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Stephen V. King, a director at First Busey Corp (NASDAQ:BUSE), a $1.38 billion market cap financial institution currently trading at 0.99 times book value, recently reported a significant purchase of company stock. According to a filing with the Securities and Exchange Commission, King acquired 16,427 shares of common stock on January 31, 2025, with a total transaction value of approximately $402,928. InvestingPro analysis suggests the stock is slightly undervalued at current levels. The shares were purchased at a weighted average price of $24.5284, with individual trades executed at prices ranging from $24.4098 to $24.5632.
In addition to this purchase, King also acquired 287 shares through dividend equivalent rights, which were accrued on Deferred Stock Units due to a cash dividend payment on First Busey Corporation stock. These additional shares were acquired at no cost and reflect the economic equivalent of one share of First Busey Corporation stock per dividend right.
Following these transactions, King holds a total of 181,918 shares indirectly and 28,137 shares directly.
In other recent news, First Busey Corporation has been subject to several adjustments in its stock price target by Stephens and DA Davidson, following its fourth-quarter results. Stephens reduced the price target from $29 to $26, while DA Davidson lowered it from $28 to $25. Both firms maintained their respective Equal Weight and Neutral ratings on the stock. This comes after First Busey’s fourth-quarter results revealed a higher-than-expected fee income and a subdued loan growth.
The Federal Reserve has approved First Busey’s pending merger with CrossFirst, anticipated to conclude by March 2025. Analysts have expressed confidence in First Busey’s ability to integrate acquisitions, despite investors’ caution regarding potential challenges in reconciling differing credit and pricing cultures between the two entities.
First Busey Corporation has also announced a 4.2% increase in its quarterly cash dividend to $0.25 per share, reflecting the company’s financial stability. DA Davidson analysts expect First Busey’s growth to gain momentum in 2025, despite a downward adjustment in its EPS estimate for 2025 due to lower loan balances at the start of the year. These are the recent developments for First Busey Corporation.
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