Monica L. Bowe, Executive Vice President and Chief Risk Officer at First Busey Corp (NASDAQ:BUSE), recently increased her stake in the company through a series of purchases. On July 30 and September 30, Bowe acquired a total of 76.7244 shares of common stock, with purchase prices ranging from $20.2215 to $28.1882 per share. These transactions, made through the company's Employee Stock Purchase Plan, amounted to a total investment of approximately $1,725. Additionally, on October 25, Bowe was awarded 436 shares as dividend equivalent rights, which were acquired at no cost. Following these transactions, Bowe's total holdings in First Busey Corp have increased to 48,713.8727 shares.
In other recent news, First Busey Corporation reported earnings that surpassed expectations, primarily due to clean credit. The company also announced a merger with CrossFirst Bankshares (NASDAQ:CFB), expected to add substantial assets to its portfolio. DA Davidson adjusted its stock price target for First Busey, reducing it to $26.00 from the previous $27.00, maintaining a Neutral rating. The firm also revised its earnings per share estimate for 2025 downward, citing a forecast of lower loan balances at the start of the year.
On the other hand, Stephens downgraded First Busey's stock from Overweight to Equal Weight, lowering the price target to $27 from the previous $28. The firm adopted a "wait-and-see" approach, reflected in the lowered rating and price target. However, Piper Sandler maintained its Overweight rating on First Busey shares.
First Busey Corporation also declared a quarterly cash dividend of $0.24 per share, demonstrating its commitment to delivering shareholder value. Once the merger is finalized, the combined entity is projected to operate with approximately $20 billion in assets, $15 billion in loans, and $17 billion in deposits. These recent developments reflect First Busey Corporation's strategic growth and commitment to shareholder value.
InvestingPro Insights
Monica L. Bowe's recent stock purchases align with First Busey Corp's (NASDAQ:BUSE) strong financial position and commitment to shareholder value. According to InvestingPro data, the company boasts a market capitalization of $1.44 billion and a P/E ratio of 12.77, suggesting a potentially undervalued stock relative to its earnings.
An InvestingPro Tip highlights that First Busey has maintained dividend payments for 36 consecutive years, demonstrating a consistent return of value to shareholders. This is further supported by the current dividend yield of 3.97%, which may be attractive to income-focused investors like Bowe.
Despite a slight revenue decline of 0.94% over the last twelve months, First Busey's operating income margin stands at a robust 38.28%, indicating efficient operations. Another InvestingPro Tip notes that analysts predict the company will remain profitable this year, which could explain Bowe's confidence in increasing her stake.
For investors seeking more comprehensive analysis, InvestingPro offers 6 additional tips for First Busey Corp, providing deeper insights into the company's financial health and market position.
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