Michael E. Daniels, the Chairman, President, and CEO of Nicolet Bankshares (NASDAQ:NCBS) Inc. (NASDAQ:NIC (NASDAQ:EGOV)), recently executed a significant transaction involving the company's stock. On October 23, Daniels sold 29,071 shares of common stock, generating proceeds of approximately $2.9 million. The shares were sold at a weighted average price of $101.084, with individual transaction prices ranging from $101.000 to $101.595.
Alongside the sale, Daniels also exercised stock options to acquire 29,071 shares at a price of $48.85 per share. Following these transactions, Daniels holds 72,434 shares directly, with additional holdings through a 401(k) plan and shares owned by his spouse.
These movements in stock holdings were disclosed in a recent SEC filing, providing investors with insight into the executive's current stake in the company.
In other recent news, Nicolet Bankshares has been in the spotlight following strong third-quarter financial results. The bank's core earnings per share (EPS) of $1.98 surpassed the consensus estimate of $1.86, attributed to a wider net interest margin and strong credit quality. In response to these robust results, Maxim Group increased its price target on Nicolet Bankshares to $124.00 from $120.00, while maintaining its Buy rating. The firm also revised its 2025 GAAP EPS estimate for the bank upward to $8.60.
In addition to the third-quarter results, Nicolet Bankshares also demonstrated strong performance in the second quarter of 2024, exceeding consensus estimates by around 9%. This performance led Stephens to raise its price target for Nicolet to $112, maintaining an Equal Weight rating. Meanwhile, Piper Sandler, citing a strong quarter, increased its price target for Nicolet Bankshares to $104 while maintaining a Neutral rating.
These are among the recent developments at Nicolet Bankshares, which also include a 12% dividend increase to $0.28 per share. The bank's performance was buoyed by an expanded net interest margin, a 2% increase in loan growth, and sustained strong credit quality. It's worth noting that these updates are based on analyst notes and recent news items, providing a snapshot of the bank's recent financial performance.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Nicolet Bankshares Inc .'s (NASDAQ:NIC) financial position and market performance, providing context to CEO Michael E. Daniels' recent stock transactions.
As of the latest available data, Nicolet Bankshares boasts a market capitalization of $1.54 billion, reflecting its position as a significant player in the regional banking sector. The company's P/E ratio stands at 12.96, suggesting that it may be undervalued compared to its earnings potential. This valuation metric aligns with an InvestingPro Tip indicating that NIC is "Trading at a low P/E ratio relative to near-term earnings growth."
Notably, Nicolet Bankshares has demonstrated strong financial performance, with a revenue growth of 28.93% over the last twelve months as of Q3 2024. This robust growth is complemented by an impressive operating income margin of 46.8% for the same period, highlighting the company's operational efficiency.
An InvestingPro Tip points out that Nicolet Bankshares has seen a "High return over the last year," which is corroborated by the stock's 54.51% total return over the past year. This performance suggests that CEO Daniels' decision to sell shares may be capitalizing on the stock's strong recent performance rather than signaling a lack of confidence in the company's prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for Nicolet Bankshares, providing a deeper understanding of the company's financial health and market position.
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