Nicolet Bankshares (NYSE:NIC) Sets New 52-Week High - Here's What Happened

Key Points

• Nicolet Bankshares hit a new 52-week high, trading as high as $173.00 and finishing at $172.32, up about 4.3% on the day.
• Analysts remain generally constructive on the stock, with a Moderate Buy consensus and an average price target of $176.50, even though a few firms recently trimmed targets or ratings.
• The company recently raised its quarterly dividend to $0.36 per share from $0.32, while its latest earnings missed EPS estimates but beat revenue expectations.

Nicolet Bankshares Inc. (NYSE:NIC - Get Free Report) shares hit a new 52-week high on Thursday . The stock traded as high as $173.00 and last traded at $172.3150, with a volume of 76481 shares. The stock had previously closed at $165.53.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NIC. Piper Sandler lowered their price target on Nicolet Bankshares from $185.00 to $183.00 and set an "overweight" rating for the company in a research report on Wednesday, April 22nd. Raymond James Financial started coverage on Nicolet Bankshares in a report on Tuesday, June 23rd. They issued a "market perform" rating on the stock. Zacks Research upgraded 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 (b+)" rating to a "buy (b)" rating in a research report on Monday, May 18th. Finally, Hovde Group dropped their target price on shares of Nicolet Bankshares from $190.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, April 23rd. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $176.50.

Nicolet Bankshares Trading Up 4.3%

The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.08. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of 20.22 and a beta of 0.65. The business has a 50 day moving average price of $149.75 and a 200-day moving average price of $146.98.

Nicolet Bankshares (NYSE:NIC - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The company reported $2.75 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.23). The company had revenue of $134.85 million for the quarter, compared to analyst estimates of $129.74 million. Nicolet Bankshares had a return on equity of 11.48% and a net margin of 21.89%. As a group, research analysts expect that Nicolet Bankshares Inc. will post 12.17 EPS for the current fiscal year.

Nicolet Bankshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Monday, June 1st. This is an increase from Nicolet Bankshares's previous quarterly dividend of $0.32. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.8%. Nicolet Bankshares's dividend payout ratio is presently 16.88%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its stake in Nicolet Bankshares by 150.8% during the 1st quarter. Royal Bank of Canada now owns 13,987 shares of the company's stock worth $1,524,000 after buying an additional 8,410 shares during the period. AQR Capital Management LLC grew its stake in shares of Nicolet Bankshares by 15.2% during the first quarter. AQR Capital Management LLC now owns 11,819 shares of the company's stock valued at $1,288,000 after acquiring an additional 1,557 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Nicolet Bankshares by 6.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,134 shares of the company's stock worth $886,000 after acquiring an additional 517 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Nicolet Bankshares by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 29,778 shares of the company's stock worth $3,245,000 after acquiring an additional 1,922 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Nicolet Bankshares by 3,940.0% in the second quarter. EverSource Wealth Advisors LLC now owns 202 shares of the company's stock worth $25,000 after acquiring an additional 197 shares in the last quarter. 43.06% of the stock is currently owned by hedge funds and other institutional investors.

About Nicolet Bankshares

Nicolet Bankshares, Inc is a bank holding company headquartered in Green Bay, Wisconsin. Through its subsidiary, Nicolet National Bank, it provides a range of commercial and consumer banking services to businesses, individuals and nonprofit organizations across northeastern Wisconsin and the Upper Peninsula of Michigan. The company's branch network, digital banking platform and commercial lending centers support its focus on community banking and regional growth.

The company offers deposit products such as checking, savings and money market accounts, alongside consumer and commercial lending solutions.

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