Studio Investment Management LLC Has $292,000 Holdings in First Busey Co. (NASDAQ:BUSE)

Studio Investment Management LLC lifted its stake in shares of First Busey Co. (NASDAQ:BUSE) by 883.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,064 shares of the bank’s stock after buying an additional 10,837 shares during the period. Studio Investment Management LLC’s holdings in First Busey were worth $292,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BUSE. Rhumbline Advisers grew its position in shares of First Busey by 1.4% in the 2nd quarter. Rhumbline Advisers now owns 87,257 shares of the bank’s stock valued at $2,113,000 after buying an additional 1,164 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of First Busey in the 2nd quarter valued at $34,000. Signaturefd LLC raised its holdings in shares of First Busey by 257.4% during the second quarter. Signaturefd LLC now owns 1,998 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,439 shares during the period. Arizona State Retirement System raised its stake in First Busey by 10.0% during the 2nd quarter. Arizona State Retirement System now owns 15,866 shares of the bank’s stock worth $384,000 after buying an additional 1,439 shares during the period. Finally, EMC Capital Management lifted its holdings in shares of First Busey by 27.3% in the 1st quarter. EMC Capital Management now owns 8,606 shares of the bank’s stock worth $207,000 after purchasing an additional 1,848 shares in the last quarter. Institutional investors and hedge funds own 56.49% of the company’s stock.

First Busey Price Performance

BUSE stock opened at $26.16 on Wednesday. The company has a market cap of $1.48 billion, a P/E ratio of 13.21 and a beta of 0.84. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a 50-day moving average of $26.07 and a 200 day moving average of $24.08. First Busey Co. has a 1 year low of $17.51 and a 1 year high of $28.97.

First Busey (NASDAQ:BUSE) last released its earnings results on Tuesday, July 23rd. The bank reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. The firm had revenue of $116.24 million for the quarter, compared to analysts’ expectations of $116.65 million. First Busey had a return on equity of 9.10% and a net margin of 17.18%. On average, sell-side analysts forecast that First Busey Co. will post 2.06 EPS for the current year.

First Busey Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 19th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, July 19th. This represents a $0.96 annualized dividend and a yield of 3.67%. First Busey’s dividend payout ratio (DPR) is 48.48%.

Insider Buying and Selling

In other First Busey news, CEO Van A. Dukeman sold 16,539 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $23.54, for a total value of $389,328.06. Following the completion of the sale, the chief executive officer now owns 386,277 shares in the company, valued at approximately $9,092,960.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other First Busey news, EVP John Joseph Powers sold 6,090 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $23.54, for a total transaction of $143,358.60. Following the completion of the transaction, the executive vice president now owns 89,511 shares of the company’s stock, valued at $2,107,088.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Van A. Dukeman sold 16,539 shares of First Busey stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $23.54, for a total transaction of $389,328.06. Following the completion of the sale, the chief executive officer now owns 386,277 shares of the company’s stock, valued at approximately $9,092,960.58. The disclosure for this sale can be found here. In the last three months, insiders have purchased 264 shares of company stock valued at $5,319 and have sold 22,790 shares valued at $536,477. 7.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BUSE has been the subject of several recent research reports. Stephens reiterated an “overweight” rating and set a $31.00 price target on shares of First Busey in a report on Thursday, August 29th. StockNews.com downgraded First Busey from a “hold” rating to a “sell” rating in a research note on Wednesday, September 4th. DA Davidson lifted their target price on shares of First Busey from $28.00 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 28th. Finally, Keefe, Bruyette & Woods boosted their price objective on First Busey from $31.00 to $33.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, First Busey presently has an average rating of “Moderate Buy” and a consensus price target of $28.60.

First Busey Profile

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.