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Stanley J. Bradshaw, a director at First Busey Corp (NASDAQ:BUSE), a $1.37 billion regional bank with a GOOD financial health rating according to InvestingPro, has made significant stock purchases, according to a recent SEC filing. On January 31 and February 3, Bradshaw acquired a total of 9,500 shares of First Busey common stock. The purchases were executed at prices ranging from $23.535 to $24.2336 per share, amounting to an aggregate value of approximately $227,424. The stock currently trades near its InvestingPro Fair Value, offering a 4.21% dividend yield with a 37-year track record of consistent dividend payments.
Following these transactions, Bradshaw’s total direct ownership stands at 435,643 shares. Additionally, the filing noted a separate acquisition of 246 shares through dividend equivalent rights, which did not involve any cash transaction. Unlock comprehensive insider trading analysis and 4 additional exclusive insights with InvestingPro.
In other recent news, First Busey Corporation experienced a series of noteworthy developments. Stephens analysts reduced First Busey’s stock price target from $29 to $26, while maintaining an Equal Weight rating. This followed the company’s Q4 results, which revealed higher-than-expected wealth management fees, but a slight miss in net interest margin due to subdued loan growth. Concurrently, DA Davidson also lowered its price target for First Busey from $28 to $25, citing less favorable trends in Q4, including a step back in Net Interest Margin and a rise in non-performing assets.
In parallel, the Federal Reserve approved Busey’s impending merger with CrossFirst, anticipated to conclude by March 1, 2025. While investors expressed caution regarding potential challenges in reconciling differing credit cultures, analysts expressed confidence in Busey’s proven ability to integrate acquisitions. Furthermore, the company announced a 4.2% increase in its quarterly cash dividend, reflecting its financial stability and commitment to shareholder value.
Lastly, DA Davidson revised its outlook for First Busey to $26 from $27, maintaining a Neutral rating. Despite a lack of revenue growth surprises, the company’s financial health remains stable, largely due to clean credit and reduced provision expenses. These are the recent developments for First Busey Corporation.
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