First Busey (BUSE) Downgraded by BidaskClub

BidaskClub lowered shares of First Busey (NASDAQ:BUSE) from a hold rating to a sell rating in a research note released on Tuesday morning.

A number of other research firms have also recently commented on BUSE. Piper Jaffray Companies set a $31.00 price target on shares of First Busey and gave the company a hold rating in a report on Wednesday, October 31st. Zacks Investment Research cut shares of First Busey from a buy rating to a hold rating in a report on Tuesday, October 30th. B. Riley cut their price target on shares of First Busey from $36.00 to $33.00 and set a buy rating on the stock in a report on Monday, November 5th. Finally, ValuEngine cut shares of First Busey from a hold rating to a sell rating in a report on Friday, October 19th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $31.67.

NASDAQ:BUSE opened at $26.63 on Tuesday. First Busey has a 52 week low of $25.61 and a 52 week high of $33.25. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market cap of $1.31 billion, a PE ratio of 16.54, a PEG ratio of 2.12 and a beta of 1.00.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.55 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.55. First Busey had a net margin of 23.02% and a return on equity of 10.29%. The firm had revenue of $82.63 million for the quarter, compared to analysts’ expectations of $85.16 million. As a group, equities analysts predict that First Busey will post 2.12 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of the stock. Belpointe Asset Management LLC purchased a new stake in First Busey in the third quarter worth approximately $517,000. Vanguard Group Inc. boosted its holdings in First Busey by 2.8% in the third quarter. Vanguard Group Inc. now owns 1,992,149 shares of the bank’s stock worth $61,857,000 after purchasing an additional 54,654 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in First Busey by 14.9% in the third quarter. TIAA CREF Investment Management LLC now owns 228,147 shares of the bank’s stock worth $7,084,000 after purchasing an additional 29,661 shares during the last quarter. Teachers Advisors LLC boosted its holdings in First Busey by 2.6% in the third quarter. Teachers Advisors LLC now owns 83,702 shares of the bank’s stock worth $2,599,000 after purchasing an additional 2,141 shares during the last quarter. Finally, IndexIQ Advisors LLC boosted its holdings in First Busey by 3.9% in the third quarter. IndexIQ Advisors LLC now owns 76,489 shares of the bank’s stock worth $2,375,000 after purchasing an additional 2,890 shares during the last quarter. Institutional investors own 51.10% of the company’s stock.

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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