In a recent transaction, Jeffrey David Jones, the Executive Vice President and Chief Financial Officer of First Busey (NASDAQ:BUSE) Corporation (NASDAQ:BUSE), purchased shares of the company’s common stock with a total value of approximately $1,945. The shares were acquired at a price of $22.8509 each.
The transactions, which took place on May 1, 2024, involved the acquisition of 67.3575 shares through the company's Employee Stock Purchase Plan, detailed in a footnote as being related to dividend reinvestment. An additional 17.7709 shares were acquired through the reinvestment of dividends earned on vested stock awards. These purchases reflect the executive's increasing stake in the company, as indicated by the post-transaction share ownership figures listed in the SEC filing.
It's noteworthy that the transactions reported do not include any sales of stock, ensuring that the focus remains solely on the purchased shares. The SEC Form 4 filing, which provides these details, offers a transparent look at the insider transactions of First Busey Corp .
Investors often keep a close eye on insider buying and selling as it can provide insights into the executive's perspective on the company's current valuation and future prospects. The purchase by Jones may be interpreted as a signal of confidence in the financial institution's future performance.
First Busey Corporation, headquartered in Urbana, Illinois, operates as a state commercial bank and has a significant presence in the financial sector. The company's stock trades under the ticker symbol BUSE on the NASDAQ exchange.
In other recent news, First Busey Corporation announced a quarterly cash dividend of $0.24 per share, payable on July 26, 2024, to shareholders of record as of July 19, 2024. This routine corporate action reflects the company's commitment to delivering shareholder value. In addition to this, DA Davidson revised its price target for First Busey Corporation, lowering it to $24 from the previous $25, while maintaining a Neutral rating. The firm's recalibrated earnings per share estimates for 2024 and 2025 have been adjusted from $2.05 and $2.45 to $2.00 and $2.40, respectively. This adjustment is due to anticipated changes in First Busey's financial outlook, including a reduced net interest income forecast and an increase in credit costs. These recent developments provide investors with an updated perspective on the company's expected performance.
InvestingPro Insights
Following the recent insider stock purchases by Jeffrey David Jones, Executive Vice President and Chief Financial Officer of First Busey Corporation, investors have additional reasons to consider the company's stock. According to InvestingPro, two analysts have revised their earnings upwards for the upcoming period, indicating a potential positive shift in the company's financial outlook. Furthermore, First Busey has demonstrated a commendable commitment to shareholder returns, maintaining dividend payments for 36 consecutive years.
From a performance standpoint, First Busey has shown strong returns, with an 18.39% increase in the stock price over the last month and an even more impressive 27.05% over the last three months. This robust performance is mirrored in the company's fair value estimations, where InvestingPro suggests a fair value of $34.24 USD, higher than the current analyst target of $31 USD.
InvestingPro Data metrics reveal a market capitalization of $1560M USD and a forward-looking P/E ratio of 13.61, which might appeal to value-oriented investors. Additionally, the company's dividend yield stands at 3.38%, a figure that income-focused investors might find attractive, especially considering the historical consistency of dividend payments.
For those looking to delve deeper into First Busey Corporation's financials and future prospects, InvestingPro offers a comprehensive suite of additional tips. There are currently 7 additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/BUSE. Readers interested in gaining full access to these insights can 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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