First Busey (BUSE) Cut to “Hold” at BidaskClub

First Busey (NASDAQ:BUSE) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Several other research firms have also weighed in on BUSE. Keefe, Bruyette & Woods raised First Busey from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 16th. B. Riley lifted their price objective on First Busey from $35.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, June 19th. Finally, Zacks Investment Research raised First Busey from a “sell” rating to a “hold” rating in a research report on Tuesday, April 10th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $33.80.

Shares of First Busey opened at $31.72 on Friday, Marketbeat Ratings reports. The firm has a market cap of $1.55 billion, a P/E ratio of 19.70, a P/E/G ratio of 2.41 and a beta of 1.08. 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 has a 12-month low of $27.33 and a 12-month high of $33.22.

First Busey (NASDAQ:BUSE) last announced its earnings results on Tuesday, April 24th. The bank reported $0.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.07). The company had revenue of $82.24 million for the quarter, compared to the consensus estimate of $84.98 million. First Busey had a return on equity of 9.93% and a net margin of 20.74%. analysts expect that First Busey will post 2.19 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Segall Bryant & Hamill LLC raised its position in shares of First Busey by 8.8% in the 4th quarter. Segall Bryant & Hamill LLC now owns 235,177 shares of the bank’s stock worth $7,041,000 after acquiring an additional 18,944 shares in the last quarter. Bank of New York Mellon Corp increased its position in First Busey by 1.0% in the 4th quarter. Bank of New York Mellon Corp now owns 430,761 shares of the bank’s stock valued at $12,897,000 after buying an additional 4,121 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in First Busey by 8.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 29,994 shares of the bank’s stock valued at $899,000 after buying an additional 2,233 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in First Busey in the 4th quarter valued at about $397,000. Finally, Renaissance Technologies LLC increased its position in 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 buying an additional 22,800 shares in the last quarter. 48.14% of the stock is owned by hedge funds and other institutional investors.

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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