Gregory B. Lykins, a director at First Busey Corp (NASDAQ:BUSE), recently reported acquiring shares in the company. On July 30, Lykins purchased approximately 88.8 shares of common stock at an average price of $28.19 per share, totaling around $2,503. This acquisition was made through the First Busey Corporation Employee Stock Purchase Plan, as noted in the filing.
Additionally, on October 25, Lykins acquired 156 shares without a cash transaction, attributed to dividend equivalent rights on Deferred Stock Units. Following these transactions, Lykins holds 122,515 shares directly and maintains indirect ownership of additional shares through accounts associated with Margo Lykins.
In other recent news, First Busey Corporation's earnings report surpassed expectations mainly due to clean credit, according to DA Davidson. The firm has adjusted its stock price target for First Busey to $26.00, maintaining a neutral rating. Stephens, another financial services firm, downgraded First Busey's stock to Equal Weight and reduced the price target to $27, reflecting investor reactions to First Busey's recent acquisition of CrossFirst.
First Busey Corporation has declared a quarterly cash dividend of $0.24 per share and announced a merger with CrossFirst Bankshares (NASDAQ:CFB), which is expected to add substantial assets to its portfolio. The merger, valued at approximately $916.8 million, is projected to enhance First Busey's competitive edge in the banking sector, particularly in wealth management offerings.
Piper Sandler has maintained its Overweight rating on First Busey shares, while DA Davidson has revised its price target to $24, reflecting recalibrated earnings per share estimates for the years 2024 and 2025. The completion of the acquisition is anticipated in the first half of 2025, and 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.
InvestingPro Insights
First Busey Corp (NASDAQ:BUSE) has demonstrated a commitment to shareholder value, as evidenced by Director Gregory B. Lykins' recent stock acquisitions. This commitment is further underscored by the company's impressive dividend track record. According to InvestingPro Tips, First Busey has maintained dividend payments for 36 consecutive years, a testament to its financial stability and shareholder-friendly policies. The current dividend yield stands at 3.97%, offering investors a steady income stream.
Despite recent insider buying, it's worth noting that 5 analysts have revised their earnings downwards for the upcoming period, as per InvestingPro data. This could signal potential headwinds for the company in the near term. However, with a P/E ratio of 12.77, First Busey's stock appears reasonably valued compared to industry peers.
The company's financial health remains solid, with a market capitalization of $1.44 billion and a price-to-book ratio of 1.03, suggesting the stock is trading close to its book value. First Busey's profitability is also noteworthy, with an operating income margin of 38.28% for the last twelve months as of Q3 2023, indicating efficient operations.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights with 6 more tips available for First Busey Corp. These tips could provide valuable context for understanding the company's financial position and future prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.