Johnson Financial Group Inc. Buys New Holdings in Nicolet Bankshares Inc. $NIC

Key Points

• Johnson Financial Group acquired 7,500 Nicolet Bankshares shares worth approximately $1.24 million during the second quarter. Institutional investors collectively own 43.06% of the company, with BlackRock increasing its stake by 86.3%.
• Nicolet Bankshares exceeded quarterly expectations, reporting $2.99 in 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, producing a 0.8% yield.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $183.00. Meanwhile, insiders sold 4,219 shares worth about $716,000 over the past three months.

Johnson Financial Group Inc. acquired a new stake in shares of Nicolet Bankshares Inc. (NYSE:NIC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,500 shares of the company's stock, valued at approximately $1,240,000.

A number of other hedge funds also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Nicolet Bankshares by 86.3% during the 2nd quarter. BlackRock Inc. now owns 3,027,246 shares of the company's stock worth $500,676,000 after acquiring an additional 1,402,419 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Nicolet Bankshares during the 1st quarter worth about $31,794,000. Dimensional Fund Advisors LP boosted its position 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 period. Principal Financial Group Inc. boosted its stake in shares of Nicolet Bankshares by 344.3% during the second quarter. Principal Financial Group Inc. now owns 124,379 shares of the company's stock valued at $20,571,000 after purchasing an additional 96,387 shares during the period. Finally, Millennium Management LLC bought a new stake in Nicolet Bankshares during the 4th quarter valued at about $7,949,000. 43.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Nicolet Bankshares Stock Performance

NYSE:NIC opened at $172.82 on Thursday. The stock has a market capitalization of $3.62 billion, a PE ratio of 19.62 and a beta of 0.65. Nicolet Bankshares Inc. has a fifty-two week low of $114.11 and a fifty-two week high of $180.00. The company has a fifty day moving average of $165.51 and a two-hundred day moving average of $154.33. 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 posted its quarterly earnings data on Tuesday, July 21st. The company reported $2.99 earnings per share (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 analysts' expectations of $171.93 million. As a group, research analysts forecast that Nicolet Bankshares Inc. will post 12.3 earnings per share for the current fiscal year.

Nicolet Bankshares Announces Dividend

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

Analysts Set New Price Targets

NIC has been the subject of several research reports. Keefe, Bruyette & Woods upped their target price on Nicolet Bankshares from $175.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday, July 23rd. Hovde Group lowered their target price on shares of Nicolet Bankshares from $190.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Raymond James Financial began coverage on Nicolet Bankshares in a research note on Tuesday, June 23rd. They set a "market perform" rating on the stock. Weiss Ratings raised Nicolet Bankshares from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday. Finally, Piper Sandler set a $194.00 price target on shares of Nicolet Bankshares in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Nicolet Bankshares has an average rating of "Moderate Buy" and an average price target of $183.00.

Nicolet Bankshares 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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