California State Teachers Retirement System Has $676.82 Million Holdings in Nicolet Bankshares Inc. $NIC

Key Points

• California State Teachers Retirement System increased its Nicolet Bankshares stake by 16,046.8% in the second quarter, acquiring 4.07 million additional shares. Its 4.09 million shares represent approximately 19.52% of the company, valued at $676.82 million.
• Analysts maintain a generally positive outlook, with five Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $183. Nicolet also exceeded quarterly expectations, reporting $2.99 in EPS versus the $2.85 consensus and revenue of $177.75 million.
• NIC shares opened at $170.54, near their 52-week high, while insiders sold 4,219 shares worth roughly $716,000 over the past 90 days. The company declared a quarterly dividend of $0.36, equivalent to a 0.8% annualized yield.

California State Teachers Retirement System boosted its holdings in shares of Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 16,046.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,092,245 shares of the company's stock after buying an additional 4,066,901 shares during the period. California State Teachers Retirement System owned approximately 19.52% of Nicolet Bankshares worth $676,816,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. EverSource Wealth Advisors LLC raised its holdings 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 valued at $25,000 after purchasing an additional 197 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Nicolet Bankshares during the 4th quarter worth $48,000. Clearstead Advisors LLC grew its stake in Nicolet Bankshares by 192.9% in the 4th quarter. Clearstead Advisors LLC now owns 451 shares of the company's stock valued at $55,000 after buying an additional 297 shares during the last quarter. Parallel Advisors LLC raised its holdings in Nicolet Bankshares by 151.9% in the 1st quarter. Parallel Advisors LLC now owns 607 shares of the company's stock worth $90,000 after acquiring an additional 366 shares during the period. Finally, UMB Bank n.a. acquired a new position in Nicolet Bankshares during the 4th quarter worth $102,000. 43.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Zacks Research raised Nicolet Bankshares from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Keefe, Bruyette & Woods boosted their price objective on Nicolet Bankshares from $175.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Raymond James Financial assumed coverage on Nicolet Bankshares in a research note on Tuesday, June 23rd. They set a "market perform" rating for the company. Piper Sandler set a $194.00 target price on Nicolet Bankshares in a report on Wednesday, July 22nd. Finally, Weiss Ratings downgraded Nicolet Bankshares from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Monday, August 31st. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $183.00.

Insiders Place Their Bets

In other news, Director Robert Atwell sold 2,662 shares of the firm's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $170.24, for a total transaction of $453,178.88. Following the completion of the transaction, the director directly owned 34,483 shares of the company's stock, valued at approximately $5,870,385.92. This trade represents a 7.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Eric Witczak sold 1,215 shares of Nicolet Bankshares stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $167.89, for a total transaction of $203,986.35. Following the sale, the executive vice president owned 33,630 shares in the company, valued at approximately $5,646,140.70. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 4,219 shares of company stock valued at $715,976. Corporate insiders own 7.20% of the company's stock.

Nicolet Bankshares Stock Up 0.1%

NIC stock opened at $170.54 on Monday. Nicolet Bankshares Inc. has a twelve month low of $114.11 and a twelve month high of $180.00. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.04. The company has a market cap of $3.57 billion, a PE ratio of 19.36 and a beta of 0.64. The business's 50-day simple moving average is $170.78 and its 200 day simple moving average is $156.48.

Nicolet Bankshares (NYSE:NIC - Get Free Report) last announced its quarterly earnings data 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 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 anticipate that Nicolet Bankshares Inc. will post 12.3 earnings per share for the current year.

Nicolet Bankshares Dividend Announcement

The firm 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. The ex-dividend date is Tuesday, September 1st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.8%. Nicolet Bankshares's dividend payout ratio is currently 16.35%.

Nicolet Bankshares Profile

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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