Brad Vincent Hutjens, Executive Vice President and Chief Credit Officer at Nicolet National Bank, a subsidiary of Nicolet Bankshares (NASDAQ:NCBS) Inc. (NASDAQ:NIC (NASDAQ:EGOV)), has made notable transactions involving the company's stock. According to a recent SEC filing, Hutjens sold a total of 6,000 shares over two separate transactions on November 13, 2024. The shares were sold at prices ranging from $115.10 to $115.49, amounting to a total value of $691,770.
In addition to these sales, Hutjens exercised stock options to acquire 6,000 shares at a price of $48.85 per share, totaling $293,100. This transaction reflects the exercise of stock options that were fully vested and exercisable.
Moreover, on November 14, Hutjens had 177 shares withheld to settle tax obligations related to vested restricted stock, valued at $19,786 per the filing.
Following these transactions, Hutjens holds a direct ownership of 26,497 shares and an indirect ownership of 1,818 shares through a 401(k) plan. The filing also notes that Hutjens has not acquired additional shares under the Employee Stock Purchase Plan since the last Form 4 filing on November 12, 2024.
In other recent news, Nicolet Bankshares has reported impressive third-quarter earnings, with a core earnings per share (EPS) of $1.98, surpassing both the consensus estimate of $1.86 and Maxim Group's estimate of $1.82. The better-than-expected results were attributed to a wider net interest margin and strong credit quality. Following these results, Maxim Group increased its price target on Nicolet Bankshares to $124, maintaining a Buy rating.
Simultaneously, Nicolet Bankshares' strong second-quarter performance led Stephens to raise its price target for the company to $112, while maintaining an Equal Weight rating. The company's operational EPS and pre-provision net revenue were particularly noteworthy, exceeding consensus estimates by approximately 9%.
Piper Sandler, citing a strong quarter with a 1.3% return on assets and a 16.8% return on tangible common equity, also increased its price target for Nicolet Bankshares to $104, maintaining a Neutral rating.
In addition to these financial achievements, Nicolet Bankshares demonstrated a significant recovery in deposit trends and a 14% year-over-year increase in Wealth Management fees. The company also increased its dividend by 12% to $0.28 per share, reflecting its commitment to returning capital to its investors. These are some of the recent developments at Nicolet Bankshares.
InvestingPro Insights
Nicolet Bankshares Inc . (NASDAQ:NIC) has been showing strong financial performance, which aligns with the recent insider transactions. According to InvestingPro data, the company's revenue growth stands at an impressive 28.93% for the last twelve months as of Q3 2024, with a quarterly growth of 16.02% in Q3 2024. This robust growth trajectory may have influenced the executive's decision to exercise options and sell shares.
The company's P/E ratio of 12.8 suggests that it's trading at a relatively attractive valuation compared to its earnings. This is further supported by an InvestingPro Tip indicating that NIC is trading at a low P/E ratio relative to its near-term earnings growth, which could be of interest to value investors.
Another InvestingPro Tip highlights that NIC has shown a strong return over the last three months, which is corroborated by the InvestingPro data showing a 26.22% price total return over the same period. This positive momentum might explain the timing of the insider's stock sales.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 9 more InvestingPro Tips available for Nicolet Bankshares Inc., providing a deeper understanding of the company's financial health and market position.
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