Analysts Have Made A Financial Statement On First Busey Corporation's (NASDAQ:BUSE) Annual Report
It's been a good week for First Busey Corporation (NASDAQ:BUSE) shareholders, because the company has just released its latest full-year results, and the shares gained 6.0% to US$24.46. Results were roughly in line with estimates, with revenues of US$439m and statutory earnings per share of US$2.18. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.
View our latest analysis for First Busey
Taking into account the latest results, the most recent consensus for First Busey from six analysts is for revenues of US$460.2m in 2024. If met, it would imply a credible 4.7% increase on its revenue over the past 12 months. Statutory earnings per share are expected to reduce 7.4% to US$2.05 in the same period. In the lead-up to this report, the analysts had been modelling revenues of US$462.2m and earnings per share (EPS) of US$2.04 in 2024. The consensus analysts don't seem to have seen anything in these results that would have changed their view on the business, given there's been no major change to their estimates.
It will come as no surprise then, to learn that the consensus price target is largely unchanged at US$27.50. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on First Busey, with the most bullish analyst valuing it at US$29.00 and the most bearish at US$26.00 per share. The narrow spread of estimates could suggest that the business' future is relatively easy to value, or thatthe analysts have a strong view on its prospects.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the First Busey's past performance and to peers in the same industry. We would highlight that First Busey's revenue growth is expected to slow, with the forecast 4.7% annualised growth rate until the end of 2024 being well below the historical 6.0% p.a. growth over the last five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 5.5% annually. So it's pretty clear that, while First Busey's revenue growth is expected to slow, it's expected to grow roughly in line with the industry.
The Bottom Line
The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. Happily, there were no real changes to revenue forecasts, with the business still expected to grow in line with the overall industry. The consensus price target held steady at US$27.50, with the latest estimates not enough to have an impact on their price targets.
With that in mind, we wouldn't be too quick to come to a conclusion on First Busey. Long-term earnings power is much more important than next year's profits. We have forecasts for First Busey going out to 2025, and you can see them free on our platform here.
You can also see our analysis of First Busey's Board and CEO remuneration and experience, and whether company insiders have been buying stock.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
