Martingale Asset Management L P Sells 3,491 Shares of Nicolet Bankshares Inc. $NIC

Key Points

• Martingale Asset Management L P has reduced its stake in Nicolet Bankshares Inc. by 19.3%, owning approximately 0.10% or $1.59 million worth of shares after selling over 3,490 shares in the first quarter.
• Wall Street analysts have raised their price targets for Nicolet Bankshares, with a new high target of $161.00 from Maxim Group and a consensus target price of $145.33.
• Nicolet Bankshares announced a quarterly dividend of $0.32 per share, reflecting an annualized dividend of $1.28 and a yield of 0.9%.

Martingale Asset Management L P decreased its holdings in shares of Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 19.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,596 shares of the company's stock after selling 3,491 shares during the period. Martingale Asset Management L P owned approximately 0.10% of Nicolet Bankshares worth $1,590,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new position in Nicolet Bankshares during the fourth quarter worth $61,000. KBC Group NV acquired a new position in Nicolet Bankshares during the first quarter worth $95,000. Smith Group Asset Management LLC acquired a new position in Nicolet Bankshares during the first quarter worth $210,000. Diversified Trust Co acquired a new position in Nicolet Bankshares during the first quarter worth $239,000. Finally, Balyasny Asset Management L.P. acquired a new position in Nicolet Bankshares during the fourth quarter worth $240,000. Institutional investors and hedge funds own 43.06% of the company's stock.

Insider Activity at Nicolet Bankshares

In related news, Director Robert Bruce Atwell sold 6,904 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $139.47, for a total transaction of $962,900.88. Following the completion of the transaction, the director owned 34,220 shares of the company's stock, valued at approximately $4,772,663.40. The trade was a 16.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Eric James Witczak sold 5,000 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $139.77, for a total transaction of $698,850.00. Following the completion of the transaction, the executive vice president directly owned 28,901 shares of the company's stock, valued at approximately $4,039,492.77. This represents a 14.75% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,182 shares of company stock valued at $2,466,754. 16.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NIC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Nicolet Bankshares from $118.00 to $135.00 and gave the company a "market perform" rating in a research report on Thursday, July 17th. Wall Street Zen raised shares of Nicolet Bankshares from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Piper Sandler reissued a "neutral" rating and set a $140.00 price target (up from $122.50) on shares of Nicolet Bankshares in a research report on Wednesday, July 16th. Finally, Maxim Group raised their price target on shares of Nicolet Bankshares from $131.00 to $161.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $145.33.

Nicolet Bankshares Stock Performance

NIC stock traded up $0.67 during mid-day trading on Friday, hitting $139.27. The company had a trading volume of 6,151 shares, compared to its average volume of 73,311. The firm has a market cap of $2.07 billion, a PE ratio of 15.99 and a beta of 0.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.96 and a current ratio of 0.96. Nicolet Bankshares Inc. has a 12 month low of $90.07 and a 12 month high of $141.92. The stock's fifty day moving average price is $130.38 and its two-hundred day moving average price is $120.69.

Nicolet Bankshares (NYSE:NIC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.14 by $0.21. Nicolet Bankshares had a net margin of 25.12% and a return on equity of 11.48%. The business had revenue of $95.74 million for the quarter, compared to analyst estimates of $72.89 million. On average, analysts forecast that Nicolet Bankshares Inc. will post 8.18 earnings per share for the current fiscal year.

Nicolet Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.28 annualized dividend and a yield of 0.9%. Nicolet Bankshares's payout ratio is currently 14.70%.

Nicolet Bankshares Company Profile

Nicolet Bankshares, Inc operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals in Wisconsin and Michigan. The company accepts checking, savings, and money market accounts; various certificates of deposit; and individual retirement accounts.