Jon D. Catlin, the Chief Credit Officer of Isabella Bank Corp (OTC:ISBA), recently purchased shares in the company. According to a filing with the Securities and Exchange Commission, Catlin acquired 24.3013 shares of Isabella Bank common stock on January 2, 2025, at a price of $24.69 per share. The total value of the transaction was approximately $599. The purchase comes as Isabella Bank, with a market capitalization of $193 million, trades near its 52-week high of $26.23 and shows strong momentum with a 40% gain over the past six months. InvestingPro analysis suggests the stock is currently trading below its Fair Value.
Following this purchase, Catlin's direct ownership in the company stands at 1,071.3135 shares. These shares include those acquired through the bank's quarterly dividend reinvestment plan. The bank maintains a notable 4.31% dividend yield and has consistently paid dividends for 17 consecutive years. InvestingPro subscribers can access additional insights about Isabella Bank's dividend sustainability and growth metrics.
In other recent news, Isabella Bank has reported strong third-quarter performance, leading Piper Sandler to raise the bank's share price target from $22.00 to $24.00 while maintaining a neutral rating. The bank's positive results were driven by a 3% pre-provision net revenue increase due to net interest margin expansion and robust balance sheet growth. However, the bank also faces a potential loss of approximately $1.6 million due to negative balances in deposit accounts associated with a single customer. Despite this, Piper Sandler remains confident, citing the incident as an isolated occurrence and maintaining their neutral rating.
In addition, Piper Sandler has raised its earnings per share estimates for Isabella Bank for 2024 and 2025 to $0.49 and $2.40 respectively, based on higher net interest income assumptions. The firm also set an earnings per share estimate of $2.70 for the year 2026. Furthermore, Isabella Bank declared a third-quarter cash dividend of $0.28 per common share, demonstrating its commitment to enhancing shareholder value. These are the recent developments that investors need to be aware of.
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