Nicolet Bankshares (NYSE:NIC) Sees Strong Trading Volume After Earnings Beat

Key Points

• Nicolet Bankshares reported earnings of $2.66 per share for the quarter, exceeding analysts' estimates by $0.32, with revenues of $102.88 million, significantly higher than the forecast of $76.83 million.
• The company declared a quarterly dividend of $0.32 per share, resulting in an annualized rate of $1.28, reflecting a dividend yield of 1.1% and a payout ratio of 14.70%.
• A number of analysts have recently upgraded their ratings and price targets for Nicolet Bankshares, highlighting a consensus rating of "Moderate Buy" and an average target price of $145.33.

Nicolet Bankshares Inc. (NYSE:NIC - Get Free Report) saw strong trading volume on Friday after the company announced better than expected quarterly earnings. 63,823 shares were traded during trading, a decline of 12% from the previous session's volume of 72,857 shares.The stock last traded at $117.92 and had previously closed at $126.06.

The company reported $2.66 EPS for the quarter, topping analysts' consensus estimates of $2.34 by $0.32. Nicolet Bankshares had a net margin of 25.12% and a return on equity of 11.48%. The firm had revenue of $102.88 million during the quarter, compared to the consensus estimate of $76.83 million.

Nicolet Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, September 2nd. Nicolet Bankshares's dividend payout ratio is 14.70%.

Analyst Upgrades and Downgrades

A number of analysts have commented on NIC shares. Wall Street Zen upgraded shares of Nicolet Bankshares from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Nicolet Bankshares from $118.00 to $135.00 and gave the stock a "market perform" rating in a research note on Thursday, July 17th. Weiss Ratings restated a "buy (b)" rating on shares of Nicolet Bankshares in a report on Wednesday, October 8th. Maxim Group raised their price objective 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, Piper Sandler reissued a "neutral" rating and issued a $140.00 price target (up previously from $122.50) on shares of Nicolet Bankshares in a research note on Wednesday, July 16th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $145.33.

Insider Buying and Selling

In other Nicolet Bankshares news, EVP Eric James Witczak sold 1,588 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $139.42, for a total transaction of $221,398.96. Following the completion of the transaction, the executive vice president owned 28,901 shares of the company's stock, valued at $4,029,377.42. The trade was a 5.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 16.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nicolet Bankshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its holdings in Nicolet Bankshares by 3,940.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 202 shares of the company's stock valued at $25,000 after purchasing an additional 197 shares during the period. State of Alaska Department of Revenue bought a new position in Nicolet Bankshares during the third quarter valued at about $80,000. KBC Group NV bought a new stake in shares of Nicolet Bankshares during the first quarter valued at approximately $95,000. IAG Wealth Partners LLC acquired a new position in shares of Nicolet Bankshares in the second quarter valued at $126,000. Finally, Raymond James Financial Inc. bought a new position in Nicolet Bankshares in the second quarter worth $133,000. Institutional investors and hedge funds own 43.06% of the company's stock.

Nicolet Bankshares Stock Down 6.9%

The business's fifty day moving average price is $133.01 and its 200 day moving average price is $125.92. The company has a market capitalization of $1.74 billion, a P/E ratio of 13.44 and a beta of 0.73. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.11.

About Nicolet Bankshares

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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