Wall Street brokerages predict that First Busey Co. (NASDAQ:BUSE) will post $84.98 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for First Busey’s earnings, with estimates ranging from $83.80 million to $86.00 million. First Busey reported sales of $62.03 million in the same quarter last year, which indicates a positive year over year growth rate of 37%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, April 24th.
On average, analysts expect that First Busey will report full-year sales of $84.98 million for the current year, with estimates ranging from $344.95 million to $351.30 million. For the next year, analysts anticipate that the firm will report sales of $361.84 million per share, with estimates ranging from $358.47 million to $363.80 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for First Busey.
First Busey (NASDAQ:BUSE) last posted its quarterly earnings results on Tuesday, January 30th. The bank reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.05). First Busey had a net margin of 20.31% and a return on equity of 9.84%. The business had revenue of $86.61 million for the quarter, compared to analysts’ expectations of $82.39 million.
Several research firms have issued reports on BUSE. B. Riley upgraded shares of First Busey from a “neutral” rating to a “buy” rating and cut their price target for the company from $36.00 to $35.00 in a research report on Tuesday, February 6th. BidaskClub lowered shares of First Busey from a “hold” rating to a “sell” rating in a research report on Friday, January 26th. Piper Jaffray reaffirmed a “hold” rating and set a $33.00 price objective on shares of First Busey in a research note on Tuesday, January 9th. Finally, Zacks Investment Research downgraded shares of First Busey from a “hold” rating to a “sell” rating in a research note on Tuesday, April 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. First Busey currently has an average rating of “Hold” and an average target price of $33.60.
Several large investors have recently modified their holdings of the company. Legal & General Group Plc raised its stake in First Busey by 24.0% in the third quarter. Legal & General Group Plc now owns 9,913 shares of the bank’s stock worth $311,000 after buying an additional 1,918 shares in the last quarter. American International Group Inc. raised its stake in First Busey by 7.9% in the fourth quarter. American International Group Inc. now owns 27,442 shares of the bank’s stock worth $822,000 after buying an additional 2,005 shares in the last quarter. Geode Capital Management LLC raised its stake in First Busey by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 406,736 shares of the bank’s stock worth $12,177,000 after buying an additional 2,216 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in First Busey by 8.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 29,994 shares of the bank’s stock worth $899,000 after buying an additional 2,233 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in First Busey by 5.2% in the third quarter. California State Teachers Retirement System now owns 60,585 shares of the bank’s stock worth $1,900,000 after buying an additional 3,004 shares in the last quarter. 47.16% of the stock is owned by hedge funds and other institutional investors.
NASDAQ BUSE traded down $0.03 during trading on Wednesday, hitting $29.74. 76,204 shares of the company’s stock traded hands, compared to its average volume of 133,968. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. First Busey has a 12-month low of $27.33 and a 12-month high of $32.88. The firm has a market cap of $1,449.55, a price-to-earnings ratio of 18.71, a PEG ratio of 2.21 and a beta of 1.04.
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About First Busey
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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