CHAMPAIGN, IL—Van Dukeman, President and CEO of First Busey Corp (NASDAQ:BUSE), reported recent stock acquisitions totaling $4,962, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, executed under the company's Employee Stock Purchase Plan, took place on July 30 and September 30, with shares acquired at prices ranging from $20.22 to $28.19.
In addition to these purchases, Dukeman received 1,432 shares on October 25 as dividend equivalent rights linked to Restricted Stock Units, at no cost. Following these transactions, Dukeman holds a direct ownership of 388,917 shares, alongside indirect holdings through various personal and family accounts.
In other recent news, First Busey Corporation has reported encouraging earnings, with analysts attributing the positive performance to clean credit rather than significant growth or revenue surprises. The company also declared a quarterly cash dividend of $0.24 per share, demonstrating its commitment to shareholders. In a significant move, First Busey announced a merger with CrossFirst Bankshares (NASDAQ:CFB), a development set to add $7.6 billion in assets, $6.3 billion in loans, and $6.7 billion in deposits to its portfolio.
This merger, valued at approximately $916.8 million, is expected to enhance First Busey's competitive edge, particularly in wealth management offerings. The acquisition is anticipated to complete in the first half of 2025, with the combined entity projected to operate with approximately $20 billion in assets, $15 billion in loans, and $17 billion in deposits.
Analysts' views on the company have been mixed. DA Davidson maintained a neutral stance on First Busey, revising its price target to $26 from a previous $27 and adjusting its earnings per share estimate for 2025 downward. Stephens downgraded the company's stock from Overweight to Equal Weight and lowered the price target to $27. Piper Sandler, however, maintained its Overweight rating on First Busey shares. These are recent developments in the company's journey.
InvestingPro Insights
First Busey Corp (NASDAQ:BUSE) presents an interesting financial picture that complements CEO Van Dukeman's recent stock acquisitions. According to InvestingPro data, the company's market capitalization stands at $1.44 billion, with a price-to-earnings ratio of 12.77, suggesting a relatively modest valuation compared to some peers in the banking sector.
One of the most notable InvestingPro Tips highlights that First Busey has maintained dividend payments for 36 consecutive years, underscoring the company's commitment to shareholder returns. This aligns well with Dukeman's recent stock purchases and the dividend equivalent rights he received, indicating confidence in the company's financial stability and future prospects.
The company's dividend yield of 3.97% further emphasizes its appeal to income-focused investors. However, it's worth noting that 5 analysts have revised their earnings downwards for the upcoming period, which may suggest some near-term challenges.
Despite these challenges, First Busey remains profitable, with a return on assets of 0.92% for the last twelve months as of Q3 2024. The company's operating income margin of 38.28% for the same period demonstrates solid operational efficiency.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips and a wealth of financial metrics to aid in decision-making. These insights can provide a deeper understanding of First Busey's financial health and market position.
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