In a recent transaction, Amy L. Randolph, Chief of Staff at First Busey Corp (NASDAQ:BUSE), acquired shares of the company's common stock. On September 30, 2024, Randolph purchased 198.4813 shares at an average price of $20.2215 per share, amounting to a total transaction value of approximately $4,013. This acquisition was made through the company's Employee Stock Purchase Plan.
Additionally, Randolph received 644 shares on October 25, 2024, as dividend equivalent rights accrued on Restricted Stock Units, reflecting the economic equivalent of a cash dividend on First Busey Corporation Stock. These shares were added at no cost, increasing her total direct holdings to 97,160.4166 shares.
In other recent news, First Busey Corporation announced a merger with CrossFirst Bankshares (NASDAQ:CFB), expected to add $7.6 billion in assets, $6.3 billion in loans, and $6.7 billion in deposits to its portfolio. 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. Once the acquisition is finalized in the first half of 2025, the combined entity is projected to operate with approximately $20 billion in assets, $15 billion in loans, and $17 billion in deposits.
First Busey also declared a quarterly cash dividend of $0.24 per share, demonstrating its commitment to delivering shareholder value. In the wake of these developments, financial services firms DA Davidson and Stephens adjusted their outlooks on First Busey. DA Davidson maintained a neutral stance, revising its price target to $24, citing recalibrated earnings per share estimates for 2025. Meanwhile, Stephens downgraded First Busey's stock from Overweight to Equal Weight, lowering the price target to $27.
These recent developments reflect First Busey Corporation's strategic growth and commitment to shareholder value. It's important to note that this information is based on recent news items and does not include any speculative content or broader industry impacts.
InvestingPro Insights
Amy L. Randolph's recent acquisition of First Busey Corp (NASDAQ:BUSE) shares aligns with several positive indicators for the company. According to InvestingPro data, First Busey Corp has a market capitalization of $1.44 billion and a P/E ratio of 12.77, suggesting a relatively attractive valuation compared to industry peers.
One of the InvestingPro Tips highlights that First Busey Corp has maintained dividend payments for 36 consecutive years, demonstrating a strong commitment to shareholder returns. This is further supported by the company's current dividend yield of 3.97%, which may be appealing to income-focused investors like Randolph.
Despite a slight revenue decline of 0.94% over the last twelve months, the company has shown resilience with a 9.27% quarterly revenue growth in Q3 2024. Additionally, First Busey Corp boasts a robust operating income margin of 38.28%, indicating efficient management of operating expenses.
It's worth noting that while the company has strong fundamentals, InvestingPro Tips also point out that five analysts have revised their earnings downwards for the upcoming period. This information, along with 11 additional tips, is available to InvestingPro subscribers, providing a more comprehensive view of First Busey Corp's financial health and prospects.
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