First Busey (BUSE) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of First Busey (NASDAQ:BUSE) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “First Busey Corporation is a financial holding company located in Urbana, Illinois. First Busey is engaged primarily in commercial, retail and correspondent banking and provides trust services, insurance services, and travel services. “

A number of other analysts have also recently issued reports on BUSE. BidaskClub cut shares of First Busey from a buy rating to a hold rating in a research note on Saturday, June 30th. B. Riley set a $36.00 target price on shares of First Busey and gave the stock a buy rating in a research note on Monday. Finally, FIG Partners restated an outperform rating on shares of First Busey in a research note on Wednesday, July 25th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $33.60.

Shares of NASDAQ BUSE traded down $0.39 during mid-day trading on Thursday, reaching $28.69. 5,826 shares of the company were exchanged, compared to its average volume of 160,261. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.88. The stock has a market cap of $1.45 billion, a PE ratio of 17.93, a P/E/G ratio of 2.32 and a beta of 0.97. First Busey has a twelve month low of $28.34 and a twelve month high of $33.25.

First Busey (NASDAQ:BUSE) last posted its earnings results on Tuesday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). The company had revenue of $83.17 million for the quarter, compared to analyst estimates of $84.85 million. First Busey had a return on equity of 9.97% and a net margin of 21.51%. As a group, analysts predict that First Busey will post 2.14 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Friday, October 19th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.79%. The ex-dividend date is Thursday, October 18th. First Busey’s dividend payout ratio (DPR) is 49.69%.

A number of institutional investors have recently modified their holdings of the business. Deprince Race & Zollo Inc. raised its stake in First Busey by 401.9% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 940,676 shares of the bank’s stock worth $29,208,000 after purchasing an additional 753,254 shares in the last quarter. United Services Automobile Association raised its position in shares of First Busey by 26.6% in the 2nd quarter. United Services Automobile Association now owns 461,927 shares of the bank’s stock valued at $14,652,000 after buying an additional 96,930 shares in the last quarter. Northern Trust Corp raised its position in shares of First Busey by 3.2% in the 2nd quarter. Northern Trust Corp now owns 804,481 shares of the bank’s stock valued at $25,518,000 after buying an additional 24,820 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of First Busey by 1.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 286,354 shares of the bank’s stock valued at $9,083,000 after buying an additional 5,432 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in shares of First Busey by 3.5% in the 2nd quarter. California Public Employees Retirement System now owns 71,171 shares of the bank’s stock valued at $2,258,000 after buying an additional 2,407 shares in the last quarter. Institutional investors and hedge funds own 50.24% 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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