In a report released today, Nathan Race from Piper Sandler maintained a Buy rating on First Busey (BUSE – Research Report), with a price target of $30.00.
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Nathan Race has given his Buy rating due to a combination of factors that highlight First Busey’s potential for growth and profitability. The company’s recent acquisition of CrossFirst Bancshares is expected to enhance its profitability and align its growth profile more closely with peers. This acquisition has added valuable locations and talent in high-growth markets, which should bolster organic loan growth and improve overall financial performance.
Additionally, First Busey’s current valuation is significantly discounted compared to its peers, offering an attractive entry point for investors. The company’s strong fee income growth, proactive capital management through share buybacks, and superior dividend yield further support the positive outlook. With projected earnings per share growth and improved return metrics, Nathan Race anticipates that First Busey will achieve peer-like profitability and growth, justifying the Buy rating.
Race covers the Financial sector, focusing on stocks such as QCR Holdings, UMB Financial, and Wintrust Financial. According to TipRanks, Race has an average return of 9.8% and a 55.72% success rate on recommended stocks.