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First Busey Corporation (BUSE), a finance sector player, has seen its stock price touch a 52-week low, reaching $21.59. Trading at a price-to-book ratio of 0.9 and offering a 4.43% dividend yield, the stock appears undervalued according to InvestingPro analysis. This price movement reflects a notable decline in the company’s stock value over the past year, with a 1-year change showing a decrease of -8.56%. Investors are closely monitoring First Busey Corp (NASDAQ:BUSE) as it navigates through the economic headwinds that have pressured the banking industry, leading to this new low in its stock price. Despite challenges, the company has maintained dividend payments for 37 consecutive years, and six analysts have recently revised their earnings expectations upward. The 52-week low serves as a critical point of interest for both current shareholders and potential investors considering the company’s performance and future prospects. Discover more insights and 3 additional ProTips on InvestingPro.
In other recent news, First Busey Corporation announced a 4.2% increase in its quarterly cash dividend, raising it to $0.25 per share, as reported in a recent SEC filing. This decision underscores the company’s commitment to shareholder value and reflects confidence in its financial stability. Additionally, First Busey has been navigating executive changes, with the departure of CFO Jeffrey D. Jones and the appointment of Scott A. Phillips as Interim CFO. The departure was clarified to be unrelated to the upcoming acquisition of Cummins (NYSE:CMI) Facility Services.
Analysts from DA Davidson maintained a Neutral rating on First Busey, adjusting the stock price target to $25 due to observed trends in the fourth quarter, such as a decline in Net Interest Margin and increased non-performing assets. Meanwhile, Stephens also revised its price target for First Busey to $26 from $29, noting higher-than-expected fee income but subdued loan growth. The Federal Reserve has approved First Busey’s pending merger with CrossFirst, anticipated to conclude by March 1, 2025, which could potentially benefit the company’s financial results. These developments highlight First Busey’s ongoing strategic maneuvers and financial assessments as it continues to execute its business plan.
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