Bruce George, a director at CrossFirst Bankshares, Inc. (NASDAQ:CFB), has recently purchased shares valued at $100,000. According to a filing with the Securities and Exchange Commission, George acquired 100 shares of Series A Non-Cumulative Perpetual Preferred Stock on October 30, 2024, at a price of $1,000 per share. These shares are not convertible into common stock or any other security of the company. This transaction reflects George's direct ownership of these preferred shares.
In other recent news, CrossFirst Bankshares has seen significant developments, including a merger agreement and a strong quarterly performance. The bank has entered into a merger agreement with First Busey (NASDAQ:BUSE) Corporation, an all-stock deal valued at approximately $916.8 million. Upon completion, Busey shareholders will own approximately 63.5% of the combined entity, while CrossFirst shareholders will hold the remaining 36.5%. The merger is expected to close in the first half of 2025, subject to necessary regulatory approvals and the approval of both Busey and CrossFirst shareholders.
Analyst firm Piper Sandler has adjusted the stock price target for CrossFirst Bankshares to $19.00 from the previous $17.00, maintaining a neutral rating on the stock. This adjustment aligns with the proposed acquisition price of $18.62 per share, reflecting the terms of the sale to Busey.
In addition to the merger news, CrossFirst Bankshares reported an increase in earnings for the second quarter of 2024, amounting to $18.6 million, or $0.37 per diluted share. This was driven by higher net interest income and fee income, with notable growth observed in loan and deposit growth, particularly in the Texas, Colorado, and Arizona markets.
The bank also plans to continue building capital and providing shareholder return through a share buyback program. These recent developments highlight CrossFirst Bankshares' strategic moves in the banking industry.
InvestingPro Insights
Bruce George's recent purchase of CrossFirst Bankshares' preferred stock aligns with several positive indicators highlighted by InvestingPro. The company's financial health appears robust, with a market capitalization of $778.92 million and a P/E ratio of 10.75, suggesting a potentially undervalued stock relative to its earnings.
InvestingPro Tips reveal that CrossFirst Bankshares is trading at a low P/E ratio relative to its near-term earnings growth, which could explain George's confidence in acquiring preferred shares. Additionally, the company has been profitable over the last twelve months, with a notable operating income margin of 43.91% for the same period.
The bank's stock has shown significant momentum, with a 26.31% price increase over the past six months. This upward trend, coupled with analysts' predictions of profitability for the current year, may have influenced George's decision to increase his stake in the company.
For investors seeking more comprehensive analysis, InvestingPro offers 7 additional tips for CrossFirst Bankshares, providing a deeper understanding of the company's financial position and growth prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.