In recent trading activity, Gregory B. Lykins, a director at First Busey Corp (NASDAQ:BUSE), acquired shares in the company with a total value of $2,477. The purchase, part of the company's Employee Stock Purchase Plan, involved 108.408 shares at a price of $22.8509 each. This transaction took place on May 1, 2024, as reported in the latest SEC filings.
First Busey Corp, a financial institution headquartered in Urbana, Illinois, is known for providing a range of banking services. Lykins' transaction reflects a continued commitment to the company by one of its directors, showcasing confidence in the firm's potential and performance.
Investors often watch insider trading activities, such as purchases and sales of company stock by executives and directors, to gain insights into the company's prospects. Such transactions can be indicative of the insiders' belief in the company's future success or challenges. However, it's important to note that insider trading activities are just one of many factors that investors consider when making investment decisions.
The acquisition by Lykins did not stand alone; it was accompanied by the accrual of dividend equivalent rights on Deferred Stock Units, which are economically equivalent to shares of First Busey Corporation Stock. These rights were accrued in conjunction with the payment of a cash dividend on the company's stock.
For those tracking insider activities, the details of these transactions are available in the public filings with the SEC. First Busey Corp's stock performance and insider trading patterns can be followed by investors as part of their research into the company.
In other recent news, First Busey Corporation announced a quarterly cash dividend of $0.24 per share, reflecting the company's commitment to delivering shareholder value. This dividend, payable to shareholders of record as of July 19, 2024, is a routine corporate action by the company's Board of Directors. In line with recent developments, DA Davidson, a financial services holding company, has revised its price target for First Busey Corporation. The firm lowered the price target to $24 from $25, while maintaining a Neutral rating on the stock. This adjustment, based on recalibrated earnings per share estimates for the years 2024 and 2025, reflects anticipated changes in First Busey's financial outlook, including a reduced net interest income forecast and increased credit costs. Despite the revised financial projections, DA Davidson's neutral stance on First Busey remains, suggesting a balanced outlook for the company's stock. These recent updates offer investors a fresh perspective on the company's expected performance.
InvestingPro Insights
Following the insider trading activity at First Busey Corp (NASDAQ:BUSE), investors may find the latest metrics from InvestingPro useful for gauging the company's financial health and market performance. With a market capitalization of $1.56 billion and a price-to-earnings (P/E) ratio of 14, which adjusts to 13.61 on a last twelve months basis as of Q2 2024, First Busey Corp appears to be priced in line with earnings expectations. Notably, the company has delivered a strong return over the last three months, with a 27.05% price total return, reflecting positive market sentiment.
One of the InvestingPro Tips highlights that analysts have revised their earnings upwards for the upcoming period, which could be a contributing factor to the robust returns and may indicate a favorable outlook for the company. Additionally, First Busey Corp has maintained dividend payments for 36 consecutive years, a testament to its financial stability and commitment to shareholder returns, as evidenced by a dividend yield of 3.38% as of the latest data.
Investors considering First Busey Corp for their portfolios can explore more detailed analysis and tips on the company's performance and prospects. There are additional InvestingPro Tips available at https://www.investing.com/pro/BUSE, which could provide further insights into the company's profitability and market position. To access these tips and more exclusive data, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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