Arrowstreet Capital Limited Partnership Buys 13,704 Shares of Nicolet Bankshares Inc. $NIC

Key Points

• Arrowstreet Capital increased its Nicolet Bankshares stake by 135.2% in the first quarter, buying 13,704 shares to own 23,840 shares worth approximately $3.54 million. Institutional investors collectively hold 43.06% of the company.
• Nicolet Bankshares posted quarterly EPS of $2.99, beating estimates of $2.85, while revenue of $177.75 million also exceeded expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $183.
• The stock opened at $173.51, near its 52-week high of $174.74. Nicolet also declared a quarterly dividend of $0.36 per share, equivalent to a $1.44 annualized payout and a 0.8% yield, while insiders have sold 4,219 shares over the past 90 days.

Arrowstreet Capital Limited Partnership raised its stake in Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 135.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,840 shares of the company's stock after purchasing an additional 13,704 shares during the period. Arrowstreet Capital Limited Partnership owned 0.11% of Nicolet Bankshares worth $3,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its stake in shares of Nicolet Bankshares by 3,940.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 202 shares of the company's stock worth $25,000 after acquiring an additional 197 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Nicolet Bankshares during the fourth quarter worth $48,000. Clearstead Advisors LLC lifted its holdings in shares of Nicolet Bankshares by 192.9% during the 4th quarter. Clearstead Advisors LLC now owns 451 shares of the company's stock valued at $55,000 after purchasing an additional 297 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Nicolet Bankshares by 151.9% during the 1st quarter. Parallel Advisors LLC now owns 607 shares of the company's stock valued at $90,000 after purchasing an additional 366 shares during the last quarter. Finally, UMB Bank n.a. acquired a new stake in shares of Nicolet Bankshares in the 4th quarter worth $102,000. 43.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NIC shares. Piper Sandler set a $194.00 target price on Nicolet Bankshares in a research note on Wednesday, July 22nd. Raymond James Financial started coverage on Nicolet Bankshares in a research note on Tuesday, June 23rd. They issued a "market perform" rating for the company. Keefe, Bruyette & Woods raised their price target on Nicolet Bankshares from $175.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday, July 23rd. Weiss Ratings lowered Nicolet Bankshares from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 18th. Finally, Zacks Research upgraded shares of Nicolet Bankshares from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $183.00.

Insider Transactions at Nicolet Bankshares

In related news, EVP Eric James Witczak sold 342 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.96, for a total value of $58,810.32. Following the transaction, the executive vice president owned 33,288 shares in the company, valued at approximately $5,724,204.48. This represents a 1.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Bruce Atwell sold 2,662 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $170.24, for a total transaction of $453,178.88. Following the transaction, the director directly owned 34,483 shares of the company's stock, valued at $5,870,385.92. This represents a 7.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,219 shares of company stock valued at $715,976 in the last ninety days. Corporate insiders own 7.20% of the company's stock.

Nicolet Bankshares Price Performance

NYSE NIC opened at $173.51 on Tuesday. The company has a market cap of $3.69 billion, a price-to-earnings ratio of 19.69 and a beta of 0.65. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.90 and a quick ratio of 0.90. The stock's fifty day moving average price is $156.97 and its 200 day moving average price is $151.20. Nicolet Bankshares Inc. has a 1 year low of $114.11 and a 1 year high of $174.74.

Nicolet Bankshares (NYSE:NIC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $2.99 EPS for the quarter, topping analysts' consensus estimates of $2.85 by $0.14. The company had revenue of $177.75 million during the quarter, compared to analysts' expectations of $171.93 million. Nicolet Bankshares had a return on equity of 11.36% and a net margin of 21.77%. As a group, equities research analysts forecast that Nicolet Bankshares Inc. will post 12.3 earnings per share for the current year.

Nicolet Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, September 1st. Nicolet Bankshares's dividend payout ratio (DPR) is presently 16.35%.

Nicolet Bankshares Profile

Nicolet Bankshares, Inc is a bank holding company headquartered in Green Bay, Wisconsin. Through its subsidiary, Nicolet National Bank, it provides a range of commercial and consumer banking services to businesses, individuals and nonprofit organizations across northeastern Wisconsin and the Upper Peninsula of Michigan. The company's branch network, digital banking platform and commercial lending centers support its focus on community banking and regional growth.

The company offers deposit products such as checking, savings and money market accounts, alongside consumer and commercial lending solutions.

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