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URBANA, IL – First Busey Corporation (NASDAQ:BUSE), a Nevada-incorporated state commercial bank, has declared a quarterly cash dividend for its shareholders. Announced today, the bank will pay a dividend of $0.25 per common share, representing a substantial 5.21% yield at current market prices. According to InvestingPro data, the bank has maintained dividend payments for an impressive 37 consecutive years.
The dividend is scheduled for payment on April 25, 2025, with shareholders on record as of April 18, 2025, eligible for the distribution. This declaration follows the company's regular practice of rewarding its shareholders and reflects its ongoing financial performance. The $1.1 billion market cap bank currently trades at an attractive P/E ratio of 9.56, suggesting potential value for investors. InvestingPro analysis indicates the stock is currently trading below its Fair Value.
The announcement was made through an 8-K filing with the Securities and Exchange Commission by First Busey Corporation's Board of Directors. The bank, which operates with its principal executive offices located at 11440 Tomahawk Creek Parkway, Leawood, Kansas, has its business address in Urbana, Illinois.
First Busey Corporation has a history of providing banking services and has established a routine of returning value to its stockholders through such dividends. The $0.25 per share payment is part of the company's commitment to share its success with its investors.
The bank's interim Chief Financial Officer, Executive Vice President, and Chief Accounting Officer, Scott A. Phillips, signed off on the 8-K filing, confirming the details of the dividend payment.
This news is based on the latest 8-K filing by First Busey Corporation and provides shareholders with the key dates and figures for the upcoming dividend payout. The stock has recently experienced significant pressure, declining nearly 11% over the past week and currently trading near its 52-week low. As the bank continues its operations, investors will be watching its performance closely in anticipation of future financial announcements. For deeper insights into First Busey's technical indicators and additional ProTips, visit InvestingPro.
In other recent news, First Busey Corporation reported significant developments impacting its financial and operational landscape. The company announced a 4.2% increase in its quarterly cash dividend, raising it to $0.25 per share, a move reflecting confidence in its financial stability. This decision was disclosed in a recent SEC filing and is scheduled for payment at the end of January. Concurrently, the unexpected departure of Chief Financial Officer Jeffrey D. Jones was confirmed, with Scott A. Phillips stepping in as Interim CFO. This transition occurs amid First Busey's ongoing acquisition of Cummins (NYSE:CMI) Facility Services, which the company clarified was not related to the CFO's exit.
Additionally, Stephens adjusted its price target for First Busey shares to $26 from $29, maintaining an Equal Weight rating, while DA Davidson lowered its target to $25, keeping a Neutral rating. These adjustments follow the company's fourth-quarter results, which showed higher-than-expected fee income but challenges in loan growth and net interest margin. The Federal Reserve has approved First Busey's merger with CrossFirst, expected to conclude by March 1, 2025, which analysts believe could enhance the company's financial results. Investors remain cautious about the integration process, particularly regarding differing credit and pricing cultures between the merging entities.
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