Robert Bruce Atwell, a director of Nicolet Bankshares Inc (NASDAQ: NIC), completed multiple equity transactions on February 18, 2026, that together moved more than $2 million in company stock. According to filings, Atwell sold 6,396 shares of common stock on that date at prices between $154.898 and $155.824, producing proceeds of $994,386.
On the same day Atwell also exercised stock options to acquire 15,000 shares at an exercise price of $48.85 per share, a transaction with a stated total value of $732,750. Following the option exercise, Atwell disposed of 8,604 of the newly acquired shares to satisfy tax withholding obligations. That sale was executed at a price of $155.17 per share, yielding proceeds of $1,335,082.
After completing these transactions, Atwell is recorded as directly owning 34,054 shares of Nicolet Bankshares. The disposition and option activity were disclosed in the company’s regulatory filings covering insider transactions.
The timing of Atwell’s transactions coincides with Nicolet’s share price trading near a 52-week high of $161.57. The stock has returned 30.8% year-to-date. Separately, InvestingPro analysis noted that Nicolet appears overvalued relative to its Fair Value estimate, while also reporting that the bank trades at a price-to-earnings ratio of 14.93 and a PEG ratio of 0.73 - figures the service said indicate an attractive valuation versus growth.
Corporate developments provide further context for recent market action. Nicolet Bankshares recently completed its merger with MidWestOne Financial Group, an acquisition that adds roughly $6 billion in assets to Nicolet’s balance sheet. The combined company’s assets are reported at around $15 billion, with total loans of about $11 billion and deposits approximating $13 billion following the transaction.
Market analysts have reacted to the merger and recent results. Piper Sandler upgraded Nicolet’s rating to Overweight from Neutral, citing the stock’s discounted valuation and expected merger benefits. Keefe, Bruyette & Woods raised its price target to $170 and maintained an Outperform rating, citing operating earnings of $2.73 per share that exceeded market expectations. Piper Sandler also increased its price target to $185, pointing to strong underlying core results.
Together, these analyst moves and the insider transactions reflect active repositioning around Nicolet’s expanded franchise and recent operating performance. The filings show the mechanics of the director’s option exercise and subsequent share sales to meet tax obligations, while public market metrics and analyst commentary sketch the broader performance and valuation backdrop.