Phillips Scott A., the Principal Accounting Officer at First Busey Corp (NASDAQ:BUSE), has recently made stock acquisitions amounting to $1,016. According to the SEC filing, Phillips acquired a total of 41.4935 shares of common stock on October 28, 2024, at a price of $24.5024 per share. These transactions were conducted through dividend reinvestment plans, with a portion acquired via the Employee Stock Purchase Plan. Following these acquisitions, Phillips holds 6,370.2706 shares directly and 3,579.4434 shares indirectly.
In other recent news, First Busey Corporation has announced a merger with CrossFirst Bankshares (NASDAQ:CFB), which is expected to significantly increase its assets, loans, and deposits. 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. Financial services firm DA Davidson has maintained a neutral stance on First Busey, with a revised price target of $24, reflecting recalibrated earnings per share estimates for the years 2024 and 2025.
Simultaneously, First Busey has declared a quarterly cash dividend of $0.24 per share, demonstrating its commitment to delivering shareholder value. DA Davidson has also adjusted its stock price target for First Busey, reducing it to $26.00 from the previous $27.00, following the company's recent earnings report. The firm maintains a neutral rating on the stock despite the adjustment.
Stephens, another financial services firm, has downgraded First Busey's stock from Overweight to Equal Weight and reduced the price target to $27 from the previous $28. This adjustment follows investor reactions to First Busey's recent acquisition of CrossFirst. Despite the downgrade, Piper Sandler has maintained its Overweight rating on First Busey shares. These are recent developments that reflect First Busey Corporation's strategic growth and commitment to shareholder value.
InvestingPro Insights
Adding context to Phillips Scott A.'s recent stock acquisitions, First Busey Corp (NASDAQ:BUSE) currently boasts a market capitalization of $1.41 billion. The company's P/E ratio stands at 12.57, suggesting a relatively modest valuation compared to industry peers. This valuation metric aligns with the insider's decision to increase their stake in the company.
InvestingPro Tips highlight that First Busey Corp has maintained dividend payments for an impressive 36 consecutive years, underscoring the company's commitment to shareholder returns. This consistent dividend history likely factored into Phillips' decision to reinvest dividends. Additionally, the company's dividend yield of 3.79% as of the latest data is attractive in the current market environment.
Despite these positive indicators, it's worth noting that 5 analysts have revised their earnings downwards for the upcoming period, according to InvestingPro Tips. This could signal some near-term headwinds for the company. However, the same source indicates that analysts predict the company will remain profitable this year, which may provide some reassurance to investors like Phillips.
For those interested in a deeper dive into First Busey Corp's financials and prospects, InvestingPro offers 6 additional tips and a comprehensive set of real-time metrics to inform investment decisions.
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