Eric James Witczak, the Executive Vice President and Secretary of Nicolet Bankshares (NASDAQ:NCBS) Inc. (NASDAQ:NIC (NASDAQ:EGOV)), has sold a significant number of shares in the company. According to the latest SEC filings, Witczak disposed of a total of 15,000 shares of common stock on July 19, 2024, in a series of transactions valued at over $1.45 million.
The sales were executed at prices ranging from $96.33 to $98.62, with the weighted average prices for the separate transactions being $96.74, $97.57, and $98.40. The transactions were part of a planned sale and the exact number of shares sold at each price can be provided upon request, as noted in the footnotes of the SEC filing.
After these transactions, Witczak's direct holdings in Nicolet Bankshares have decreased, but he still retains a significant stake in the company. Additionally, the filing includes information about an indirect ownership of 6,783 shares held in a 401(k) plan.
Investors often monitor insider transactions as they can provide insights into the executives' perspective on the company's value. The sales by Witczak come at a time when Nicolet Bankshares' stock is trading within the upper range of the price spectrum provided in the transactions.
The SEC filing also mentioned that Witczak has acquired additional shares under the Employee Stock Purchase Plan since his last filing, bringing his total ownership in the plan to 939 shares as of the date of the report.
Nicolet Bankshares Inc ., based in Green Bay, Wisconsin, is a financial institution operating in the national commercial banks sector. The company's stock is traded under the ticker symbol NIC on the NASDAQ exchange.
In other recent news, Nicolet Bankshares has been making significant strides with its robust financial performance. The company's second-quarter earnings per share of $1.89 outperformed both the consensus estimate of $1.66 and Maxim Group's forecast of $1.69. This led to Maxim Group raising their price target for the bank to $120, maintaining a Buy rating.
Simultaneously, Nicolet Bankshares announced a 12% increase in its dividend, now set at $0.28 per share, a move acknowledged by Keefe, Bruyette & Woods who maintained a Market Perform rating for the company. In addition, the bank reported a 14% year-over-year increase in Wealth Management fees during Q2 of 2024.
Furthermore, Nicolet Bankshares' second-quarter performance led to Stephens raising their price target to $110, while Piper Sandler increased their target to $104, both maintaining Neutral ratings. These adjustments were a result of strong balance sheet expansion, net interest margin performance, and controlled operating expenses.
Despite these positive developments, Stephens later revised its price target, lowering it to $88 following Nicolet's first-quarter earnings report for 2024, which exceeded expectations. These are some of the recent developments from Nicolet Bankshares, reflecting the company's strategic efforts to enhance shareholder value.
InvestingPro Insights
As Nicolet Bankshares Inc. (NASDAQ:NIC) captures the market's attention with insider transactions, investors are weighing the company's performance and prospects. According to InvestingPro, four analysts have revised their earnings upwards for the upcoming period, reflecting a positive outlook on Nicolet's financial trajectory. This is complemented by the company's trading at a low P/E ratio relative to near-term earnings growth, with a current P/E ratio of 13.5, and an adjusted P/E ratio for the last twelve months as of Q2 2024 standing at 14.11.
InvestingPro Data further reveals a robust revenue growth of 29.2% over the last twelve months as of Q2 2024, indicating a solid expansion in Nicolet's financial activities. Moreover, the company has demonstrated significant returns, with a 9.13% total price return over the last week and a striking 24.99% over the last month. These figures underscore the company's strong market performance in the short term, which may be of interest to both current and potential investors.
For those seeking more in-depth analysis and additional insights, there are a total of 9 InvestingPro Tips available for Nicolet Bankshares, which can be accessed with a subscription. To enhance your investment research, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.