Nicolet Bankshares (NIC) AI Stock Analysis

• Market Cap: $1.96B
• Dividend Yield: 0.98%
• Average Volume (3M): 72.03K
• Price to Earnings (P/E): 15.7
• Beta (1Y): 0.86
• Revenue Growth: 10.78%
• EPS Growth: 28.31%
• Country: US
• Employees: 952
• Sector: Financial
• Sector Strength: 81
• Industry: Banks - Regional
• EPS (TTM): 2.10
• Shares Outstanding: 15,079,193
• 10 Day Avg. Volume: 97,416
• 30 Day Avg. Volume: 72,034
• PEG Ratio: 0.59
• Price to Book (P/B): 1.14
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 10.55
• Enterprise Value/Market Cap: 0.76
• Enterprise Value/Revenue: 0.82
• Enterprise Value/Gross Profit: 3.72
• Enterprise Value/Ebitda: 2.56
• 1Y Price Target: $122.33
• Price Target Upside: -5.96% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 4

• Rating: 78 Outperform
• Price Target: $148.00 ▲(13.78%Upside)

Nicolet Bankshares demonstrates strong financial performance and has recently increased its dividend, indicating confidence in its financial stability. While technical indicators show bullish momentum, caution is advised due to potential overbought conditions. The stock's valuation is fair, making it a solid, though not exceptional, investment opportunity in the regional banking sector.

Positive Factors

Acquisitions

NIC's strong record of accretive acquisitions is highlighted by its expansion and growth in assets from $1.2B to $9.0B since 2016.

Earnings

NIC reported 1Q25 results with EPS of $2.08, surpassing the consensus of $1.96 due to solid loan growth and stable net interest margin.

Negative Factors

Valuation

The premium valuation of NIC represents a higher market price, which might deter some investors looking for undervalued opportunities.

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. The company accepts checking, savings, and money market accounts; various certificates of deposit; and individual retirement accounts. It also offers commercial loans, including commercial, industrial, and business loans and lines of credit; commercial real estate loans; agricultural (AG) production and AG real estate loans; commercial real estate investment real estate loans; construction and land development loans; residential real estate loans, such as residential first lien and junior lien mortgages, home equity loans, lines of credit, and residential construction loans; and consumer loans. In addition, the company provides cash management, international banking, personal brokerage, safe deposit boxes, and trust and fiduciary services, as well as wealth management and retirement plan services. Further, it offers mortgage refinancing; online services, such as commercial, retail, and trust online banking; automated bill payment, mobile banking deposits and account access, and remote deposit capture services; and other services consisting of wire transfers, debit cards, credit cards, pre-paid gift cards, direct deposits, and official bank checks, as well as facilitates crop insurance products. As of December 31, 2021, it operated 52 branches throughout Wisconsin and Michigan. The company was formerly known as Green Bay Financial Corporation and changed its name to Nicolet Bankshares, Inc. in March 2002. Nicolet Bankshares, Inc. was incorporated in 2000 and is headquartered in Green Bay, Wisconsin.

How the Company Makes Money

Nicolet Bankshares generates revenue primarily through interest income from loans and securities, as well as non-interest income from fees and service charges. The interest income is derived from the interest charged on loans to consumers and businesses, including commercial loans, residential mortgages, and personal loans. Additionally, the company earns interest on investments in securities. Non-interest income comes from various fees, such as service charges on deposit accounts, wealth management fees, and mortgage banking revenue. The company also benefits from strategic partnerships and acquisitions that expand its market presence and enhance its product offerings. Its ability to attract and retain deposits at competitive rates further supports its lending and investment activities, contributing to its overall earnings.

Nicolet Bankshares Financial Statement Overview

Summary

Nicolet Bankshares showcases robust financial health with strong revenue and profit growth, zero debt, and effective cash management. While the company's balance sheet reflects prudent financial management, the relatively low equity ratio and high reliance on liabilities could present challenges in adverse economic conditions. Overall, the company is well-positioned in the banking industry with favorable growth prospects.

Income Statement

Nicolet Bankshares demonstrates strong financial performance with significant revenue growth from $272.5M to $438.4M (60.9% increase) in the latest year. The gross profit margin remains robust at 100%, and net profit margin improved from 22.6% to 28.3%. EBIT margin increased significantly from 40.0% to 98.1%, indicating efficient cost management and operational performance. However, absence of EBITDA data for 2024 limits full profitability analysis.

Balance Sheet

The company exhibits a stable financial position with no total debt, enhancing its risk profile compared to industry peers. Stockholders' equity increased to $1.17B, supporting a healthy equity ratio of 13.3%. Return on equity improved to 10.6%, reflecting better profitability relative to equity. However, the relatively low equity ratio suggests reliance on liabilities, which could pose risks in volatile markets.

Cash Flow

Free cash flow grew from $89.8M to $133.7M (48.9% increase), indicating strong cash generation. The operating cash flow to net income ratio is 1.08, suggesting effective cash conversion from earnings. However, cash flow from investing activities shows significant outflows, and the absence of free cash flow to net income ratio limits deeper cash flow analysis.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	422.42M	349.12M	272.50M	297.88M	225.32M	191.96M
Gross Profit	399.10M	349.12M	412.47M	297.88M	225.32M	191.96M
EBITDA	126.54M	0.00	105.03M	147.67M	94.98M	91.63M
Net Income	128.86M	124.06M	61.52M	94.26M	60.65M	60.12M
Balance Sheet
Total Assets	8.98B	8.80B	8.47B	8.76B	7.70B	4.55B
Cash, Cash Equivalents and Short-Term Investments	943.19M	922.36M	1.29B	1.08B	1.54B	1.34B
Total Debt	0.00	161.39M	166.93M	542.34M	216.91M	53.87M
Total Liabilities	7.79B	7.62B	7.43B	7.79B	6.80B	4.01B
Stockholders Equity	1.18B	1.17B	1.04B	972.53M	891.89M	539.19M
Cash Flow
Free Cash Flow	154.92M	117.23M	89.77M	105.16M	84.86M	68.11M
Operating Cash Flow	152.06M	133.75M	107.97M	117.40M	97.65M	78.90M
Investing Cash Flow	-377.51M	-288.44M	591.46M	-516.36M	-370.60M	-208.70M
Financing Cash Flow	370.21M	199.30M	-362.73M	-41.60M	65.38M	750.60M

Nicolet Bankshares Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 130.08
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 130.08 is above the 20-day moving average (MA) of 120.43, above the 50-day MA of 120.41, and above the 200-day MA of 110.32, indicating a bullish trend. The MACD of 2.03 indicates Negative momentum. The RSI at 72.03 is Negative, neither overbought nor oversold. The STOCH value of 89.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NIC.

Nicolet Bankshares Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NIC	78 Outperform	$1.96B	15.68	11.47%	0.98%	10.78%	28.31%
CASH	76 Outperform	$1.94B	11.02	22.88%	0.24%	3.25%	11.22%
OFG	76 Outperform	$1.97B	10.49	15.46%	2.74%	7.61%	6.82%
CHCO	75 Outperform	$1.83B	15.81	16.25%	2.51%	8.80%	0.22%
FBNC	74 Outperform	$1.89B	21.57	6.03%	2.02%	-2.00%	-23.83%
MBIN	68 Neutral	$1.58B	6.35	14.81%	1.14%	9.73%	-14.72%
Sector *	62 Neutral	AU$10.00B	7.95	10.79%	5.23%	32.02%	38.31%

Nicolet Bankshares Corporate Events

Nicolet Bankshares Announces Increased Quarterly Dividend

At the annual meeting on May 19, 2025, Nicolet Bankshares‘ shareholders voted on several proposals, including the election of directors and ratification of the selection of Forvis Mazars, LLP as the independent public accounting firm for the fiscal year ending December 31, 2025. Additionally, on May 20, 2025, Nicolet announced a quarterly cash dividend of $0.32 per share, marking a 14% increase over the previous quarter, payable on June 13, 2025, to shareholders of record as of June 2, 2025.

The most recent analyst rating on (NIC) stock is a Buy with a $124.00 price target. To see the full list of analyst forecasts on Nicolet Bankshares stock, see the NIC Stock Forecast page.