GREEN BAY, WI—Robert Bruce Atwell, a director at Nicolet Bankshares (NASDAQ:NCBS) Inc. (NASDAQ:NIC (NASDAQ:EGOV)), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Atwell sold 8,945 shares of common stock on December 5, 2024, at a price of $113.00 per share, amounting to a total transaction value of approximately $1,010,785. The sale comes as the stock has shown remarkable strength, with a 41% gain over the past six months and trading near its 52-week high of $116.17.
Prior to this sale, Atwell exercised stock options to acquire the same number of shares—8,945—at a price of $48.85 per share. This exercise amounted to a total value of $436,963. Following these transactions, Atwell's direct ownership of Nicolet Bankshares' common stock stands at 32,831 shares. According to InvestingPro, analysts maintain coverage of the $1.69B market cap bank with price targets ranging from $108 to $130.
In addition to his direct holdings, Atwell also maintains indirect ownership of 268.354 shares through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors and 150 shares in his son's UTMA account.
These transactions are part of Atwell's ongoing management of his investment portfolio, reflecting strategic decisions in response to market conditions. Nicolet Bankshares, headquartered in Green Bay, Wisconsin, continues to operate within the national commercial banking sector.
In other recent news, Nicolet Bankshares reported strong third-quarter earnings with a core earnings per share (EPS) of $1.98, surpassing the consensus estimate of $1.86. This led Maxim (NASDAQ:MXIM) Group to increase its stock price target for the bank from $120 to $124, maintaining its Buy rating. The improved earnings were attributed to a wider net interest margin and strong credit quality.
In addition, Nicolet Bankshares also demonstrated robust performance in the second quarter of 2024, exceeding consensus estimates by approximately 9%. This performance prompted Stephens to raise its price target for Nicolet to $112, while maintaining an Equal Weight rating. Likewise, Piper Sandler increased its price target to $104, maintaining a Neutral rating, and cited a strong quarter with a 1.3% return on assets and a 16.8% return on tangible common equity.
These developments are recent and reflect the company's consistent growth and profitability. Notably, Nicolet Bankshares increased its dividend by 12% to $0.28 per share. Maxim Group has revised its 2025 GAAP EPS estimate for Nicolet Bankshares upward to $8.60, from the previous estimate of $8.50, reflecting confidence in the bank's continued growth.
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