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In recent transactions, Bradshaw Stanley J, a director at First Busey Corp (NASDAQ:BUSE), increased his stake in the company by purchasing additional shares. On March 10 and 11, Stanley acquired a total of 11,300 shares of common stock, with purchases executed at prices ranging from $21.5414 to $21.8436 per share. The timing appears strategic, as the stock trades near its 52-week low of $21.20, with InvestingPro analysis indicating the shares are currently undervalued. The total value of these transactions amounted to approximately $245,714. The company, currently trading at 0.9x book value and offering a 4.7% dividend yield with a 37-year history of consistent payments, has attracted insider attention. Following these acquisitions, Stanley’s direct ownership in the company now stands at 480,443 shares. For deeper insights into insider trading patterns and additional analysis, InvestingPro offers exclusive metrics and real-time alerts.
In other recent news, First Busey Corporation has reported several notable developments. The company announced a 4.2% increase in its quarterly cash dividend, raising it to $0.25 per share, reflecting its commitment to shareholder value. This follows the company’s fourth-quarter results, where wealth management fees exceeded expectations, climbing by 22.4% year-over-year to $16.8 million. However, the quarter also saw subdued loan growth and a slight miss in the net interest margin. The Federal Reserve has approved First Busey’s pending merger with CrossFirst, expected to conclude by March 1, 2025, with analysts expressing confidence in the company’s integration capabilities.
Amid these financial updates, First Busey has experienced executive changes, with the departure of CFO Jeffrey D. Jones and the appointment of Scott A. Phillips as the Interim CFO. Analysts from Stephens have adjusted the company’s stock price target to $26.00 from $29.00, maintaining an Equal Weight rating, while DA Davidson also lowered its target to $25.00 but kept a Neutral rating. These adjustments reflect a cautious outlook due to recent financial trends, including changes in net interest margin and non-performing assets. Investors are closely monitoring First Busey’s executive transition and the impact of these developments on its financial strategy and ongoing acquisitions.
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