Peggy Wheeler, the Chief Operations Officer of Isabella Bank Corp (OTC:ISBA), recently acquired additional shares of the company. According to a filing with the Securities and Exchange Commission, Wheeler purchased 20 shares of common stock at a price of $24.69 per share, totaling approximately $499. The stock, currently trading at $25.74, sits near its 52-week high of $26.23, reflecting a strong 40% return over the past six months. This transaction increases Wheeler’s direct ownership to over 8,760 shares. The acquisition includes shares obtained through the bank’s quarterly dividend reinvestment program. With a current dividend yield of 4.31% and a 17-year track record of consistent dividend payments, Isabella Bank Corp has demonstrated strong shareholder returns. InvestingPro analysis suggests the stock may be undervalued, with additional metrics and insights available to subscribers.
In other recent news, Isabella Bank has seen an upgrade from Piper Sandler, which raised the price target for the bank from $22.00 to $24.00, while maintaining a neutral rating. This adjustment was based on the bank’s strong third-quarter performance, marked by a 3% pre-provision net revenue upside and robust organic balance sheet growth. Piper Sandler also revised its earnings per share estimates for Isabella Bank for the fourth quarter of 2024 and the full years of 2025 and 2026 to $0.49, $2.40, and $2.70 respectively, driven by higher net interest income assumptions.
The bank, however, disclosed a potential loss of approximately $1.6 million due to negative balances in deposit accounts associated with a single customer. The total exposure to this customer, including loans and lines of credit secured by various assets, amounts to $4.0 million. Isabella Bank is currently assessing the potential credit losses from this situation.
In other developments, Isabella Bank declared a third-quarter cash dividend of $0.28 per common share, reflecting its commitment to enhancing shareholder value. The bank’s dividend yield stands at 5.2%, compared to its peers at 2.9%. These recent developments provide insights into the bank’s financial performance and future expectations as per analysts’ projections.
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