First Busey Co. (NASDAQ:BUSE) declared a quarterly dividend on Tuesday, October 9th, NASDAQ reports. Shareholders of record on Friday, October 19th will be given a dividend of 0.20 per share by the bank on Friday, October 26th. This represents a $0.80 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Thursday, October 18th.
First Busey has raised its dividend payment by an average of 8.1% per year over the last three years and has raised its dividend every year for the last 4 years. First Busey has a dividend payout ratio of 37.4% meaning its dividend is sufficiently covered by earnings. Analysts expect First Busey to earn $2.28 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 35.1%.
First Busey stock opened at $29.12 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.88. First Busey has a 1 year low of $28.34 and a 1 year high of $33.25. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 2.42 and a beta of 0.97.
First Busey (NASDAQ:BUSE) last announced its quarterly earnings results on Tuesday, July 24th. The bank reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). The company had revenue of $83.17 million during the quarter, compared to the consensus estimate of $84.85 million. First Busey had a net margin of 21.51% and a return on equity of 9.97%. On average, analysts forecast that First Busey will post 2.14 earnings per share for the current year.
BUSE has been the subject of a number of recent analyst reports. B. Riley upped their price target on First Busey from $35.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, June 19th. BidaskClub raised First Busey from a “hold” rating to a “buy” rating in a research note on Thursday, June 21st. FIG Partners reaffirmed an “outperform” rating on shares of First Busey in a research note on Wednesday, July 25th. Finally, Zacks Investment Research raised First Busey from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $33.80.
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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