First Busey (NASDAQ:BUSE) Hits New 52-Week Low – What’s Next?

Shares of First Busey Co. (NASDAQ:BUSE) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $21.13 and last traded at $21.48, with a volume of 100577 shares trading hands. The stock had previously closed at $21.60.

Analyst Upgrades and Downgrades

BUSE has been the topic of several recent research reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $33.00 price objective (down from $34.00) on shares of First Busey in a research report on Thursday, January 30th. Piper Sandler reduced their price objective on shares of First Busey from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Stephens reissued an “equal weight” rating and set a $26.00 target price on shares of First Busey in a research note on Monday, February 24th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $25.00 price target on shares of First Busey in a research note on Tuesday, February 25th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $28.00.

First Busey Trading Down 0.4 %

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.22. The firm’s 50-day simple moving average is $23.35 and its 200 day simple moving average is $24.60. The stock has a market capitalization of $1.22 billion, a P/E ratio of 10.90 and a beta of 0.84.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings results on Tuesday, January 28th. The bank reported $0.53 earnings per share (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%. Equities research analysts anticipate that First Busey Co. will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 24th were given a $0.25 dividend. This is a positive change from First Busey’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 4.65%. The ex-dividend date of this dividend was Friday, January 24th. First Busey’s dividend payout ratio is presently 50.76%.

Insider Activity

In other First Busey news, Director Stanley J. Bradshaw acquired 1,700 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $21.70 per share, for a total transaction of $36,890.00. Following the completion of the acquisition, the director now owns 482,143 shares of the company’s stock, valued at approximately $10,462,503.10. This trade represents a 0.35 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Busey

A number of hedge funds have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in First Busey in the 4th quarter valued at $3,689,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in First Busey by 39.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 124,488 shares of the bank’s stock worth $2,934,000 after purchasing an additional 35,360 shares during the period. Voloridge Investment Management LLC grew its stake in shares of First Busey by 596.4% in the 4th quarter. Voloridge Investment Management LLC now owns 133,264 shares of the bank’s stock valued at $3,141,000 after purchasing an additional 114,129 shares during the period. Squarepoint Ops LLC acquired a new position in shares of First Busey in the 4th quarter worth approximately $721,000. Finally, Two Sigma Advisers LP lifted its position in shares of First Busey by 65.4% during the 4th quarter. Two Sigma Advisers LP now owns 114,808 shares of the bank’s stock worth $2,706,000 after buying an additional 45,400 shares during the period. 56.49% of the stock is currently owned by institutional investors.

First Busey Company Profile

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.