First Busey Corp announces quarterly cash dividend

URBANA, IL – 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 company, headquartered in Champaign, Illinois, announced that the dividend will be payable on October 25, 2024, to shareholders of record as of October 18, 2024.

The announcement, made via a Form 8-K filing with the Securities and Exchange Commission, reflects the company's latest financial distribution to its stockholders. First Busey Corporation, which operates under the trading symbol BUSE on the Nasdaq Stock Market, has made this declaration following a decision by its Board of Directors on the same day.

The company's choice to distribute dividends is a routine aspect of its operations and represents its commitment to providing value to its shareholders. Dividends are typically paid out of a company's current or retained earnings and are subject to change based on the company's profitability, financial needs, and other factors that the board of directors may deem relevant.

This financial event is part of the company's regular activities in managing its capital and returning a portion of its earnings to shareholders. Investors and stakeholders of First Busey Corporation can expect the dividend to be disbursed as scheduled later this month.

For further information, stockholders and interested parties should refer to the company's 8-K filing, which details the specifics of the dividend declaration. It is important to note that this article is based on a press release statement and does not include any speculative content or broader industry impacts.

In other recent news, First Busey Corporation has been making significant strides in its expansion efforts. The company recently announced its eighth acquisition since 2014, a merger with CrossFirst Bankshares (NASDAQ:CFB). This move is expected to add substantial assets to First Busey's portfolio, including $7.6 billion in assets, $6.3 billion in loans, and $6.7 billion in deposits. Piper Sandler has maintained its Overweight rating on First Busey shares following this development.

The merger, valued at approximately $916.8 million, is set to enhance First Busey's competitive edge in the banking sector, particularly in wealth management offerings. Financial services firm DA Davidson has maintained a neutral stance on First Busey, with a revised price target of $24. This reflects recalibrated earnings per share estimates for the years 2024 and 2025.

The completion of the acquisition is anticipated in the first half of 2025. Once finalized, the combined entity is projected to operate with approximately $20 billion in assets, $15 billion in loans, and $17 billion in deposits. In addition to these developments, First Busey Corporation also announced a quarterly cash dividend of $0.24 per share on its common stock.

InvestingPro Insights

First Busey Corporation's recent dividend declaration aligns with its strong track record of shareholder returns. According to InvestingPro data, the company boasts a dividend yield of 3.88% and has maintained dividend payments for an impressive 36 consecutive years. This consistency is particularly noteworthy given the current economic climate.

The company's financial health appears solid, with a P/E ratio of 12.57 and a price-to-book ratio of 1.05, suggesting the stock may be reasonably valued. First Busey's operating income margin stands at a robust 37.98%, indicating efficient management of operating costs.

InvestingPro Tips highlight that First Busey has been profitable over the last twelve months, and analysts predict continued profitability this year. However, it's worth noting that the company suffers from weak gross profit margins, which could impact future dividend sustainability.

For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for First Busey Corporation, providing a deeper dive into the company's financial outlook and potential investment considerations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.