Bank of New York Mellon Corp Buys 53,319 Shares of Nicolet Bankshares Inc. $NIC

Key Points

• Bank of New York Mellon increased its Nicolet Bankshares stake by 61.9% in the second quarter, adding 53,319 shares to own 139,427 shares valued at approximately $23.1 million. Institutional investors collectively own 43.06% of the company.
• Nicolet Bankshares reported quarterly earnings of $2.99 per share, exceeding the $2.85 consensus estimate, while revenue of $177.75 million also surpassed expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $183.
• The company declared a quarterly dividend of $0.36 per share, equivalent to $1.44 annually and a 0.8% yield. Meanwhile, insiders sold 4,219 shares worth approximately $716,000 over the past 90 days.

Bank of New York Mellon Corp raised its stake in Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 61.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,427 shares of the company's stock after buying an additional 53,319 shares during the period. Bank of New York Mellon Corp owned about 0.67% of Nicolet Bankshares worth $23,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in NIC. Jennison Associates LLC purchased a new position in Nicolet Bankshares during the 1st quarter worth $31,794,000. Dimensional Fund Advisors LP lifted its holdings in shares of Nicolet Bankshares by 32.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 819,274 shares of the company's stock worth $121,756,000 after buying an additional 198,997 shares during the period. Principal Financial Group Inc. grew its position in shares of Nicolet Bankshares by 344.3% during the 2nd quarter. Principal Financial Group Inc. now owns 124,379 shares of the company's stock worth $20,571,000 after buying an additional 96,387 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Nicolet Bankshares during the fourth quarter valued at $7,949,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Nicolet Bankshares by 247.1% during the fourth quarter. JPMorgan Chase & Co. now owns 82,920 shares of the company's stock valued at $10,058,000 after buying an additional 59,031 shares during the period. 43.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Nicolet Bankshares news, EVP Eric James Witczak sold 1,215 shares of the firm's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $167.89, for a total value of $203,986.35. Following the completion of the transaction, the executive vice president owned 33,630 shares of the company's stock, valued at approximately $5,646,140.70. This trade represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Bruce Atwell sold 2,662 shares of Nicolet Bankshares stock in a transaction 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 sale, the director owned 34,483 shares of the company's stock, valued at $5,870,385.92. The trade was a 7.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,219 shares of company stock worth $715,976 in the last 90 days. 7.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Piper Sandler set a $194.00 price objective on shares of Nicolet Bankshares in a research note on Wednesday, July 22nd. Raymond James Financial started coverage on shares of Nicolet Bankshares in a report on Tuesday, June 23rd. They issued a "market perform" rating for the company. Keefe, Bruyette & Woods upped their price target on shares of Nicolet Bankshares from $175.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Weiss Ratings upgraded shares of Nicolet Bankshares from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, August 17th. Finally, Zacks Research raised shares of Nicolet Bankshares from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $183.00.

Nicolet Bankshares Trading Up 0.1%

Shares of NYSE:NIC opened at $171.97 on Monday. The business's 50-day moving average is $168.99 and its 200 day moving average is $155.42. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.90 and a quick ratio of 0.90. Nicolet Bankshares Inc. has a 1 year low of $114.11 and a 1 year high of $180.00. The firm has a market capitalization of $3.60 billion, a P/E ratio of 19.52 and a beta of 0.65.

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

Nicolet Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.36 per share. The ex-dividend date is Tuesday, September 1st. This represents a $1.44 dividend on an annualized basis and a yield of 0.8%. Nicolet Bankshares's dividend payout ratio is presently 16.35%.

Nicolet Bankshares Company 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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