Regional banking company First Busey (NASDAQ: BUSE) will be reporting results this Tuesday after the bell. Here’s what to expect.
First Busey beat analysts’ revenue expectations last quarter, reporting revenues of $200.9 million, up 71.7% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ tangible book value per share estimates and a decent beat of analysts’ revenue estimates.
Is First Busey a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting First Busey’s revenue to grow 39.8% year on year, improving from the 28.3% increase it recorded in the same quarter last year.
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 multiple times over the last two years.
Looking at First Busey’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.2%, beating analysts’ expectations by 4.8%, and Republic Bancorp reported a revenue decline of 11.3%, falling short of estimates by 4.8%. OFG Bancorp traded up 7.6% following the results while Republic Bancorp was also up 1.4%.
Read our full analysis of OFG Bancorp’s results here and Republic Bancorp’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.1% on average over the last month. First Busey is up 5.8% during the same time and is heading into earnings with an average analyst price target of $28 (compared to the current share price of $26.17).
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