Panagora Asset Management Inc. Increases Holdings in Nicolet Bankshares Inc. $NIC

Key Points

• Panagora Asset Management Inc. increased its holdings in Nicolet Bankshares by 85.1% during the first quarter, owning 19,250 shares valued at approximately $2.1 million.
• Nicolet Bankshares reported earnings of $2.35 per share for the last quarter, surpassing analyst estimates of $2.14, with revenue totaling $95.74 million.
• The firm declared a quarterly dividend of $0.32 per share, representing an annualized dividend of $1.28, with a dividend yield of 0.9%.

Panagora Asset Management Inc. lifted its position in shares of Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 85.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,250 shares of the company's stock after buying an additional 8,853 shares during the period. Panagora Asset Management Inc. owned about 0.13% of Nicolet Bankshares worth $2,097,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Rafferty Asset Management LLC raised its holdings in shares of Nicolet Bankshares by 1.4% during the 4th quarter. Rafferty Asset Management LLC now owns 8,531 shares of the company's stock valued at $895,000 after buying an additional 120 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Nicolet Bankshares by 4.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,617 shares of the company's stock valued at $799,000 after buying an additional 321 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Nicolet Bankshares by 4.4% during the 4th quarter. Ameriprise Financial Inc. now owns 9,262 shares of the company's stock valued at $972,000 after buying an additional 390 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Nicolet Bankshares by 1.6% during the 4th quarter. Nuveen Asset Management LLC now owns 34,854 shares of the company's stock valued at $3,657,000 after buying an additional 544 shares in the last quarter. Finally, North Star Asset Management Inc. raised its holdings in shares of Nicolet Bankshares by 1.2% during the 4th quarter. North Star Asset Management Inc. now owns 46,088 shares of the company's stock valued at $4,835,000 after buying an additional 548 shares in the last quarter. 43.06% of the stock is owned by hedge funds and other institutional investors.

Nicolet Bankshares Price Performance

Shares of NIC stock opened at $136.68 on Wednesday. The firm has a market cap of $2.03 billion, a P/E ratio of 15.69 and a beta of 0.77. Nicolet Bankshares Inc. has a fifty-two week low of $90.07 and a fifty-two week high of $141.92. The business's 50 day moving average price is $131.43 and its 200-day moving average price is $121.10. 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 (NYSE:NIC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The company reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.14 by $0.21. The firm had revenue of $95.74 million for the quarter, compared to analyst estimates of $72.89 million. Nicolet Bankshares had a return on equity of 11.48% and a net margin of 25.12%. On average, equities research analysts anticipate that Nicolet Bankshares Inc. will post 8.18 earnings per share for the current year.

Nicolet Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, September 2nd. Nicolet Bankshares's dividend payout ratio (DPR) is currently 14.70%.

Insider Buying and Selling

In other news, Director Robert Bruce Atwell sold 6,904 shares of Nicolet Bankshares stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $139.47, for a total value of $962,900.88. Following the sale, the director directly owned 34,220 shares in the company, valued at approximately $4,772,663.40. This trade represents a 16.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Eric James Witczak sold 1,588 shares of Nicolet Bankshares stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $139.42, for a total value of $221,398.96. Following the completion of the sale, the executive vice president owned 28,901 shares in the company, valued at approximately $4,029,377.42. This represents a 5.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,182 shares of company stock worth $2,466,754. Corporate insiders own 14.20% of the company's stock.

Analyst Ratings Changes

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

Nicolet Bankshares 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.

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