Michael E. Daniels, Chairman, President, and CEO of Nicolet Bankshares Inc . (NASDAQ:NCBS), has recently sold shares of the company stock valued at more than $1 million. According to the latest filings, Daniels executed the sale on August 30, 2024, at a weighted average price ranging from $98.85 to $99.41, with the total sale amounting to approximately $1,021,043.
The transaction was part of a series of trades that included both acquiring and disposing of Nicolet Bankshares' common stock. On the same day, Daniels also acquired 10,316 shares at a price of $48.85 per share, totaling an investment of $503,936. Following these transactions, Daniels' direct ownership in the company has changed, but he remains a significant shareholder.
Investors tracking insider activity may note that the sale took place at prices significantly higher than the acquisition price, reflecting a substantial difference between the exercise price of the options and the market price at which the shares were sold.
The shares sold by Daniels were part of multiple transactions, and he has committed to providing full information regarding the number of shares sold at each separate price within the provided ranges upon request. Additionally, the filing includes a note that Daniels has not acquired additional shares under the Employee Stock Purchase Plan since his last Form 4 filing.
As of the date of the report, Daniels' direct holdings in Nicolet Bankshares after the reported transactions stand at 72,402 shares, not including indirect ownership through a 401(k) plan and shares owned by his spouse.
Investors and followers of Nicolet Bankshares will continue to monitor insider transactions, as they often provide insights into the executives' perspectives on the company's current valuation and future prospects.
In other recent news, Nicolet Bankshares has been making significant strides in its financial performance. The bank recently reported strong second-quarter earnings, with a core earnings per share (EPS) of $1.89, surpassing both the consensus estimate of $1.66 and Maxim (NASDAQ:MXIM) Group's own forecast of $1.69. This outperformance is attributed to an expanded net interest margin (NIM), a 2% increase in loan growth, and sustained strong credit quality.
The company also announced a 12% increase in its dividend, now set at $0.28 per share, signifying the bank's commitment to returning capital to its investors. In response to these developments, several firms have adjusted their price targets for Nicolet Bankshares. Maxim Group set a new price target at $120, up from $95, while Stephens raised the bank's target to $110 and Piper Sandler increased the price target to $104.
These recent developments reflect Nicolet Bankshares' strategic efforts to enhance shareholder value and its strong financial position in the current economic environment.
InvestingPro Insights
In light of the recent insider trading activity by Michael E. Daniels, Chairman, President, and CEO of Nicolet Bankshares Inc. (NASDAQ:NCBS), investors might be keen to understand the company's current financial health and performance metrics. According to InvestingPro, Nicolet Bankshares is trading at a P/E ratio of 12.85, which is considered low relative to its near-term earnings growth. This could indicate that the stock is potentially undervalued, aligning with the InvestingPro Tip that the company is trading at a low P/E ratio relative to near-term earnings growth.
The company has also seen a notable price uptick over the last six months, with a 25.28% total return, which is consistent with another InvestingPro Tip highlighting a large price uptick in that period. This strong performance is further bolstered by a 24.38% total return over the last three months. These figures suggest a positive trend in the company's stock price, which may have influenced Daniels' decision to sell his shares.
From a profitability standpoint, Nicolet Bankshares has been profitable over the last twelve months, and analysts predict that the company will remain profitable this year. This is substantiated by a robust operating income margin of 46.08% for the last twelve months as of Q2 2024. Despite concerns about weak gross profit margins, as noted in one of the InvestingPro Tips, the company's overall financial performance appears strong.
For those interested in further insights and metrics, InvestingPro offers additional tips on Nicolet Bankshares, which can be accessed at https://www.investing.com/pro/NCBS. These tips may provide investors with a more comprehensive understanding of the company's financial standing and future prospects.
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