First Busey Co. (NASDAQ:BUSE) Short Interest Update

First Busey Co. (NASDAQ:BUSE) was the recipient of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 3,040,000 shares, a growth of 20.6% from the February 13th total of 2,520,000 shares. Based on an average trading volume of 369,800 shares, the short-interest ratio is currently 8.2 days. Approximately 5.8% of the company’s shares are short sold.

First Busey Stock Down 1.4 %

Shares of NASDAQ BUSE traded down $0.31 during trading on Tuesday, reaching $22.14. 123,111 shares of the stock were exchanged, compared to its average volume of 270,374. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 11.24 and a beta of 0.84. The business’s 50-day moving average price is $23.46 and its 200 day moving average price is $24.91. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.22. First Busey has a twelve month low of $21.21 and a twelve month high of $28.97.

First Busey (NASDAQ:BUSE) last announced its earnings results on Tuesday, January 28th. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. First Busey had a return on equity of 8.94% and a net margin of 17.14%. As a group, equities analysts forecast that First Busey will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 24th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date of this dividend was Friday, January 24th. This is a positive change from First Busey’s previous quarterly dividend of $0.24. First Busey’s payout ratio is 50.76%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $33.00 price objective (down from $34.00) on shares of First Busey in a report on Thursday, January 30th. Piper Sandler cut their target price on First Busey from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. DA Davidson reissued a “neutral” rating and set a $25.00 price target on shares of First Busey in a research report on Tuesday, February 25th. Finally, Stephens reiterated an “equal weight” rating and set a $26.00 target price on shares of First Busey in a report on Monday, February 24th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Busey currently has an average rating of “Hold” and an average price target of $28.00.

Insiders Place Their Bets

In other First Busey news, Director Stanley J. Bradshaw bought 1,700 shares of the company’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 purchase, the director now owns 482,143 shares of the company’s stock, valued at $10,462,503.10. This trade represents a 0.35 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 7.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Emerald Advisers LLC bought a new position in shares of First Busey during the fourth quarter worth about $9,115,000. Millennium Management LLC grew its position in shares of First Busey by 121.0% in the 4th quarter. Millennium Management LLC now owns 565,001 shares of the bank’s stock worth $13,317,000 after acquiring an additional 309,301 shares in the last quarter. Peregrine Capital Management LLC bought a new stake in shares of First Busey in the 4th quarter valued at approximately $5,498,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of First Busey during the 4th quarter valued at approximately $4,850,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of First Busey by 39.2% during the fourth quarter. JPMorgan Chase & Co. now owns 671,402 shares of the bank’s stock worth $15,825,000 after purchasing an additional 189,115 shares during the period. 56.49% of the stock is owned by institutional investors and hedge funds.

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.