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
Outlook and analyst coverage
First Busey did not provide specific financial guidance for the current qtr or full yr in the press release
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
Quarterly results beat estimates
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
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