Nicolet Bankshares Inc. $NIC Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Nicolet Bankshares stake by 8.5% in the second quarter, selling 17,428 shares and retaining 186,808 shares valued at approximately $30.9 million. Institutional investors collectively own 43.06% of the company.
• Nicolet reported stronger-than-expected quarterly results, with EPS of $2.99 versus the $2.85 consensus and revenue of $177.75 million versus expectations of $171.93 million.
• The company declared a quarterly dividend of $0.36, or $1.44 annually, representing a 0.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $183.

The Manufacturers Life Insurance Company lowered its stake in shares of Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 8.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 186,808 shares of the company's stock after selling 17,428 shares during the quarter. The Manufacturers Life Insurance Company owned 0.89% of Nicolet Bankshares worth $30,896,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of NIC. California State Teachers Retirement System boosted its holdings in Nicolet Bankshares by 16,046.8% in the second quarter. California State Teachers Retirement System now owns 4,092,245 shares of the company's stock valued at $676,816,000 after purchasing an additional 4,066,901 shares during the period. BlackRock Inc. grew its stake in 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 purchasing an additional 1,402,419 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Nicolet Bankshares by 32.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 819,274 shares of the company's stock worth $121,756,000 after purchasing an additional 198,997 shares during the period. State Street Corp increased its holdings in Nicolet Bankshares by 6.2% during the 4th quarter. State Street Corp now owns 458,724 shares of the company's stock worth $55,643,000 after purchasing an additional 26,893 shares during the period. Finally, Jennison Associates LLC acquired a new stake in Nicolet Bankshares in the 1st quarter valued at about $31,794,000. Hedge funds and other institutional investors own 43.06% of the company's stock.

Insider Buying and Selling

In other Nicolet Bankshares news, Director Robert Atwell sold 2,662 shares of the firm's 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 sale, the director 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Eric Witczak sold 1,215 shares of the business's stock in a transaction that occurred on Monday, July 27th. The stock was 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 of the company's stock, valued at $5,646,140.70. This represents a 3.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,219 shares of company stock valued at $715,976 over the last ninety days. 7.20% of the stock is currently owned by corporate insiders.

Nicolet Bankshares Stock Up 0.2%

Nicolet Bankshares stock opened at $170.54 on Friday. The stock has a market cap of $3.57 billion, a PE ratio of 19.36 and a beta of 0.64. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.90 and a quick ratio of 0.90. The stock's fifty day moving average is $170.78 and its two-hundred day moving average is $156.48. Nicolet Bankshares Inc. has a 1-year low of $114.11 and a 1-year high of $180.00.

Nicolet Bankshares (NYSE:NIC - Get Free Report) last released 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 business had revenue of $177.75 million during the quarter, compared to analysts' expectations of $171.93 million. On average, sell-side analysts expect that Nicolet Bankshares Inc. will post 12.3 EPS for the current fiscal 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 issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 1st. Nicolet Bankshares's dividend payout ratio is 16.35%.

Wall Street Analyst Weigh In

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

About Nicolet Bankshares

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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