First Busey Q2 adjusted EPS tops estimates on higher wealth management fee
First Busey Q2 adjusted EPS tops estimates on higher wealth management fee
Overview
U.S. regional bank's Q2 adjusted EPS rose 9.5% yr/yr, beating analyst expectations
Q2 net income increased to $63.2 mln from $47.4 mln a year earlier
Company repurchased $63.1 mln in shares during the quarter
Outlook
First Busey did not provide specific financial guidance for the current qtr or full yr in the press release
Result Drivers
WEALTH MANAGEMENT FEES - Record quarter for wealth management fee income, driven by net inflows and higher market valuations
EXPENSE DISCIPLINE - Lower salaries, employee benefits, and data processing expenses improved operating efficiency
DEPOSIT GROWTH - Significant deposit growth attributed to seasonal public funds inflows and efforts to grow core customer deposits
Company press release: ID:nGNX5bDbx1
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Adjusted EPS | Beat | $0.69 | $0.64 (6 Analysts) |
Q2 EPS |
| $0.69 |
|
Q2 Net Income |
| $63.18 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "hold."
Wall Street's median 12-month price target for First Busey Corp is $30.00, about 0.8% above its July 27 closing price of $29.75
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)