First Busey (NASDAQ:BUSE) Upgraded to “Hold” at BidaskClub

BidaskClub upgraded shares of First Busey (NASDAQ:BUSE) from a sell rating to a hold rating in a report released on Saturday, BidAskClub reports.

BUSE has been the topic of a number of other research reports. Stephens lowered shares of First Busey from an overweight rating to an equal weight rating and cut their price objective for the stock from $30.00 to $29.00 in a research report on Tuesday, July 9th. Zacks Investment Research raised shares of First Busey from a sell rating to a hold rating in a research report on Wednesday, July 24th. B. Riley lowered shares of First Busey from a buy rating to a neutral rating and cut their price objective for the stock from $30.00 to $28.00 in a research report on Wednesday, August 21st. Finally, ValuEngine raised shares of First Busey from a sell rating to a hold rating in a research report on Thursday, August 1st. Six analysts have rated the stock with a hold rating, First Busey presently has a consensus rating of Hold and an average price target of $29.25.

Shares of BUSE stock opened at $26.21 on Friday. The company’s fifty day simple moving average is $25.19 and its 200-day simple moving average is $25.61. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.45 billion, a PE ratio of 12.48, a P/E/G ratio of 2.13 and a beta of 1.02. First Busey has a 12 month low of $23.13 and a 12 month high of $31.40.

First Busey (NASDAQ:BUSE) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. The business had revenue of $101.32 million for the quarter, compared to analyst estimates of $102.67 million. First Busey had a net margin of 24.14% and a return on equity of 10.01%. On average, equities analysts predict that First Busey will post 2.07 earnings per share for the current fiscal year.

In other news, Director David J. Downey purchased 7,500 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were purchased at an average cost of $24.06 per share, with a total value of $180,450.00. Following the completion of the transaction, the director now owns 189,949 shares of the company’s stock, valued at approximately $4,570,172.94. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 7.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. United Services Automobile Association raised its position in First Busey by 2.8% during the second quarter. United Services Automobile Association now owns 365,767 shares of the bank’s stock worth $9,660,000 after acquiring an additional 10,000 shares in the last quarter. Susquehanna International Group LLP bought a new stake in First Busey during the second quarter worth $501,000. Nuveen Asset Management LLC raised its position in First Busey by 18.4% during the second quarter. Nuveen Asset Management LLC now owns 1,598,947 shares of the bank’s stock worth $42,228,000 after acquiring an additional 248,613 shares in the last quarter. Bank of America Corp DE raised its position in First Busey by 16.5% during the second quarter. Bank of America Corp DE now owns 191,794 shares of the bank’s stock worth $5,065,000 after acquiring an additional 27,231 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in First Busey by 1.9% during the second quarter. Vanguard Group Inc. now owns 2,143,681 shares of the bank’s stock worth $56,615,000 after acquiring an additional 39,290 shares in the last quarter. 48.65% of the stock is currently owned by hedge funds and other institutional investors.

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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