Stephens Lowers First Busey (NASDAQ:BUSE) to Equal Weight

Stephens downgraded shares of First Busey (NASDAQ:BUSE) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday morning, Briefing.com Automated Import reports. Stephens currently has $29.00 price target on the bank’s stock, down from their previous price target of $30.00.

Several other research analysts have also commented on the company. Zacks Investment Research upgraded Flagstar Bancorp from a hold rating to a buy rating and set a $38.00 target price for the company in a research report on Monday. B. Riley reiterated a neutral rating on shares of New York Community Bancorp in a research report on Wednesday, April 10th. Finally, BidaskClub raised Northrim BanCorp from a sell rating to a hold rating in a report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $30.50.

Shares of BUSE opened at $26.31 on Tuesday. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 2.06 and a beta of 0.99. The business has a 50 day moving average price of $25.66. 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 has a 52 week low of $23.13 and a 52 week high of $32.91.

First Busey (NASDAQ:BUSE) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.48 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.03). The firm had revenue of $94.33 million during the quarter, compared to analyst estimates of $96.24 million. First Busey had a return on equity of 10.23% and a net margin of 25.94%. As a group, sell-side analysts forecast that First Busey will post 2.12 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 19th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Thursday, July 18th. First Busey’s payout ratio is 40.00%.

In other First Busey news, Director Stanley J. Bradshaw purchased 1,183 shares of the stock in a transaction dated Thursday, May 30th. The shares were acquired at an average price of $24.95 per share, for a total transaction of $29,515.85. Following the completion of the acquisition, the director now owns 4,195 shares of the company’s stock, valued at approximately $104,665.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas G. Sloan purchased 8,000 shares of the stock in a transaction dated Tuesday, April 30th. The shares were acquired at an average price of $25.91 per share, for a total transaction of $207,280.00. Following the acquisition, the director now directly owns 231,471 shares of the company’s stock, valued at approximately $5,997,413.61. The disclosure for this purchase can be found here. Insiders purchased a total of 69,955 shares of company stock worth $1,859,546 over the last 90 days. Insiders own 7.50% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Centric Wealth Management acquired a new position in shares of First Busey in the 2nd quarter valued at $206,000. First Trust Advisors LP lifted its stake in shares of First Busey by 86.5% in the 1st quarter. First Trust Advisors LP now owns 127,968 shares of the bank’s stock valued at $3,122,000 after purchasing an additional 59,368 shares during the period. Marshall Wace LLP lifted its stake in shares of First Busey by 1,097.9% in the 1st quarter. Marshall Wace LLP now owns 24,306 shares of the bank’s stock valued at $593,000 after purchasing an additional 22,277 shares during the period. Kennedy Capital Management Inc. lifted its stake in shares of First Busey by 50.4% in the 1st quarter. Kennedy Capital Management Inc. now owns 224,722 shares of the bank’s stock valued at $5,483,000 after purchasing an additional 75,276 shares during the period. Finally, Thompson Siegel & Walmsley LLC lifted its stake in shares of First Busey by 17.8% in the 1st quarter. Thompson Siegel & Walmsley LLC now owns 81,562 shares of the bank’s stock valued at $1,990,000 after purchasing an additional 12,296 shares during the period. Institutional investors and hedge funds own 45.88% of the company’s stock.

About First Busey

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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