Phillips Scott A., the Principal Accounting Officer at First Busey Corp (NASDAQ:BUSE), recently made a notable purchase of the company's stock. According to a filing with the Securities and Exchange Commission, Phillips acquired 321 shares of common stock on September 30, 2024, at an average price of $20.22 per share, totaling approximately $6,497. This transaction was executed through the First Busey Corporation Employee Stock Purchase Plan.
Additionally, on October 25, 2024, Phillips acquired 56 shares as dividend equivalent rights, which were granted in conjunction with the payment of a cash dividend on First Busey Corporation Stock. These shares were added at no cost, reflecting the economic equivalent of one share per dividend equivalent right. After these transactions, Phillips holds a total of 6,363 shares in the company.
In other recent news, First Busey Corporation has reported a notable earnings report, which surpassed expectations primarily due to clean credit. DA Davidson, a financial services firm, has adjusted its stock price target for First Busey, reducing it to $26.00 from $27.00, while maintaining a Neutral rating. The company also declared a quarterly cash dividend of $0.24 per share.
First Busey announced a significant merger with CrossFirst Bankshares (NASDAQ:CFB), expected to add $7.6 billion in assets, $6.3 billion in loans, and $6.7 billion in deposits to its portfolio. Stephens downgraded First Busey's stock from Overweight to Equal Weight, lowering the price target to $27 from $28, following investor reactions to the acquisition.
Piper Sandler maintained its Overweight rating on First Busey shares. The anticipated completion of the acquisition is in the first half of 2025, with the combined entity projected to operate with approximately $20 billion in assets, $15 billion in loans, and $17 billion in deposits. These recent developments reflect First Busey Corporation's strategic growth and commitment to shareholder value.
InvestingPro Insights
As Phillips Scott A. increases his stake in First Busey Corp (NASDAQ:BUSE), investors might find it valuable to consider some key financial metrics and expert insights. According to InvestingPro data, First Busey Corp currently has a market capitalization of $1.44 billion and trades at a P/E ratio of 12.77, suggesting a relatively modest valuation compared to industry peers.
One of the most notable InvestingPro Tips highlights that First Busey Corp has maintained dividend payments for 36 consecutive years, a testament to the company's financial stability and commitment to shareholder returns. This aligns well with the recent dividend equivalent rights granted to Phillips, underscoring the company's consistent dividend policy.
Another relevant InvestingPro Tip indicates that analysts predict the company will be profitable this year. This positive outlook is supported by the company's current profitability, as it has been profitable over the last twelve months. The company's operating income margin stands at a robust 38.28% for the last twelve months as of Q3 2024, reflecting strong operational efficiency.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights on First Busey Corp. In fact, there are 6 more InvestingPro Tips available for BUSE, providing a deeper understanding of the company's financial health and market position.
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