Bank of America Corp DE Makes New $4.81 Million Investment in Nicolet Bankshares Inc. $NIC

Key Points

• Bank of America initiated a $4.81 million position in Nicolet Bankshares during the second quarter, purchasing 29,075 shares. Institutional investors and hedge funds collectively own 43.06% of the company.
• Nicolet Bankshares exceeded quarterly expectations, reporting $2.99 EPS versus the $2.85 consensus estimate and revenue of $177.75 million. The company also declared a quarterly dividend of $0.36 per share, representing a 0.9% yield.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $183.00. Shares opened at $166.47, while insiders sold $715,976 worth of stock over the past 90 days.

Bank of America Corp DE purchased a new stake in Nicolet Bankshares Inc. (NYSE:NIC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 29,075 shares of the company's stock, valued at approximately $4,809,000. Bank of America Corp DE owned approximately 0.14% of Nicolet Bankshares at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Odyssean LLC raised its position in shares of Nicolet Bankshares by 101.0% during the 2nd quarter. Odyssean LLC now owns 20,012 shares of the company's stock worth $3,310,000 after acquiring an additional 10,056 shares in the last quarter. Jupiter Topco LLC acquired a new stake in shares of Nicolet Bankshares in the 2nd quarter valued at about $12,030,000. Hsbc Holdings PLC acquired a new stake in shares of Nicolet Bankshares in the 2nd quarter valued at about $5,380,000. Canada Pension Plan Investment Board acquired a new position in Nicolet Bankshares during the second quarter worth approximately $249,000. Finally, Legal & General Group Plc purchased a new stake in Nicolet Bankshares in the second quarter valued at approximately $7,613,000. 43.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Robert 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 value of $453,178.88. Following the completion of the sale, the director directly owned 34,483 shares of the company's stock, valued at $5,870,385.92. This trade represents a 7.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Eric Witczak sold 342 shares of Nicolet Bankshares 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 completion of the sale, the executive vice president owned 33,288 shares in the company, valued at approximately $5,724,204.48. This trade represents a 1.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,219 shares of company stock worth $715,976 in the last ninety days. 7.20% of the stock is owned by corporate insiders.

Nicolet Bankshares Price Performance

Shares of NYSE NIC opened at $166.47 on Tuesday. 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 has a fifty day moving average price of $171.19 and a 200 day moving average price of $157.54. Nicolet Bankshares Inc. has a 1-year low of $114.11 and a 1-year high of $180.00. The company has a market cap of $3.49 billion, a PE ratio of 18.90 and a beta of 0.64.

Nicolet Bankshares (NYSE:NIC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The company reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.14. Nicolet Bankshares had a net margin of 21.77% and a return on equity of 11.36%. The company had revenue of $177.75 million for the quarter, compared to analysts' expectations of $171.93 million. Sell-side analysts forecast that Nicolet Bankshares Inc. will post 12.21 EPS for the current year.

Nicolet Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, September 1st. Nicolet Bankshares's payout ratio is currently 16.35%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Raymond James Financial began coverage on Nicolet Bankshares in a report on Tuesday, June 23rd. They issued a "market perform" rating for the company. Piper Sandler set a $194.00 target price on shares of Nicolet Bankshares in a report on Wednesday, July 22nd. Zacks Research upgraded shares of Nicolet Bankshares from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Keefe, Bruyette & Woods increased their price target on shares of Nicolet Bankshares from $175.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings raised shares of Nicolet Bankshares from a "buy (b+)" rating to a "buy (a)" rating in a research report on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Nicolet Bankshares has an average rating of "Moderate Buy" and an average target price of $183.00.

About Nicolet Bankshares

Nicolet Bankshares, Inc is the bank holding company for Nicolet National Bank, a full-service community bank headquartered in Green Bay, Wisconsin. The bank provides financial services to businesses, individuals and institutions through a relationship-focused banking model.

Nicolet National Bank offers commercial and personal deposit accounts, business and consumer lending, mortgage services, treasury management and cash-management solutions. Its services also include wealth management, trust and investment services, helping customers manage borrowing, day-to-day finances and long-term financial goals.

Founded in 2000, Nicolet has expanded its presence across Wisconsin and into Michigan's Upper Peninsula through organic growth and acquisitions.

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