” rating in a research report on Wednesday, October 31st. BidaskClub upgraded shares of First Busey from a “sell” rating to a “hold” rating in a research report on Thursday, October 11th. Finally, B. Riley cut their target price on shares of First Busey from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Monday, November 5th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. First Busey presently has an average rating of “Hold” and an average price target of $31.67.

BUSE traded down $0.35 during midday trading on Thursday, reaching $28.18. 75,484 shares of the company’s stock were exchanged, compared to its average volume of 108,130. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. The stock has a market cap of $1.38 billion, a P/E ratio of 17.50, a PEG ratio of 2.22 and a beta of 1.06. First Busey has a 1-year low of $26.61 and a 1-year high of $33.25.

First Busey (NASDAQ:BUSE) last announced its earnings results on Tuesday, October 23rd. The bank reported $0.55 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.55. The company had revenue of $82.63 million during the quarter, compared to analysts’ expectations of $85.16 million. First Busey had a net margin of 23.02% and a return on equity of 10.36%.

The company also recently declared a quarterly dividend, which was paid on Friday, October 26th. Stockholders of record on Friday, October 19th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, October 18th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.84%. First Busey’s dividend payout ratio (DPR) is presently 49.69%.

Several hedge funds and other institutional investors have recently modified their holdings of BUSE. Deprince Race & Zollo Inc. grew its holdings in shares of First Busey by 401.9% during the third quarter. Deprince Race & Zollo Inc. now owns 940,676 shares of the bank’s stock worth $29,208,000 after buying an additional 753,254 shares in the last quarter. BlackRock Inc. grew its holdings in First Busey by 10.5% in the second quarter. BlackRock Inc. now owns 2,812,785 shares of the bank’s stock valued at $89,220,000 after purchasing an additional 268,011 shares during the period. Russell Investments Group Ltd. grew its holdings in First Busey by 385.1% in the third quarter. Russell Investments Group Ltd. now owns 316,572 shares of the bank’s stock valued at $9,828,000 after purchasing an additional 251,308 shares during the period. Millennium Management LLC grew its holdings in First Busey by 84.9% in the first quarter. Millennium Management LLC now owns 492,388 shares of the bank’s stock valued at $14,634,000 after purchasing an additional 226,143 shares during the period. Finally, Cornerstone Wealth Management LLC purchased a new stake in First Busey in the second quarter valued at approximately $4,237,000. Institutional investors and hedge funds own 52.19% 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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Earnings History and Estimates for First Busey (NASDAQ:BUSE)

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