John Joseph Powers, Executive Vice President and General Counsel at First Busey Corp (NASDAQ:), recently disclosed a stock purchase in a regulatory filing. On July 30, Powers acquired 131.433 shares of the company’s common stock at an average price of $28.1882 per share, totaling approximately $3,704. This transaction was conducted through an Employee Stock Purchase Plan, as noted in the filing.
Additionally, on October 25, Powers received 508 shares as dividend equivalent rights related to Restricted Stock Units, with no cash consideration involved. Following these transactions, Powers holds 90,447.8472 shares directly and 20,456 shares indirectly through a 401(K) & Profit Sharing Plan.
In other recent news, First Busey Corporation reported an encouraging earnings report, surpassing expectations primarily due to clean credit. DA Davidson, a financial services firm, adjusted its stock price target for First Busey to $26.00 from the previous $27.00, maintaining a neutral rating. The firm also revised its earnings per share estimate for 2025 downward, citing a forecast of lower loan balances at the start of the year.
Additionally, First Busey announced a merger with CrossFirst Bankshares (NASDAQ:), a move expected to add $7.6 billion in assets, $6.3 billion in loans, and $6.7 billion in deposits to the company’s portfolio. Analysts from Stephens downgraded First Busey’s stock from Overweight to Equal Weight, lowering the price target to $27 from the previous $28, following investor reactions to the acquisition.
Piper Sandler maintained its Overweight rating on First Busey shares, while DA Davidson maintained a neutral stance with a revised price target of $24. The merger, valued at approximately $916.8 million, is anticipated to enhance First Busey’s competitive edge in the banking sector, particularly in wealth management offerings.
The completion of the acquisition is expected in the first half of 2025. Once finalized, the combined entity is 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. The company also declared a quarterly cash dividend of $0.24 per share.
InvestingPro Insights
As John Joseph Powers increases his stake in First Busey Corp (NASDAQ:BUSE), investors might find additional context from recent financial data and analyst insights valuable. According to InvestingPro, First Busey Corp currently boasts a market capitalization of $1.44 billion and trades at a price-to-earnings ratio of 12.77, suggesting a relatively modest valuation compared to industry peers.
One of the standout 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 Powers’ recent stock acquisition and dividend equivalent rights, potentially indicating management’s confidence in the company’s ongoing financial health.
However, it’s worth noting that 5 analysts have revised their earnings downwards for the upcoming period, which could signal some near-term challenges. Despite this, the company’s current dividend yield stands at an attractive 3.97%, which may appeal to income-focused investors.
For those seeking a more comprehensive analysis, InvestingPro offers 6 additional tips and a wealth of financial metrics to help inform investment decisions. This deeper dive could provide valuable insights into First Busey Corp’s financial position and future prospects.
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