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

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

Reuters Recommended Reads

• July 28 - UMB Financial Q2 revenue rises on loan growth, fee income

• July 28 - Regional bank Renasant Q2 adjusted EPS beats analyst estimates

• July 27 - Principal Financial profit rises on higher premiums, strength in retirement business

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)