California State Teachers Retirement System Increases Stake in Nicolet Bankshares Inc. $NIC

Key Points

• Institutional ownership increased: California State Teachers Retirement System raised its Nicolet Bankshares stake by 90% to 25,344 shares, while several other major investors also added or initiated positions. Institutional investors now own 43.06% of the stock.
• Strong quarterly results: Nicolet reported quarterly EPS of $2.99, exceeding estimates of $2.85, and revenue of $177.75 million versus expectations of $171.93 million. Analysts expect full-year EPS of $12.30.
• Analysts remain broadly positive: The stock has a “Moderate Buy” consensus rating and an average price target of $183, compared with a recent price of $172.76. Nicolet also announced a quarterly dividend of $0.36 per share, producing an annualized yield of approximately 0.8%.

California State Teachers Retirement System lifted its position in Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 90.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,344 shares of the company's stock after acquiring an additional 12,007 shares during the quarter. California State Teachers Retirement System owned 0.12% of Nicolet Bankshares worth $3,767,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in NIC. Jennison Associates LLC bought a new stake in Nicolet Bankshares in the first quarter worth about $31,794,000. Dimensional Fund Advisors LP grew its stake in shares of Nicolet Bankshares by 32.1% during the first quarter. Dimensional Fund Advisors LP now owns 819,274 shares of the company's stock valued at $121,756,000 after buying an additional 198,997 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Nicolet Bankshares in the fourth quarter worth approximately $7,949,000. JPMorgan Chase & Co. raised its holdings in shares of Nicolet Bankshares by 247.1% in the fourth quarter. JPMorgan Chase & Co. now owns 82,920 shares of the company's stock worth $10,058,000 after buying an additional 59,031 shares during the period. Finally, Boston Partners lifted its stake in shares of Nicolet Bankshares by 40.6% during the 3rd quarter. Boston Partners now owns 199,396 shares of the company's stock worth $26,789,000 after acquiring an additional 57,536 shares during the last quarter. 43.06% of the stock is owned by hedge funds and other institutional investors.

Nicolet Bankshares Stock Down 0.7%

Shares of NYSE NIC opened at $172.76 on Friday. Nicolet Bankshares Inc. has a 52-week low of $114.11 and a 52-week high of $176.59. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of 19.61 and a beta of 0.65. The stock has a 50 day moving average price of $159.58 and a 200 day moving average price of $152.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.90 and a current ratio of 0.90.

Nicolet Bankshares (NYSE:NIC - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The company reported $2.99 EPS for the quarter, topping the consensus estimate of $2.85 by $0.14. Nicolet Bankshares had a return on equity of 11.36% and a net margin of 21.77%.The company had revenue of $177.75 million for the quarter, compared to the consensus estimate of $171.93 million. Sell-side analysts expect 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. Investors of record on Tuesday, September 1st will be paid a $0.36 dividend. The ex-dividend date of this dividend 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 16.35%.

Analysts Set New Price Targets

NIC has been the topic of several research analyst reports. Zacks Research raised Nicolet Bankshares from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Piper Sandler set a $194.00 target price on Nicolet Bankshares in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Nicolet Bankshares from $175.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded shares of Nicolet Bankshares from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, August 3rd. Finally, Hovde Group cut their price target on shares of Nicolet Bankshares from $190.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Nicolet Bankshares currently has an average rating of "Moderate Buy" and a consensus price target of $183.00.

Insider Transactions at Nicolet Bankshares

In other news, Director Robert Bruce Atwell sold 2,662 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were 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 in the company, valued at approximately $5,870,385.92. This trade represents a 7.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Eric James 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 transaction of $58,810.32. Following the transaction, the executive vice president directly owned 33,288 shares in the company, valued at approximately $5,724,204.48. The trade was a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 4,219 shares of company stock valued at $715,976. 7.20% of the stock is owned by insiders.

About Nicolet Bankshares

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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