Zacks Investment Research Downgrades First Busey Corporation (BUSE) to Hold
First Busey Corporation (NASDAQ:BUSE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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. “
A number of other research firms also recently weighed in on BUSE. BidaskClub upgraded First Busey Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Piper Jaffray Companies set a $32.00 target price on First Busey Corporation and gave the stock a “hold” rating in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $32.50.
First Busey Corporation (NASDAQ:BUSE) traded up 0.61% on Tuesday, reaching $31.58. The company had a trading volume of 28,525 shares. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 20.89 and a beta of 1.01. The company’s 50 day moving average price is $29.36 and its 200-day moving average price is $29.33. First Busey Corporation has a 12 month low of $21.83 and a 12 month high of $32.22.
First Busey Corporation (NASDAQ:BUSE) last released its earnings results on Tuesday, July 25th. The bank reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. The company had revenue of $62.43 million during the quarter, compared to the consensus estimate of $63.40 million. First Busey Corporation had a return on equity of 10.59% and a net margin of 22.04%. On average, equities analysts predict that First Busey Corporation will post $1.74 earnings per share for the current fiscal year.
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In related news, insider Curt A. Anderson sold 1,400 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $29.40, for a total value of $41,160.00. Following the completion of the sale, the insider now owns 43,482 shares in the company, valued at $1,278,370.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in First Busey Corporation by 7.8% in the first quarter. Vanguard Group Inc. now owns 1,457,492 shares of the bank’s stock valued at $42,850,000 after purchasing an additional 105,803 shares during the last quarter. Kennedy Capital Management Inc. increased its holdings in First Busey Corporation by 11.1% in the second quarter. Kennedy Capital Management Inc. now owns 215,439 shares of the bank’s stock valued at $6,317,000 after purchasing an additional 21,470 shares during the last quarter. Bank of America Corp DE increased its holdings in First Busey Corporation by 128.0% in the first quarter. Bank of America Corp DE now owns 171,816 shares of the bank’s stock valued at $5,051,000 after purchasing an additional 96,454 shares during the last quarter. Martingale Asset Management L P bought a new stake in First Busey Corporation in the second quarter valued at about $3,855,000. Finally, Marshall Wace North America L.P. increased its holdings in First Busey Corporation by 569.4% in the second quarter. Marshall Wace North America L.P. now owns 78,664 shares of the bank’s stock valued at $2,281,000 after purchasing an additional 66,913 shares during the last quarter. Institutional investors and hedge funds own 45.83% of the company’s stock.
First Busey Corporation Company Profile
First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries. The Company operates through three segments: Banking, Remittance Processing and Wealth Management. The Banking segment provides a range of banking services to individual and corporate customers through its branch network in downstate Illinois, St.
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