Regional banking company First Busey (NASDAQ: BUSE) will be reporting earnings this Tuesday after market close. Here’s what investors should know.
First Busey missed analysts’ revenue expectations by 11.4% last quarter, reporting revenues of $125 million, up 12.8% year on year. It was a mixed quarter for the company, with a solid beat of analysts’ tangible book value per share estimates.
Is First Busey a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting First Busey’s revenue to grow 66.3% year on year to $193.3 million, improving from the 9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.62 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. First Busey has missed Wall Street’s revenue estimates four times over the last two years.
Looking at First Busey’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Texas Capital Bank delivered year-on-year revenue growth of 15.2%, beating analysts’ expectations by 2.7%, and Nicolet Bankshares reported revenues up 12.7%, topping estimates by 4.4%. Texas Capital Bank traded up 4.8% following the results while Nicolet Bankshares was also up 7.8%.
Read our full analysis of Texas Capital Bank’s results here and Nicolet Bankshares’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 7.7% on average over the last month. First Busey is up 6.1% during the same time and is heading into earnings with an average analyst price target of $27 (compared to the current share price of $24.37).
Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we’ve identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.
