First Busey Co. (NASDAQ:BUSE) Short Interest Up 11.7% in June

First Busey Co. (NASDAQ:BUSE) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 1,340,000 shares, an increase of 11.7% from the May 31st total of 1,200,000 shares. Currently, 2.5% of the company’s stock are sold short. Based on an average daily volume of 171,000 shares, the days-to-cover ratio is currently 7.8 days.

First Busey Stock Performance

Shares of First Busey stock traded down $0.46 during trading on Wednesday, hitting $23.71. 61,329 shares of the stock were exchanged, compared to its average volume of 169,935. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s fifty day moving average is $22.98 and its 200 day moving average is $23.34. The stock has a market cap of $1.35 billion, a PE ratio of 11.97 and a beta of 0.86. First Busey has a 12 month low of $17.51 and a 12 month high of $25.80.

First Busey (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). First Busey had a net margin of 18.08% and a return on equity of 9.37%. The business had revenue of $110.77 million for the quarter, compared to the consensus estimate of $109.06 million. As a group, sell-side analysts anticipate that First Busey will post 2.13 EPS for the current year.

First Busey Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 19th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Thursday, April 18th. First Busey’s payout ratio is currently 48.48%.

Analysts Set New Price Targets

Several research analysts have recently commented on BUSE shares. StockNews.com lowered shares of First Busey from a “hold” rating to a “sell” rating in a report on Friday, June 28th. Stephens restated an “overweight” rating and issued a $28.00 target price on shares of First Busey in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Insider Activity

In other news, Director Michael David Cassens sold 2,300 shares of First Busey stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $22.36, for a total value of $51,428.00. Following the completion of the transaction, the director now owns 139,804 shares in the company, valued at approximately $3,126,017.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 7.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BUSE. Teachers Retirement System of The State of Kentucky grew its holdings in First Busey by 4.3% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 72,243 shares of the bank’s stock worth $1,737,000 after acquiring an additional 2,979 shares during the period. EMC Capital Management increased its position in shares of First Busey by 27.3% in the first quarter. EMC Capital Management now owns 8,606 shares of the bank’s stock worth $207,000 after acquiring an additional 1,848 shares in the last quarter. Janus Henderson Group PLC grew its position in First Busey by 22.5% during the 1st quarter. Janus Henderson Group PLC now owns 1,159,907 shares of the bank’s stock worth $27,895,000 after purchasing an additional 212,782 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in First Busey by 4.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 48,247 shares of the bank’s stock worth $1,161,000 after acquiring an additional 2,079 shares in the last quarter. Finally, Keeley Teton Advisors LLC boosted its position in First Busey by 12.8% during the 1st quarter. Keeley Teton Advisors LLC now owns 58,235 shares of the bank’s stock worth $1,401,000 after acquiring an additional 6,620 shares during the period. 56.49% of the stock is currently owned by institutional investors.

About First Busey

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.