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First Busey (NASDAQ:BUSE) Corporation (NASDAQ:BUSE), a Nevada-incorporated state commercial bank, declared a quarterly cash dividend of $0.24 per share on its common stock today. The dividend is payable on July 26, 2024, to shareholders of record as of July 19, 2024.
The announcement, made by the company's Board of Directors, is part of a routine corporate action maintaining the dividend payout to its investors. The dividend declaration is a common practice for First Busey Corporation, reflecting the company's commitment to delivering shareholder value.
First Busey Corporation, with headquarters in Champaign, Illinois, operates through its principal executive office located at 100 W. University Ave. The company's business phone number is 217-365-4544.
The financial institution's stock is traded on the Nasdaq Stock Market under the ticker symbol BUSE. It has a stated capitalization on its common stock of $0.001 par value.
This dividend distribution is reported in accordance with the Securities Exchange Act of 1934, as confirmed by Jeffrey D. Jones, Chief Financial Officer of First Busey Corporation, in the SEC filing dated today.
Investors and stakeholders can see this as a continuation of First Busey's financial strategies and shareholder relations policies. Dividend payouts are often seen as a sign of a company's financial health and stability, and they may influence investor sentiment and stock valuation.
This news is based on the latest 8-K filing by First Busey Corporation with the Securities and Exchange Commission. It should be noted that this information provides a snapshot of the company's financial decisions regarding dividend payments as of the date of the report.
In other recent news, DA Davidson has revised its price target for First Busey Corporation, a financial services holding company. The firm has lowered the price target to $24 from the previous $25, while maintaining a Neutral rating on the stock. This change is in response to DA Davidson's recalibrated earnings per share (EPS) estimates for the years 2024 and 2025, which have been revised downwards from $2.05 and $2.45 to $2.00 and $2.40, respectively. These adjustments reflect anticipated changes in First Busey's financial outlook, including a reduced net interest income forecast and an increase in credit costs.
The new price target is based on a multiple of 10.0 times the firm's 2025 EPS estimate and is 1.4 times the current tangible book value of the company, indicating a more conservative valuation by DA Davidson. Despite the revised financial projections, DA Davidson's neutral stance on First Busey remains, suggesting that the analysts see neither significant upside nor downside potential for the stock at its current level. These recent developments provide investors with an updated perspective on the stock's expected performance.
InvestingPro Insights
First Busey Corporation's (NASDAQ:BUSE) recent dividend declaration underscores its commitment to providing consistent shareholder returns, a practice it has maintained for 36 years. The company's dedication to dividends is supported by its track record of profitability, with analysts expecting BUSE to remain profitable in the upcoming year. In the last twelve months as of Q1 2024, First Busey Corporation has demonstrated financial resilience with a notable operating income margin of 38.01% and a dividend yield of 4.07%, reflecting its ability to generate earnings and return value to shareholders.
InvestingPro data further reveals that BUSE has a market capitalization of approximately $1.34 billion and a price-to-earnings (P/E) ratio of 11.73, which adjusts marginally to 11.65 when considering the last twelve months as of Q1 2024. Despite a revenue contraction of 6.11% over the same period, the company's gross profit remained stable at $428.41 million USD. For investors looking to delve deeper into First Busey Corporation's financial health and stock performance, additional InvestingPro Tips are available, providing insights into areas such as the company's weak gross profit margins and the potential for profitability this year. There are 3 more tips available on InvestingPro. To access these valuable insights, 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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