MT. PLEASANT, Mich.—Jon D. Catlin, the Chief Credit Officer at Isabella Bank Corp (OTC:ISBA), recently acquired additional shares of the company. According to a recent SEC filing, Catlin purchased 23.246 shares of Isabella Bank's common stock at a price of $23.66 per share, totaling approximately $550. This transaction increases Catlin's direct ownership to 1,044.1059 shares.The timing of Catlin's purchase is notable as Isabella Bank, currently valued at $184 million, trades near its 52-week high of $25. The stock has shown strong momentum with a 31% return over the past six months, while maintaining a 4.52% dividend yield and a 17-year track record of consecutive dividend payments. InvestingPro subscribers can access detailed insider trading analysis and comprehensive financial metrics in the Pro Research Report, which provides expert insights for over 1,400 US stocks.
In other recent news, Isabella Bank Corp's third-quarter performance showed a 3% pre-provision net revenue (PPNR) upside, driven by net interest margin (NIM) expansion and strong balance sheet growth. Piper Sandler, after analyzing the results, raised the bank's share price target to $24 from $22, maintaining a neutral rating. The firm also increased its earnings per share (EPS) estimates for the fourth quarter of 2024 and the full year 2025 to $0.49 and $2.40, respectively, based on higher net interest income (NII) assumptions.
Despite facing a potential loss of approximately $1.6 million due to negative balances in deposit accounts associated with a single customer, Piper Sandler expressed confidence that these were one-time occurrences. The bank is currently assessing the potential credit losses, with the total exposure to this customer, including loans and lines of credit secured by various assets, amounting to $4.0 million.
Isabella Bank also declared a third-quarter cash dividend of $0.28 per common share, reflecting the company's commitment to enhancing shareholder value. The dividend yield stands at 5.2%, surpassing the peer average of 2.9%. These recent developments provide insights into the bank's financial performance and future expectations as per analysts' projections.
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