BidaskClub Downgrades First Busey (NASDAQ:BUSE) to Sell

First Busey (NASDAQ:BUSE) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, BidAskClub reports.

Several other brokerages also recently weighed in on BUSE. Raymond James restated a “hold” rating on shares of First Busey in a report on Friday, August 14th. ValuEngine downgraded First Busey from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Finally, Zacks Investment Research upgraded First Busey from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $25.50.

Shares of NASDAQ BUSE opened at $17.12 on Tuesday. The stock’s 50-day moving average is $17.76 and its two-hundred day moving average is $17.58. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.91 and a quick ratio of 0.90. First Busey has a 1-year low of $11.00 and a 1-year high of $28.00. The company has a market cap of $933.31 million, a price-to-earnings ratio of 9.95 and a beta of 1.12.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.21. First Busey had a return on equity of 8.51% and a net margin of 20.37%. The company had revenue of $98.78 million for the quarter, compared to the consensus estimate of $98.26 million. Equities research analysts anticipate that First Busey will post 1.63 earnings per share for the current fiscal year.

In other news, Director Stanley J. Bradshaw bought 2,100 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was purchased at an average cost of $16.80 per share, with a total value of $35,280.00. Following the transaction, the director now directly owns 9,491 shares in the company, valued at $159,448.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Stephen V. King bought 27,058 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $18.44 per share, with a total value of $498,949.52. Following the completion of the transaction, the director now owns 12,936 shares in the company, valued at $238,539.84. The disclosure for this purchase can be found here. Corporate insiders own 7.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in BUSE. LSV Asset Management boosted its position in shares of First Busey by 249.0% in the 2nd quarter. LSV Asset Management now owns 948,914 shares of the bank’s stock valued at $17,697,000 after purchasing an additional 676,982 shares during the period. Mendon Capital Advisors Corp acquired a new stake in shares of First Busey in the 2nd quarter valued at about $3,069,000. EJF Capital LLC acquired a new stake in First Busey during the 2nd quarter worth approximately $1,807,000. Geode Capital Management LLC lifted its position in First Busey by 9.4% during the 1st quarter. Geode Capital Management LLC now owns 769,671 shares of the bank’s stock worth $13,168,000 after acquiring an additional 65,832 shares during the period. Finally, BlackRock Inc. lifted its position in First Busey by 1.6% during the 1st quarter. BlackRock Inc. now owns 3,763,403 shares of the bank’s stock worth $64,392,000 after acquiring an additional 59,422 shares during the period. 46.82% 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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