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Stanley J. Bradshaw, a director at First Busey Corp (NASDAQ:BUSE), recently made a notable acquisition of the company’s common stock amid the shares trading near their 52-week low of $21.20. According to a regulatory filing, Bradshaw purchased a total of 4,700 shares over two days. The transactions took place on March 13 and March 14, with both purchases executed at a price of $21.70 per share.
The total value of the shares acquired amounted to approximately $101,990. Following these transactions, Bradshaw’s direct ownership in First Busey Corp increased to 485,143 shares. This move reflects Bradshaw’s continued investment in the financial services company, headquartered in Urbana, Illinois. Trading below book value with a P/B ratio of 0.91, InvestingPro analysis suggests the stock is currently undervalued.
In other recent news, First Busey Corporation has reported several notable developments. The company announced a 4.2% increase in its quarterly cash dividend to $0.25 per share, reflecting its confidence in financial stability. This decision was disclosed in a recent SEC filing and is scheduled for payment on January 31, 2025. Additionally, First Busey is in the midst of an executive transition, with Jeffrey D. Jones departing as Chief Financial Officer. Scott A. Phillips has been appointed as the Interim CFO, ensuring continuity during this period.
Analysts have been adjusting their outlooks on First Busey, with Stephens lowering the stock price target from $29.00 to $26.00, while maintaining an Equal Weight rating. This adjustment follows the company’s fourth-quarter results, which showed higher-than-expected fee income but subdued loan growth. DA Davidson also revised its price target down to $25.00, maintaining a Neutral rating due to observed trends such as a decline in Net Interest Margin and an increase in non-performing assets. The anticipated merger with CrossFirst Bankshares (NASDAQ:CFB), expected to conclude by March 2025, has received approval from the Federal Reserve and is seen as a potential positive for the company’s financial results.
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