First Busey Co. to Post FY2024 Earnings of $2.40 Per Share, DA Davidson Forecasts (NASDAQ:BUSE)

First Busey Co. (NASDAQ:BUSE) – DA Davidson lowered their FY2024 EPS estimates for First Busey in a report issued on Thursday, April 25th. DA Davidson analyst J. Rulis now expects that the bank will post earnings of $2.40 per share for the year, down from their previous forecast of $2.45. The consensus estimate for First Busey’s current full-year earnings is $2.13 per share.

Several other analysts have also recently issued reports on the company. Stephens reissued an “overweight” rating and issued a $28.00 target price on shares of First Busey in a research note on Wednesday, April 24th. StockNews.com raised First Busey from a “sell” rating to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, First Busey has an average rating of “Moderate Buy” and an average price target of $25.75.

First Busey Price Performance

Shares of First Busey stock opened at $22.34 on Monday. The company’s fifty day simple moving average is $23.03 and its two-hundred day simple moving average is $22.73. First Busey has a 12-month low of $16.26 and a 12-month high of $25.80. The firm has a market cap of $1.23 billion, a PE ratio of 11.39 and a beta of 0.85. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.25.

Institutional Investors Weigh In On First Busey

A number of institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC boosted its stake in First Busey by 35.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 39,888 shares of the bank’s stock worth $959,000 after purchasing an additional 10,401 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in First Busey by 30.3% in the first quarter. Assenagon Asset Management S.A. now owns 99,397 shares of the bank’s stock worth $2,390,000 after buying an additional 23,142 shares during the last quarter. Denali Advisors LLC lifted its stake in shares of First Busey by 3,072.7% in the first quarter. Denali Advisors LLC now owns 34,900 shares of the bank’s stock worth $839,000 after buying an additional 33,800 shares in the last quarter. HighPoint Advisor Group LLC purchased a new stake in shares of First Busey during the fourth quarter valued at approximately $249,000. Finally, Wellington Management Group LLP increased its position in shares of First Busey by 3.8% during the fourth quarter. Wellington Management Group LLP now owns 1,552,667 shares of the bank’s stock valued at $38,537,000 after acquiring an additional 57,392 shares in the last quarter. 56.49% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Michael David Cassens sold 2,300 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $23.02, for a total value of $52,946.00. Following the sale, the director now directly owns 141,278 shares of the company’s stock, valued at $3,252,219.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Karen M. Jensen purchased 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were purchased at an average cost of $22.98 per share, with a total value of $45,960.00. Following the transaction, the director now directly owns 47,585 shares in the company, valued at approximately $1,093,503.30. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael David Cassens sold 2,300 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $23.02, for a total value of $52,946.00. Following the transaction, the director now directly owns 141,278 shares of the company’s stock, valued at approximately $3,252,219.56. The disclosure for this sale can be found here. In the last quarter, insiders bought 4,348 shares of company stock worth $93,953 and sold 6,900 shares worth $157,182. 7.10% of the stock is currently owned by company insiders.

First Busey Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 19th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend was Thursday, April 18th. First Busey’s dividend payout ratio is currently 48.48%.

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.