Nicolet Bankshares Inc. $NIC Shares Acquired by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its Nicolet Bankshares stake by 67.1% in the first quarter, purchasing 11,242 additional shares and bringing its holdings to 27,992 shares valued at approximately $4.16 million.
• Nicolet Bankshares exceeded quarterly expectations, reporting $2.99 earnings per share versus the $2.85 consensus and revenue of $177.75 million compared with estimates of $171.93 million.
• The company declared a quarterly dividend of $0.36 per share, equivalent to a $1.44 annualized payout and a 0.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $183, while shares recently traded near $173.

Principal Financial Group Inc. boosted its holdings in Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 67.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,992 shares of the company's stock after purchasing an additional 11,242 shares during the quarter. Principal Financial Group Inc. owned about 0.13% of Nicolet Bankshares worth $4,160,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of NIC. Sequoia Financial Advisors LLC grew its position in Nicolet Bankshares by 4.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,300 shares of the company's stock worth $1,085,000 after purchasing an additional 320 shares during the last quarter. Keybank National Association OH purchased a new stake in shares of Nicolet Bankshares in the first quarter valued at about $347,000. Peregrine Capital Management LLC acquired a new stake in shares of Nicolet Bankshares during the first quarter worth about $4,939,000. Sippican Capital Advisors acquired a new stake in shares of Nicolet Bankshares during the first quarter worth about $554,000. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Nicolet Bankshares by 57.4% during the first quarter. Pictet Asset Management Holding SA now owns 2,996 shares of the company's stock worth $445,000 after buying an additional 1,093 shares during the last quarter. Institutional investors and hedge funds own 43.06% of the company's stock.

Nicolet Bankshares Price Performance

Shares of NYSE:NIC opened at $173.02 on Wednesday. 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 $3.68 billion, a P/E ratio of 19.64 and a beta of 0.65. Nicolet Bankshares Inc. has a 52 week low of $114.11 and a 52 week high of $173.48. The company has a 50-day moving average price of $154.63 and a 200 day moving average price of $149.92.

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 for the quarter, beating analysts' consensus estimates of $2.85 by $0.14. The company had revenue of $177.75 million for the quarter, compared to analyst estimates of $171.93 million. Nicolet Bankshares had a return on equity of 11.36% and a net margin of 21.77%. Research analysts predict that Nicolet Bankshares Inc. will post 12.3 earnings per share for the current year.

Nicolet Bankshares Dividend Announcement

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

Insider Buying and Selling at Nicolet Bankshares

In related news, Director Robert Bruce Atwell sold 2,662 shares of the company's 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 transaction, the director owned 34,483 shares of the company's stock, valued at $5,870,385.92. This represents a 7.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 7.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NIC has been the subject of a number of recent research reports. Raymond James Financial assumed coverage on Nicolet Bankshares in a research report on Tuesday, June 23rd. They set a "market perform" rating for the company. Hovde Group cut their price target on Nicolet Bankshares from $190.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Zacks Research raised Nicolet Bankshares from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Piper Sandler set a $194.00 price objective on shares of Nicolet Bankshares in a research report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their price objective 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. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $183.00.

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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