First Busey (BUSE) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of First Busey (NASDAQ:BUSE) from a hold rating to a sell rating in a research note issued to investors on Monday, April 30th.

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. “

Several other analysts have also commented on the stock. BidaskClub raised shares of First Busey from a hold rating to a buy rating in a research note on Tuesday, April 24th. B. Riley upgraded shares of First Busey from a neutral rating to a buy rating and reduced their price target for the company from $36.00 to $35.00 in a research report on Tuesday, February 6th. Finally, Piper Jaffray restated a hold rating and issued a $33.00 price target on shares of First Busey in a research report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $33.60.

BUSE stock traded up $0.24 on Monday, hitting $30.55. 63,299 shares of the company’s stock traded hands, compared to its average volume of 121,105. First Busey has a 1-year low of $30.28 and a 1-year high of $30.44. The firm has a market cap of $1.47 billion, a PE ratio of 18.98, a P/E/G ratio of 2.28 and a beta of 1.06. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.89.

First Busey (NASDAQ:BUSE) last released its earnings results on Tuesday, April 24th. The bank reported $0.45 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.07). First Busey had a net margin of 20.74% and a return on equity of 9.93%. The business had revenue of $82.24 million for the quarter, compared to analyst estimates of $84.98 million. sell-side analysts expect that First Busey will post 2.2 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, April 27th. Investors of record on Friday, April 20th were given a $0.20 dividend. The ex-dividend date was Thursday, April 19th. This represents a $0.80 annualized dividend and a dividend yield of 2.62%. First Busey’s dividend payout ratio (DPR) is presently 49.69%.

Several large investors have recently modified their holdings of the stock. BlackRock Inc. lifted its position in shares of First Busey by 0.6% in the 1st quarter. BlackRock Inc. now owns 2,544,774 shares of the bank’s stock valued at $75,632,000 after acquiring an additional 14,792 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Busey by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,928,858 shares of the bank’s stock valued at $57,326,000 after acquiring an additional 38,694 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of First Busey by 18.5% in the 1st quarter. Nuveen Asset Management LLC now owns 1,116,471 shares of the bank’s stock valued at $33,182,000 after acquiring an additional 174,531 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of First Busey by 4.1% in the 4th quarter. Renaissance Technologies LLC now owns 575,133 shares of the bank’s stock valued at $17,219,000 after acquiring an additional 22,800 shares in the last quarter. Finally, Thomson Horstmann & Bryant Inc. lifted its position in shares of First Busey by 11.1% in the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 518,580 shares of the bank’s stock valued at $15,526,000 after acquiring an additional 51,810 shares in the last quarter. Institutional investors and hedge funds own 46.61% 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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