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Nicolet Bankshares
(NYSE:NIC)
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Rating:75Outperform
Price Target:
$192.00
▲(13.18% Upside)
Action:Reiterated
Date:08/01/26
The score is driven primarily by strong financial quality (profitability, cash conversion, and conservative leverage) and a favorable price uptrend. Corporate actions and a strong Q2 rebound add support, while valuation is less compelling due to a moderate P/E and low dividend yield. The key risk factor in the fundamentals is the sharp TTM revenue decline and softer ROE versus prior-year levels.
Positive Factors
High profitability
Sustained high margins indicate strong core economics and pricing power in lending and fee businesses. Durable margin levels support consistent earnings generation, provide a buffer against cyclical pressures, and fund investments or shareholder returns without requiring aggressive balance-sheet risk.
Negative Factors
Sharp revenue decline
A large drop in trailing revenue weakens the top-line foundation for durable growth. If persistent, it pressures future earnings, limits scalability of fixed-cost investments, and raises execution burden to restore organic growth or rely on M&A to replace lost revenue over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability
Sustained high margins indicate strong core economics and pricing power in lending and fee businesses. Durable margin levels support consistent earnings generation, provide a buffer against cyclical pressures, and fund investments or shareholder returns without requiring aggressive balance-sheet risk.
Read all positive factors
Nicolet Bankshares (NIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.63B
Dividend Yield0.77%
Average Volume (3M)376.09K
Price to Earnings (P/E)18.5
Beta (1Y)0.75
Revenue Growth31.61%
EPS Growth1.18%
CountryUS
Employees1,236
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)9.23
Shares Outstanding21,251,905
10 Day Avg. Volume224,727
30 Day Avg. Volume376,088
Financial Highlights & Ratios
PEG Ratio0.55
Price to Book (P/B)1.44
Price to Sales (P/S)3.29
P/FCF Ratio12.16
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$193.00Price Target Upside13.77% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)11.72
Revenue Forecast (FY)$662.44M
Nicolet Bankshares Business Overview & Revenue Model
Company Description
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, Michigan, and Minnesota. The company accepts demand deposits, checking...
How the Company Makes Money
Nicolet Bankshares makes money primarily through its bank subsidiary by earning net interest income and generating noninterest income. Net interest income is the spread between interest earned on interest-earning assets (such as commercial loans, ...
Nicolet Bankshares Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
83
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 522.11M | 552.61M | 519.42M | 416.85M | 332.07M | 239.05M |
| Gross Profit | 324.36M | 383.88M | 345.27M | 272.86M | 286.62M | 210.55M |
| EBITDA | 203.36M | 201.94M | 172.08M | 105.03M | 147.67M | 94.98M |
| Net Income | 154.16M | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M |
Balance Sheet | ||||||
| Total Assets | 15.41B | 9.19B | 8.80B | 8.47B | 8.76B | 7.70B |
| Cash, Cash Equivalents and Short-Term Investments | 153.49M | 1.18B | 1.34B | 1.29B | 1.08B | 1.54B |
| Total Debt | 92.75M | 134.86M | 161.39M | 166.93M | 542.34M | 216.91M |
| Total Liabilities | 13.14B | 7.93B | 7.62B | 7.43B | 7.79B | 6.80B |
| Stockholders Equity | 2.27B | 1.26B | 1.17B | 1.04B | 972.53M | 891.89M |
Cash Flow | ||||||
| Free Cash Flow | 178.25M | 149.44M | 117.23M | 89.77M | 105.16M | 84.86M |
| Operating Cash Flow | 182.53M | 153.53M | 133.75M | 107.97M | 117.40M | 97.65M |
| Investing Cash Flow | 70.73M | -230.75M | -288.44M | 591.46M | -516.36M | -370.60M |
| Financing Cash Flow | -210.65M | 201.40M | 199.30M | -362.73M | -41.60M | 65.38M |
Nicolet Bankshares Technical Analysis
Positive
169.64
Price Trends
156.97
Positive
152.03
Positive
142.93
Positive
Market Momentum
4.10
Positive
67.35
Neutral
84.01
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NIC, the sentiment is Positive. The current price of 169.64 is above the 20-day moving average (MA) of 168.39, above the 50-day MA of 156.97, and above the 200-day MA of 142.93, indicating a bullish trend. The MACD of 4.10 indicates Positive momentum. The RSI at 67.35 is Neutral, neither overbought nor oversold. The STOCH value of 84.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NIC.
Nicolet Bankshares Risk Analysis
Nicolet Bankshares disclosed 45 risk factors in its most recent earnings report. Nicolet Bankshares reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nicolet Bankshares Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $3.63B | 18.52 | 8.81% | 0.78% | 31.61% | 1.18% | |
75 Outperform | $2.23B | 10.53 | 15.92% | 2.48% | 4.56% | 19.51% | |
74 Outperform | $2.19B | 13.13 | 3.99% | 2.61% | 4.86% | ― | |
73 Outperform | $2.30B | 14.95 | 8.07% | 5.19% | 14.57% | -6.57% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $2.26B | 14.61 | 7.50% | 1.97% | 1.94% | 21.29% |
* Financial Sector Average
NIC
Nicolet Bankshares
175.13
49.93
39.88%
FCF
First Commonwealth
21.95
5.93
36.99%
HTH
Hilltop Holdings
40.00
10.24
34.39%
NWBI
Northwest Bancshares
16.01
5.08
46.44%
OFG
OFG Bancorp
53.41
12.51
30.59%
Nicolet Bankshares Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Nicolet Bankshares posts strong Q2 2026 earnings rebound
Positive
Jul 21, 2026
Nicolet Bankshares reported a sharp earnings rebound for the second quarter of 2026, posting net income of $57 million and diluted EPS of $2.62, up from $15 million and $0.81 in the first quarter. Core earnings, higher net interest margin of 4.14%...
Executive/Board ChangesShareholder Meetings
Nicolet Bankshares Shareholders Reelect Board, Approve Auditor
Neutral
May 18, 2026
At the May 18, 2026 annual meeting, Nicolet Bankshares shareholders re-elected the company’s slate of directors, with each nominee receiving a substantial majority of votes cast despite some variation in support across individual board membe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.