Scott A. Phillips, the Principal Accounting Officer of First Busey (NASDAQ:BUSE) Corporation (NASDAQ:BUSE), has recently purchased shares of the company's common stock. According to the latest filings, Phillips acquired shares valued at a total of $931 at a price of $28.1882 each.
The transaction, which took place on July 30, 2024, involved the acquisition of shares through the reinvestment of dividends earned on vested stock awards and through the company's Employee Stock Purchase Plan. Following this purchase, Phillips's direct ownership in the company includes 6,307.4974 shares, while his indirect ownership through the Employee Stock Purchase Plan accounts for 3,223.4012 shares.
First Busey Corp , headquartered in Urbana, Illinois, operates within the state commercial banks sector. The recent share acquisition by one of its top accounting executives may interest investors as they monitor insider activities within the company.
The shares were acquired in two separate transactions, with a portion of them being obtained through dividend reinvestment, as noted in the footnotes of the filing. Such transactions are common among executives who participate in company programs designed to encourage long-term investment in their firms.
Investors often keep an eye on insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. The recent activity by Phillips may be seen as a sign of confidence in the financial institution's ongoing performance and future outlook.
For further details on the company's financial movements and executive transactions, interested parties can review the full filings available through the SEC's database.
In other recent news, First Busey Corporation announced a quarterly cash dividend of $0.24 per share on its common stock, a routine corporate action reflecting the company's commitment to delivering shareholder value. This dividend is payable to shareholders of record as of July 19, 2024, with payment due on July 26, 2024. This information was reported in accordance with the Securities Exchange Act of 1934, as confirmed by Jeffrey D. Jones, Chief Financial Officer of First Busey Corporation.
In the realm of analyst notes, DA Davidson has adjusted its price target for First Busey Corporation, lowering it from $25 to $24, while maintaining a Neutral rating on the stock. This alteration is a response to recalibrated earnings per share estimates for the years 2024 and 2025, reflecting anticipated changes in First Busey's financial outlook, including a reduced net interest income forecast and an increase in credit costs. Despite the revised financial projections, DA Davidson's neutral stance on First Busey remains.
These are the recent developments that investors should be aware of, shedding light on the company's financial strategies and shareholder relations policies.
InvestingPro Insights
As investors consider the implications of Scott A. Phillips' recent share purchase in First Busey Corporation (NASDAQ:BUSE), it's valuable to look at the company's performance through a data-driven lens. According to InvestingPro data, First Busey Corporation boasts a market capitalization of $1.57 billion, reflecting its standing in the state commercial banks sector. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at 13.96, with a slight adjustment to 13.64 when looking at the last twelve months as of Q2 2024.
Despite a revenue decline of 4.54% over the last twelve months, First Busey Corporation has shown a quarterly revenue growth of 7.45% in Q2 2024, signaling a potential turnaround. A noteworthy InvestingPro Tip highlights the company's long-standing reliability in dividend payments, having maintained them for 36 consecutive years, coupled with a dividend yield of 3.45% as of the latest data. This consistency in rewarding shareholders may be a factor in Phillips' decision to increase his stake through dividend reinvestment.
From a performance standpoint, First Busey Corporation has experienced a strong return over the last month, with a price total return of 15.85%, and an even more impressive three-month return of 25.55%. These figures suggest a positive trend in the company's stock performance, which could be reinforcing the confidence displayed by Phillips' insider purchases. For those seeking more in-depth analysis, InvestingPro offers additional tips on First Busey Corporation, which can be found at: https://www.investing.com/pro/BUSE, including insights into the company's profitability and analyst predictions for the year.
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