First Busey (NASDAQ:BUSE) Given New $27.00 Price Target at Raymond James

First Busey (NASDAQ:BUSE) had its price target decreased by Raymond James from $29.00 to $27.00 in a research report report published on Wednesday morning,Benzinga reports. Raymond James currently has an outperform rating on the bank’s stock.

Several other analysts also recently weighed in on BUSE. Stephens restated an “equal weight” rating and set a $26.00 target price on shares of First Busey in a research note on Monday, February 24th. Piper Sandler reduced their price objective on First Busey from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $33.00 target price (down previously from $34.00) on shares of First Busey in a research report on Thursday, January 30th. Finally, DA Davidson reiterated a “neutral” rating and set a $25.00 target price on shares of First Busey in a research note on Tuesday, February 25th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.80.

First Busey Stock Performance

Shares of NASDAQ BUSE opened at $21.72 on Wednesday. The business’s 50-day simple moving average is $23.29 and its 200-day simple moving average is $24.55. 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 has a 52 week low of $21.05 and a 52 week high of $28.97. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 11.03 and a beta of 0.84.

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

First Busey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 24th were given a $0.25 dividend. This is a boost from First Busey’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend was Friday, January 24th. First Busey’s dividend payout ratio (DPR) is 50.76%.

Insiders Place Their Bets

In related news, Director Stanley J. Bradshaw acquired 1,700 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $21.70 per share, with a total value of $36,890.00. Following the completion of the acquisition, the director now owns 482,143 shares of the company’s stock, valued at $10,462,503.10. This trade represents a 0.35 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 7.10% of the company’s stock.

Hedge Funds Weigh In On First Busey

Hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. grew its position in First Busey by 1,173.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,439 shares of the bank’s stock valued at $34,000 after acquiring an additional 1,326 shares during the period. R Squared Ltd acquired a new stake in shares of First Busey in the 4th quarter valued at $35,000. Meeder Asset Management Inc. increased its position in shares of First Busey by 161.1% during the 4th quarter. Meeder Asset Management Inc. now owns 1,697 shares of the bank’s stock worth $40,000 after purchasing an additional 1,047 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in First Busey by 822.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,707 shares of the bank’s stock valued at $40,000 after purchasing an additional 1,522 shares during the last quarter. Finally, Quarry LP boosted its position in First Busey by 507.5% in the fourth quarter. Quarry LP now owns 1,786 shares of the bank’s stock valued at $42,000 after buying an additional 1,492 shares in the last quarter. Institutional investors own 56.49% of the company’s stock.

About First Busey

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.