Nicolet Bankshares Inc (NIC)
NYSE:NIC
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Nicolet Bankshares
(NYSE:NIC)
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Rating:64Neutral
Price Target:
$157.00
â–¼(-0.80% Downside)
Action:Downgraded
Date:05/09/26
The score is primarily supported by solid profitability and conservative leverage, with a positive strategic catalyst from the MidWestOne acquisition and a dividend increase. These positives are tempered by cooling fundamentals (TTM revenue decline and softer ROE/FCF), mixed-to-weak near-term technical momentum, and a high P/E with a modest yield.
Positive Factors
Scale Expansion / Market Position
The MidWestOne deal materially increases scale, expanding loans and deposits across multiple Midwest markets. Greater size supports diversified revenue streams, broader customer relationships, improved funding mix and more room to realize cost and revenue synergies over the next several quarters.
Negative Factors
Top-line Weakness
A recent revenue contraction erodes operating leverage and may reflect pricing, mix or volume headwinds. Sustained top-line weakness would constrain margin recovery and make it harder to absorb integration costs while still funding dividends and strategic growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale Expansion / Market Position
The MidWestOne deal materially increases scale, expanding loans and deposits across multiple Midwest markets. Greater size supports diversified revenue streams, broader customer relationships, improved funding mix and more room to realize cost and revenue synergies over the next several quarters.
Read all positive factors
Nicolet Bankshares (NIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.02B
Dividend Yield0.99%
Average Volume (3M)159.32K
Price to Earnings (P/E)36.2
Beta (1Y)0.73
Revenue Growth15.32%
EPS Growth3.03%
CountryUS
Employees952
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)8.95
Shares Outstanding21,251,905
10 Day Avg. Volume148,518
30 Day Avg. Volume159,320
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 Cap0.76
Enterprise Value/Revenue4.36
Enterprise Value/Gross Profit6.65
Enterprise Value/Ebitda13.37
Forecast
1Y Price Target
$175.33Price Target Upside10.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)11.72
Revenue Forecast (FY)$685.17M
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 certifica...
How the Company Makes Money
Nicolet Bankshares primarily makes money through its banking subsidiary by earning (1) net interest income and (2) noninterest income. Net interest income is generated from the spread between interest earned on interest-earning assets—mainly comme...
Nicolet Bankshares Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 523.77M | 552.61M | 519.42M | 416.85M | 332.07M | 239.05M |
| Gross Profit | 343.43M | 383.88M | 345.27M | 272.86M | 286.62M | 210.55M |
| EBITDA | 170.90M | 186.96M | 172.08M | 105.03M | 147.67M | 94.98M |
| Net Income | 133.29M | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M |
Balance Sheet | ||||||
| Total Assets | 15.57B | 9.19B | 8.80B | 8.47B | 8.76B | 7.70B |
| Cash, Cash Equivalents and Short-Term Investments | 2.11B | 1.18B | 975.76M | 1.29B | 1.08B | 1.54B |
| Total Debt | 179.97M | 134.86M | 161.39M | 166.93M | 542.34M | 216.91M |
| Total Liabilities | 13.32B | 7.93B | 7.62B | 7.43B | 7.79B | 6.80B |
| Stockholders Equity | 2.26B | 1.26B | 1.17B | 1.04B | 972.53M | 891.89M |
Cash Flow | ||||||
| Free Cash Flow | 123.20M | 149.44M | 117.23M | 89.77M | 105.16M | 84.86M |
| Operating Cash Flow | 128.02M | 153.53M | 133.75M | 107.97M | 117.40M | 97.65M |
| Investing Cash Flow | -26.72M | -230.75M | -288.44M | 591.46M | -516.36M | -370.60M |
| Financing Cash Flow | -58.03M | 201.40M | 199.30M | -362.73M | -41.60M | 65.38M |
Nicolet Bankshares Technical Analysis
Neutral
158.27
Price Trends
147.30
Negative
145.67
Negative
137.13
Positive
Market Momentum
-2.25
Positive
43.82
Neutral
55.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NIC, the sentiment is Neutral. The current price of 158.27 is above the 20-day moving average (MA) of 144.00, above the 50-day MA of 147.30, and above the 200-day MA of 137.13, indicating a neutral trend. The MACD of -2.25 indicates Positive momentum. The RSI at 43.82 is Neutral, neither overbought nor oversold. The STOCH value of 55.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.04B | 9.22 | 7.30% | 6.48% | 16.32% | 5.14% | |
76 Outperform | $1.91B | 8.02 | 15.62% | 2.73% | 4.29% | 15.77% | |
70 Outperform | $1.91B | 11.99 | 10.19% | 3.11% | 6.00% | 12.46% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $3.02B | 36.20 | 9.01% | 0.99% | 15.32% | 3.03% | |
60 Neutral | $2.18B | 13.99 | 7.42% | 2.08% | 4.27% | 33.70% |
* Financial Sector Average
NIC
Nicolet Bankshares
141.69
20.72
17.12%
FCF
First Commonwealth
18.60
3.64
24.36%
HTH
Hilltop Holdings
37.22
8.23
28.38%
NWBI
Northwest Bancshares
13.97
2.55
22.32%
OFG
OFG Bancorp
45.05
4.74
11.75%
Nicolet Bankshares Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Nicolet Bankshares Boosts Dividend Following MidWestOne Acquisition
Positive
Apr 21, 2026
Nicolet Bankshares, Inc., a Green Bay-based community banking group with operations across Wisconsin, Iowa, Michigan and Minnesota, reported that its acquisition of MidWestOne Financial Group on Feb. 13, 2026, added about $6.1 billion in assets, $...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Nicolet Bankshares Closes Transformative MidWestOne Merger Deal
Positive
Feb 20, 2026
On February 13, 2026, Nicolet Bankshares, Inc. completed its previously announced merger with MidWestOne Financial Group, Inc., issuing approximately 6.6 million shares of Nicolet common stock in an all-stock transaction that valued the shares at ...
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.