Associated Banc Corp Buys New Position in Nicolet Bankshares Inc. $NIC

Key Points

• Associated Banc Corp opened a new position in Nicolet Bankshares, buying 10,312 shares worth about $1.68 million in the third quarter; institutional investors collectively own 43.06% of the stock.
• Nicolet reported quarterly EPS of $3.15, beating the $3.07 consensus, and revenue of $174.43 million, slightly above estimates. Analysts’ average rating is “Moderate Buy,” with an average price target of $184.80.
• The company declared a quarterly dividend of $0.36 per share, equivalent to $1.44 annually and a 0.8% yield. Shares opened at $175.64 and were near their 12-month high of $180.

Associated Banc Corp acquired a new stake in Nicolet Bankshares Inc. (NYSE:NIC - Free Report) during the third quarter, according to its most recent filing with the SEC. The firm acquired 10,312 shares of the company's stock, valued at approximately $1,681,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Choreo LLC lifted its position in Nicolet Bankshares by 1.0% in the third quarter. Choreo LLC now owns 8,335 shares of the company's stock valued at $1,359,000 after purchasing an additional 80 shares during the period. TOWER TRUST & INVESTMENT Co acquired a new stake in Nicolet Bankshares in the third quarter valued at $88,000. Sterling Capital Management LLC increased its holdings in shares of Nicolet Bankshares by 58.0% in the 3rd quarter. Sterling Capital Management LLC now owns 474 shares of the company's stock valued at $77,000 after purchasing an additional 174 shares in the last quarter. Genesee Capital Advisors LLC purchased a new position in Nicolet Bankshares in the third quarter valued at about $262,000. Finally, State Street Corp raised its holdings in Nicolet Bankshares by 65.1% during the second quarter. State Street Corp now owns 1,174,560 shares of the company's stock worth $194,244,000 after purchasing an additional 463,199 shares during the last quarter. 43.06% of the stock is currently owned by hedge funds and other institutional investors.

Nicolet Bankshares Stock Up 1.8%

Shares of Nicolet Bankshares stock opened at $175.64 on Thursday. The company has a fifty day moving average price of $168.03 and a 200 day moving average price of $157.57. Nicolet Bankshares Inc. has a twelve month low of $118.33 and a twelve month high of $180.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.04. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 19.43 and a beta of 0.67.

Nicolet Bankshares (NYSE:NIC - Get Free Report) last released its quarterly earnings results on Tuesday, October 20th. The company reported $3.15 earnings per share for the quarter, beating analysts' consensus estimates of $3.07 by $0.08. The business had revenue of $174.43 million during the quarter, compared to analyst estimates of $173.64 million. Nicolet Bankshares had a net margin of 22.11% and a return on equity of 11.27%. Equities research analysts forecast that Nicolet Bankshares Inc. will post 12.10 earnings per share for the current fiscal year.

Nicolet Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Tuesday, December 1st. Nicolet Bankshares's payout ratio is 15.93%.

Insiders Place Their Bets

In other news, Director Robert Atwell sold 3,556 shares of the stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $171.22, for a total transaction of $608,858.32. Following the transaction, the director owned 34,483 shares of the company's stock, valued at approximately $5,904,179.26. This trade represents a 9.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 7.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NIC has been the subject of several research reports. Weiss Ratings downgraded Nicolet Bankshares from a "buy (a+)" rating to a "buy (a)" rating in a research report on Friday, October 23rd. Stephens upped their target price on shares of Nicolet Bankshares from $185.00 to $190.00 and gave the company an "equal weight" rating in a report on Friday, October 23rd. Keefe, Bruyette & Woods upped their target price on shares of Nicolet Bankshares from $175.00 to $185.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Finally, Piper Sandler increased their price target on Nicolet Bankshares from $194.00 to $196.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Nicolet Bankshares has an average rating of "Moderate Buy" and an average target price of $184.80.

Nicolet Bankshares Company Profile

Nicolet Bankshares, Inc is a bank holding company headquartered in Green Bay, Wisconsin. Through its principal subsidiary, Nicolet National Bank, the company provides banking and financial services to individuals, families, businesses and organizations.

Nicolet National Bank offers commercial and consumer lending, deposit accounts, residential and commercial real estate financing, treasury management and other business banking services. Its offerings also include wealth management, trust and investment services, mortgage banking and related financial solutions.

Founded in 2000, Nicolet has built a community-banking franchise serving customers primarily in Wisconsin and neighboring market areas.

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