First Busey Co. (NASDAQ:BUSE) – Analysts at Piper Jaffray Companies dropped their FY2018 earnings estimates for First Busey in a report issued on Tuesday, October 30th. Piper Jaffray Companies analyst N. Race now expects that the bank will earn $2.12 per share for the year, down from their prior forecast of $2.13. Piper Jaffray Companies has a “Hold” rating and a $31.00 price target on the stock. Piper Jaffray Companies also issued estimates for First Busey’s Q4 2018 earnings at $0.54 EPS, Q1 2020 earnings at $0.61 EPS, Q2 2020 earnings at $0.63 EPS and Q3 2020 earnings at $0.63 EPS.
First Busey (NASDAQ:BUSE) last released its earnings results on Tuesday, October 23rd. The bank reported $0.55 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.55. First Busey had a return on equity of 10.36% and a net margin of 23.02%. The business had revenue of $82.63 million for the quarter, compared to analyst estimates of $85.16 million.
Several other research firms have also issued reports on BUSE. Zacks Investment Research upgraded First Busey from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. FIG Partners reiterated an “outperform” rating on shares of First Busey in a report on Wednesday, July 25th. BidaskClub upgraded First Busey from a “sell” rating to a “hold” rating in a report on Thursday, October 11th. Finally, B. Riley set a $36.00 target price on First Busey and gave the stock a “buy” rating in a report on Monday, October 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $32.67.
BUSE opened at $27.89 on Thursday. First Busey has a 52-week low of $26.61 and a 52-week high of $33.25. The stock has a market cap of $1.38 billion, a P/E ratio of 17.32, a P/E/G ratio of 2.21 and a beta of 0.97. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.88.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 26th. Shareholders of record on Friday, October 19th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Thursday, October 18th. First Busey’s dividend payout ratio (DPR) is presently 49.69%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its position in First Busey by 10.5% during the second quarter. BlackRock Inc. now owns 2,812,785 shares of the bank’s stock worth $89,220,000 after buying an additional 268,011 shares during the last quarter. Dimensional Fund Advisors LP increased its position in First Busey by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,014,042 shares of the bank’s stock worth $63,886,000 after buying an additional 85,184 shares during the last quarter. Deprince Race & Zollo Inc. increased its position in First Busey by 401.9% during the third quarter. Deprince Race & Zollo Inc. now owns 940,676 shares of the bank’s stock worth $29,208,000 after buying an additional 753,254 shares during the last quarter. Northern Trust Corp increased its position in First Busey by 3.2% during the second quarter. Northern Trust Corp now owns 804,481 shares of the bank’s stock worth $25,518,000 after buying an additional 24,820 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in First Busey by 11.1% during the second quarter. Renaissance Technologies LLC now owns 714,425 shares of the bank’s stock worth $22,662,000 after buying an additional 71,100 shares during the last quarter. 51.71% of the stock is currently 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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