Redmont Wealth Advisors LLC Takes Position in First Busey Corporation $BUSE

Redmont Wealth Advisors LLC acquired a new position in shares of First Busey Corporation (NASDAQ:BUSE) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 20,601 shares of the bank’s stock, valued at approximately $477,000.

Other hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. lifted its stake in shares of First Busey by 726.1% during the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock valued at $49,000 after acquiring an additional 2,004 shares during the period. State of Alaska Department of Revenue acquired a new position in First Busey during the 3rd quarter valued at about $86,000. Ameritas Investment Partners Inc. lifted its position in First Busey by 8.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,745 shares of the bank’s stock valued at $200,000 after purchasing an additional 648 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of First Busey by 585.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,742 shares of the bank’s stock valued at $223,000 after purchasing an additional 8,321 shares during the last quarter. Finally, Kuhn & Co Investment Counsel acquired a new stake in shares of First Busey during the 2nd quarter worth approximately $229,000. 56.49% of the stock is currently owned by institutional investors.

First Busey Stock Performance

Shares of First Busey stock opened at $26.31 on Thursday. The stock’s fifty day simple moving average is $25.06 and its 200 day simple moving average is $24.05. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.33 billion, a PE ratio of 20.40 and a beta of 0.78. First Busey Corporation has a 12 month low of $18.40 and a 12 month high of $27.65.

First Busey (NASDAQ:BUSE) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. First Busey had a return on equity of 9.59% and a net margin of 12.96%.The business had revenue of $201.78 million for the quarter, compared to analysts’ expectations of $197.70 million. On average, research analysts predict that First Busey Corporation will post 2.61 EPS for the current year.

First Busey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 23rd were issued a dividend of $0.26 per share. The ex-dividend date was Friday, January 23rd. This is a boost from First Busey’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. First Busey’s dividend payout ratio is 80.62%.

Insider Transactions at First Busey

In other First Busey news, President Mike Maddox purchased 1,000 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was bought at an average cost of $25.52 per share, with a total value of $25,520.00. Following the purchase, the president directly owned 40,280 shares of the company’s stock, valued at $1,027,945.60. The trade was a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.85% of the company’s stock.

Wall Street Analysts Forecast Growth

BUSE has been the subject of a number of analyst reports. DA Davidson reaffirmed a “neutral” rating and set a $27.00 target price on shares of First Busey in a report on Thursday, January 29th. Raymond James Financial reaffirmed an “outperform” rating and set a $26.00 price objective (down from $28.00) on shares of First Busey in a research note on Thursday, October 30th. Piper Sandler increased their target price on First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of First Busey in a report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.00.

About First Busey

First Busey (NASDAQ: BUSE) is a bank holding company headquartered in Champaign, Illinois, with roots tracing back to the founding of Busey Bank in 1868. As a regional financial institution, it offers a broad spectrum of banking services to individuals, small businesses, and corporations. Its core activities include commercial lending, deposit-taking, and cash management, which are tailored to meet the needs of local communities across its operating footprint.

In addition to traditional banking operations, First Busey provides wealth management and trust services through its subsidiary aimed at high-net-worth clients and fiduciary accounts.