NIC NICOLET BANKSHARES INC Insider Trading

CFO Hubert Phillip Moore Jr buys 25 NIC shares at $120.35; stock down 14.4% from 52-week high

Moore, Nicolet Bankshares' CFO, purchased 25 shares at $120.35 on 2025-11-18, a minimal transaction representing +0.1% of his 32.7K share post-transaction holdings. The stock is trading 14.4% below its 52-week high of $140.41 and has declined 7.1% over the past 30 days and 11.7% over 90 days. This buy follows a prior October acquisition at the same ticker, though timing outcomes on that earlier trade are not yet measurable. With a P/E of 12.28 and $41.7M in net income supporting a $1.8B market cap, the company's fundamentals remain stable. The extremely modest transaction size and Moore's minimal prior open-market purchase activity suggest this is a routine, discretionary buy rather than a material conviction signal.

Director Ghidorzi buys 105 NIC shares at $121.52; cluster pattern (3 insiders in 14 days)

Ghidorzi Christopher J., a Director at Nicolet Bankshares, purchased 105 shares at $121.52 on 2025-11-04, increasing his holdings to 8,456 shares. The transaction occurred as part of a broader cluster buy pattern, with 2 other insiders also purchasing shares within the past 14 days. The stock is currently trading at $124.36, approximately 11.4% below its 52-week high of $140.41 and down 6.4% over the past 30 days. With a P/E ratio of 12.70 and net income of $41.7M across a market cap of $1.8B, the company appears moderately valued. The synchronized buying activity across multiple insiders during a period of recent price weakness may warrant attention to whether directors perceive fundamental value at current levels.

Director Weyers buys 3,000 shares at $115.73 average; stock now $120.72, up 4.3% since purchases.

Robert J. Weyers, Director, executed 3 separate purchases totaling 3,000 shares for $347,200.00 on 2025-10-30 at a blended average price of $115.73. The current price of $120.72 sits 4.3% above his blended entry, and the stock remains off its 52-week high of $140.41 by 14.0%. This accumulation brings his post-transaction holdings to 1,000 shares (from a pre-transaction deficit of -2,000 shares), indicating a material shift from net short to net long exposure at the company. With a P/E of 12.33 and net income of $41,735,000.00, the valuation context is stable; the timing of the purchase during a period where the stock is down 9.6% over 30 days and 4.8% over 90 days provides factual context for the director's decision to acquire shares.

NIC CFO Moore buys 240 shares at $115.84; stock down 10.4% in 30 days, trading -15.9% from 52-week high.

Moore Hubert Phillip Jr purchased 240 shares of Nicolet Bankshares at $115.84, increasing his post-transaction holdings to 32,947 shares. The purchase represents a modest 0.7% addition to his existing stake. The transaction occurs within a period of meaningful stock weakness: NIC has declined 10.4% over the past 30 days and sits 15.9% below its 52-week high of $140.41, suggesting the purchase was executed amid recent downward price momentum. With a P/E of 12.07 and market cap of $1.7B, the company remains modestly valued, though the CFO's small incremental addition provides limited signal about management conviction given the limited accumulation relative to existing holdings.

Director ATWELL ROBERT BRUCE sold 8,945 shares of NIC at $113.00 for $1,010,785.00, reducing holdings by 21.4%.

Director Atwell sold 8,945 shares at $113.00, reducing his holdings from 41,776 to 32,831 shares, a significant -21.4% reduction. The sale occurred near the 52-week high of $115.00, with the stock now at $111.65. Atwell's same-ticker history at NIC shows mixed timing outcomes: his most recent measurable sale on 2024-07-23 yielded a negative 90-day return of -2.5%, qualifying as well-timed (stock fell after), yet his other recent NIC sales (October–November) have shown positive 30-day returns of +8.2% to +10.0%, suggesting the stock has continued upward post-sale. His cross-ticker track record shows 10 prior sells with an average 90-day return of +2.9% and a well-timed rate of 50.00%, indicating his sales have been split between well-timed and poorly-timed outcomes historically. The current -2.9% 30-day change and +18.7% 90-day change reflect recent momentum, though insufficient time has elapsed to measure this December transaction's ultimate timing outcome.

EVP Eric James Witczak sold 20,343 shares at $113.11 blended average; 5 prior sells at NIC show 0 well-timed at 90d

Eric James Witczak, EVP & Secretary of Nicolet Bankshares, executed 2 separate sales totaling 20,343 shares for $2,300,995.84 on 2024-11-11, reducing his holdings by 44.3% from 45,873 to 25,530 shares. The blended average sale price of $113.11 sits near the current price of $111.98 and within 2.6% of the 52-week high of $115.00. Examining his same-ticker history at NIC, Witczak's 3 prior measurable sales (July 19, 2024) showed 30-day returns of -6.7%, -5.9%, and -5.0%, but all posted positive 90-day returns of +6.7%, +7.6%, and +8.5% respectively—meaning none were well-timed at the 90-day mark (0 of 3). This filing adds to a pattern where the stock has moved favorably after his recent sells, rather than downward as would suggest advance knowledge of a decline.

NIC CEO Daniels sells 11,449 shares in 2 transactions at $115.00, reducing stake by 13.6% to 72,434 shares

Michael E. Daniels, Chairman, President & CEO of Nicolet Bankshares, executed 2 separate sales totaling 11,449 shares for $1,316,635.00 at $115.00 on 2024-11-11 and 2024-11-12, reducing his holdings from 83,883 to 72,434 shares. These sales occurred near the 52-week high of $115.00 and represent a 13.6% reduction in his stake. His prior 5 trades at NIC have yielded 0 well-timed sales at the 90-day mark, and his cross-ticker track record shows a 90d well-timed rate of 0.00%, indicating his historical sells have not preceded stock declines. The current price of $111.98 reflects the stock is -2.6% from the transaction prices, while the stock has posted +14.8% in 30 days and +26.1% in 90 days, suggesting recent upward momentum into these sales.

EVP-CCO Brad Vincent Hutjens sold 13,500 shares of NIC for $1.5M (blended avg $111.87) across 5 transactions in Nov 2024

Brad Vincent Hutjens, EVP and Chief Compliance Officer of Nicolet Bankshares, executed 5 separate sales totaling 13,500 shares for $1,510,206.05 between November 8-11, 2024, at prices ranging from $110.90 to $112.88. This represents a 33.6% reduction in his shareholding from 40,174 to 26,674 shares. The timing coincides with the stock trading near its 52-week high of $115.00 (currently at $113.76), and follows a 30-day gain of +17.6% and 90-day gain of +30.3%. His cross-ticker track record shows only 2 prior open-market sells, and his same-ticker history at NIC includes 2 prior sells on 2024-11-06 with outcomes not yet measurable. The sale volume and pricing context warrant monitoring, particularly given the senior compliance role and magnitude of the position reduction.

Director Robert Bruce Atwell sold 9,986 shares of NIC at $110.00 on 2024-11-08; stock up 30.3% in 90 days.

Director Robert Bruce Atwell sold 9,986 shares at $110.00 on 2024-11-08, reducing his holdings by 23.1% to 33,315 shares. The sale occurred as the stock was trading -1.1% from its 52-week high of $115.00, and the stock has appreciated 30.3% over the prior 90 days and 17.6% over the prior 30 days. At his prior trades at NIC, both measurable 90-day outcomes showed negative returns (-9.6% and -8.6%), suggesting favorable timing, but this current sale was executed near a peak price after significant momentum. The cross-ticker track record shows a 50% well-timed rate on sells with modest average 90-day returns (+2.9%), indicating inconsistent timing ability across holdings.

EVP Eric James Witczak sells 33,657 shares at $110.27 avg for $3.7M, reducing stake 56.9%

Eric James Witczak, EVP & Secretary, executed two separate open-market sales on 2024-11-07, selling 30,557 shares at $110.18 and 3,100 shares at $111.25, totaling 33,657 shares for $3,711,491.68 at a blended average price of $110.27. This disposition represents a -56.9% reduction in his pre-transaction holdings (from 59,187 to 25,530 shares), a material diminishment of his equity stake. At the same-ticker level, his prior five sales at NIC show mixed 90-day timing outcomes: two were well-timed (negative 90d returns: -1.5% and -1.0%), while three were poorly timed (positive 90d returns: +8.5%, +7.6%, and +6.7%), indicating no consistent pattern of anticipating price moves in this stock. The current price of $110.98 is now -3.5% from the 52-week high of $115.00, and the stock has posted strong recent momentum (+18.4% over 30 days, +27.2% over 90 days), which offers limited evidence that the insider was ahead of a downturn at the time of sale.