Scott A. Phillips, the Principal Accounting Officer of First Busey Corp (NASDAQ:BUSE), has recently purchased shares of the company's stock valued at approximately $9,999. The transaction took place on March 28, 2024, and involved the acquisition of 489.174 shares at a price of $20.4425 each. This purchase was conducted through the company's Employee Stock Purchase Plan, indicating an ongoing investment by Phillips in the financial institution he helps oversee.
First Busey Corp, a state commercial bank headquartered in Urbana, Illinois, is known for its involvement in the financial services sector. The stock purchase by a high-ranking executive often garners attention from investors as it may reflect confidence in the company's future performance.
In addition to the recent purchase, Phillips also received 65 shares as dividend equivalent rights on April 26, 2024. These rights are connected to Restricted Stock Units and are the economic equivalent of the company's common stock, accruing in conjunction with the payment of a cash dividend. Notably, these shares were acquired at no cost.
Following these transactions, Phillips now owns a total of 6,414 shares of First Busey Corp, reflecting a significant stake in the company's operations and success.
Investors typically monitor such transactions as indicators of an executive's belief in the company's prospects. The recent activities of Scott A. Phillips at First Busey Corp may thus be seen as a positive sign to those holding or considering an investment in the company's stock.
InvestingPro Insights
Amidst the recent insider stock purchases by Scott A. Phillips at First Busey Corp, investors may be seeking additional data points to inform their investment decisions. According to InvestingPro, First Busey Corp has maintained a commendable track record of dividend payments, delivering dividends for 36 consecutive years. This consistency could be a testament to the company's financial stability and commitment to shareholder returns. Moreover, analysts remain optimistic about the company's profitability, predicting that First Busey will be profitable this year and noting that it has been profitable over the last twelve months.
InvestingPro Data further reveals a market capitalization of approximately $1.27 billion for First Busey Corp, with a Price/Earnings (P/E) ratio of 11.11. When adjusted for the last twelve months as of Q1 2024, the P/E ratio stands slightly lower at 10.95. Despite the company's weak gross profit margins, as indicated by an InvestingPro Tip, the Operating Income Margin has been strong at 38.03% for the same period.
For investors considering First Busey Corp, the Dividend Yield as of the latest data is 4.26%, which is particularly attractive for those seeking income-generating investments. Additionally, the company's commitment to maintaining its dividend payments could provide a sense of security to income-focused investors.
InvestingPro offers even more insights for those interested in First Busey Corp, with additional tips available to help investors make well-informed decisions. To access these insights and tips, visit https://www.investing.com/pro/BUSE and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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