Odyssean LLC Increases Stake in Nicolet Bankshares Inc. $NIC

Odyssean LLC raised its position in Nicolet Bankshares Inc. (NYSE:NIC) by 101.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 20,012 shares of the company’s stock after acquiring an additional 10,056 shares during the period. Nicolet Bankshares makes up 0.5% of Odyssean LLC’s investment portfolio, making the stock its 15th largest holding. Odyssean LLC’s holdings in Nicolet Bankshares were worth $3,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Jupiter Topco LLC acquired a new position in shares of Nicolet Bankshares during the second quarter worth about $12,030,000. Hsbc Holdings PLC purchased a new position in Nicolet Bankshares during the second quarter worth about $5,380,000. Canada Pension Plan Investment Board acquired a new stake in Nicolet Bankshares in the second quarter valued at about $249,000. Legal & General Group Plc acquired a new stake in Nicolet Bankshares in the second quarter valued at about $7,613,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Nicolet Bankshares in the 2nd quarter valued at approximately $30,896,000. Hedge funds and other institutional investors own 43.06% of the company’s stock.

Nicolet Bankshares Stock Up 0.8%

NIC stock opened at $172.32 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average price is $170.27 and its 200 day moving average price is $155.99. Nicolet Bankshares Inc. has a 52 week low of $114.11 and a 52 week high of $180.00. The company has a market cap of $3.61 billion, a P/E ratio of 19.56 and a beta of 0.64.

Nicolet Bankshares (NYSE:NIC) last issued its earnings results on Tuesday, July 21st. The company reported $2.99 earnings per share (EPS) for the quarter, beating 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 company had revenue of $177.75 million during the quarter, compared to analysts’ expectations of $171.93 million. On average, research analysts expect that Nicolet Bankshares Inc. will post 12.3 earnings per share for the current fiscal year.

Nicolet Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 1st. Nicolet Bankshares’s dividend payout ratio (DPR) is presently 16.35%.

Insider Activity at Nicolet Bankshares

In other Nicolet Bankshares news, EVP Eric Witczak sold 1,215 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $167.89, for a total value of $203,986.35. Following the sale, the executive vice president owned 33,630 shares of the company’s stock, valued at approximately $5,646,140.70. This represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Atwell sold 2,662 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $170.24, for a total value of $453,178.88. Following the completion of the transaction, the director owned 34,483 shares of the company’s stock, valued at approximately $5,870,385.92. This represents a 7.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,219 shares of company stock valued at $715,976 over the last ninety days. 7.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NIC has been the topic of several recent analyst reports. Zacks Research upgraded Nicolet Bankshares from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Raymond James Financial initiated coverage on Nicolet Bankshares in a report on Tuesday, June 23rd. They issued a “market perform” rating for the company. Weiss Ratings downgraded Nicolet Bankshares from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday. Keefe, Bruyette & Woods upped their price objective on Nicolet Bankshares from $175.00 to $185.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Finally, Piper Sandler set a $194.00 price objective on Nicolet Bankshares in a research report on Wednesday, July 22nd. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Nicolet Bankshares presently has a consensus rating of “Moderate Buy” and an average price target of $183.00.

Nicolet Bankshares Company Profile

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.