10. First Busey Corp.
Shares of First Busey Corp. (BUSE) of Champaign, Ill., closed at $4.93 Monday, rising 8% year-to-date. The shares closed 10% higher than the consensus 12-month price target as of Dec. 31, 2010, among analysts polled by FactSet.
Based on a quarterly payout of four cents, the shares have a dividend yield of 3.25%.The company had $3.4 billion in total assets as of Sept. 30, with 49 branches in Central Illinois and in Florida. First Busey reported third-quarter net income available to common shareholders of $7.6 million, or eight cents a share, increasing from $4.7 million, or seven cents a share, in the third quarter of 2010. A 6% year-over-year decline in net interest income to $27.7 million, was more than offset by a decline in the third-quarter provision for loan losses to $5 million, from $9.5 million a year earlier. The third-quarter net interest margin -- the difference between a bank's average yield on loans and investments and its average cost for deposits and borrowings -- was 3.57%, narrowing from 3.64% a year earlier. The operating return on average assets (ROA) was 0.89% during the third quarter, according to SNL Financial. The company in August fully redeemed $100 million in preferred shares held by the U.S. Treasury for bailout assistance provided through the Troubled Assets Relief Program, or TARP, in March 2009. FIG Partners analyst Brian Martin on Oct. 28 reiterated his neutral rating of "Market Perform" on First Busey, with a price target of $5.50, saying the company was continuing "to post solid profits underscored by sound, underlying fundamentals." Martin added that he expected the company to "remain on the hunt for external growth opportunities." Sandler O'Neill analyst Andrew Liesch on Thursday resumed coverage of First Busey with a hold rating and $5.25 price target, saying that the bank's loan portfolio should stabilize soon. "We still suspect loan maturities, paydowns and charge-offs will outweigh new originations in 4Q11, though the pace of the decline is likely to slow," he said. The shares trade for 13.5 times the consensus 2012 earnings estimate of 35 cents among analysts polled by FactSet, and for 1.4 times tangible book value, according to SNL Financial. All four analysts covering First Busey have neutral ratings.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV