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On Wednesday, Keefe, Bruyette & Woods analysts reiterated their Outperform rating and maintained a $30 price target on First Busey stock (NASDAQ: NASDAQ:BUSE). This decision follows recent announcements by First Busey regarding its share repurchase program and redemption of subordinated notes.
The bank’s board has approved an amendment to its share repurchase program, increasing the number of available shares by 2 million, bringing the total to nearly 3 million shares. This move is seen as a strategic step in strengthening the bank’s capital structure.
In addition, First Busey redeemed $125 million of subordinated notes on Sunday, as previously indicated. This action aligns with the bank’s strategy to bolster its capital stack and enhance capital deployment options.
Management at First Busey has emphasized that strong pro forma capital levels and attractive valuations enable the bank to be proactive with its buyback strategy. The bank repurchased approximately 200,000 shares during the last month of the first quarter, with activity reportedly surpassing expectations in the second quarter.
Keefe, Bruyette & Woods analysts view these developments positively, suggesting that the bank’s actions are consistent with expectations and beneficial for its capital strategy.
In other recent news, First Busey Corporation has announced its quarterly cash dividend of $0.25 per common share, scheduled for payment on April 25, 2025, to shareholders on record as of April 18, 2025. Additionally, First Busey has set the price for its public offering of 8 million depositary shares, each representing a 1/40th interest in a share of its Series B preferred stock, with an 8.25% annual dividend rate. The offering aims to raise funds for general corporate purposes and to redeem existing subordinated notes. The company is also preparing to merge with CrossFirst Bank on June 20, 2025, expanding its asset base and banking centers. Piper Sandler has maintained its Overweight rating on First Busey, citing the company’s attractive valuation following the closure of a $215 million preferred offering. The proceeds from this offering are earmarked for redeeming $125 million worth of subordinated debt. Piper Sandler has adjusted its earnings per share estimates for 2025 and 2026, now anticipating $2.56 and $2.75, respectively. These developments reflect First Busey’s ongoing strategic financial maneuvers and commitment to shareholder returns.
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