State Street Corp Raises Position in Nicolet Bankshares Inc. $NIC

Key Points

• State Street increased its Nicolet Bankshares stake by 65.1% in the second quarter, purchasing 463,199 additional shares to hold 1.17 million shares, or about 5.6% of the company. Institutional investors collectively own 43.06% of NIC.
• Nicolet reported quarterly earnings of $2.99 per share, exceeding analysts’ $2.85 estimate, while revenue of $177.75 million also surpassed expectations. The company maintains a quarterly dividend of $0.36 per share, yielding approximately 0.9%.
• Analyst sentiment is favorable, with Nicolet carrying a consensus “Moderate Buy” rating and an average price target of $183, compared with shares recently opening at $164.44.

State Street Corp lifted its holdings in Nicolet Bankshares Inc. (NYSE:NIC - Free Report) by 65.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,174,560 shares of the company's stock after purchasing an additional 463,199 shares during the quarter. State Street Corp owned about 5.60% of Nicolet Bankshares worth $194,244,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clearstead Advisors LLC increased its holdings in shares of Nicolet Bankshares by 192.9% during the fourth quarter. Clearstead Advisors LLC now owns 451 shares of the company's stock valued at $55,000 after acquiring an additional 297 shares in the last quarter. Parallel Advisors LLC boosted its stake in Nicolet Bankshares by 151.9% in the 1st quarter. Parallel Advisors LLC now owns 607 shares of the company's stock worth $90,000 after purchasing an additional 366 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Nicolet Bankshares by 82.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 630 shares of the company's stock worth $94,000 after purchasing an additional 284 shares during the last quarter. KBC Group NV grew its position in Nicolet Bankshares by 42.5% during the 1st quarter. KBC Group NV now owns 842 shares of the company's stock worth $125,000 after purchasing an additional 251 shares during the last quarter. Finally, Nykredit A S acquired a new position in Nicolet Bankshares during the 2nd quarter valued at approximately $143,000. 43.06% of the stock is currently owned by hedge funds and other institutional investors.

Nicolet Bankshares Stock Performance

Shares of NYSE NIC opened at $164.44 on Thursday. The company has a market capitalization of $3.45 billion, a PE ratio of 18.66 and a beta of 0.64. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.90 and a current ratio of 0.90. The company's fifty day moving average price is $171.31 and its 200 day moving average price is $157.17. 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 issued its quarterly earnings data on Tuesday, July 21st. The company reported $2.99 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.14. Nicolet Bankshares had a net margin of 21.77% and a return on equity of 11.36%. The business had revenue of $177.75 million during the quarter, compared to the consensus estimate of $171.93 million. On average, 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 was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.36 per share. The ex-dividend date was Tuesday, September 1st. This represents a $1.44 dividend on an annualized basis and a yield of 0.9%. Nicolet Bankshares's dividend payout ratio is currently 16.35%.

Insider Activity at Nicolet Bankshares

In related news, EVP Eric Witczak sold 342 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $171.96, for a total transaction of $58,810.32. Following the completion of the transaction, the executive vice president owned 33,288 shares in the company, valued at $5,724,204.48. This represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Atwell sold 2,662 shares of the firm'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 transaction, the director directly owned 34,483 shares in the company, valued at $5,870,385.92. This represents a 7.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 4,219 shares of company stock worth $715,976. 7.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on NIC. Keefe, Bruyette & Woods upped their target price on Nicolet Bankshares from $175.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Weiss Ratings upgraded Nicolet Bankshares from a "buy (b+)" rating to a "buy (a)" rating in a research note on Monday, September 14th. Zacks Research raised Nicolet Bankshares from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. 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. Finally, Piper Sandler set a $194.00 target price on 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 assigned a Hold rating to the company. Based on data from MarketBeat, Nicolet Bankshares presently has a consensus rating of "Moderate Buy" and a consensus 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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