Nicolet Bankshares (NIC)
NYSE:NIC
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Nicolet Bankshares
(NYSE:NIC)
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Rating:78Outperform
Price Target:
$174.00
â–²(20.65% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by strong financial performance (rapid 2025 growth, improved margins, conservative leverage) and supportive corporate developments (transformative merger expansion and enhanced capital return via buyback). Technicals are moderately positive but not strong, and valuation is reasonable with limited support from a low dividend yield.
Positive Factors
Conservative leverage & growing equity
Nicolet’s materially lower debt-to-equity and steadily rising equity base provide durable capital capacity for loan growth, deposit funding shocks, and regulatory cushions. A stronger equity footing supports disciplined M&A, buybacks, and preserves flexibility through economic cycles.
Negative Factors
Historical margin volatility
Pronounced year-to-year margin swings indicate sensitivity to interest rate and asset-yield dynamics. That variability can cause earnings unpredictability, complicate long-range planning, and reduce the reliability of cash flows used for buybacks, dividends, or M&A funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage & growing equity
Nicolet’s materially lower debt-to-equity and steadily rising equity base provide durable capital capacity for loan growth, deposit funding shocks, and regulatory cushions. A stronger equity footing supports disciplined M&A, buybacks, and preserves flexibility through economic cycles.
Read all positive factors
Nicolet Bankshares (NIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.08B
Dividend Yield0.99%
Average Volume (3M)241.56K
Price to Earnings (P/E)12.1
Beta (1Y)0.73
Revenue Growth6.21%
EPS Growth19.23%
CountryUS
Employees952
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.73
Shares Outstanding21,366,852
10 Day Avg. Volume210,650
30 Day Avg. Volume241,557
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 Cap0.53
Enterprise Value/Revenue2.96
Enterprise Value/Gross Profit4.26
Enterprise Value/Ebitda8.35
Forecast
1Y Price Target
$179.50Price Target Upside24.46% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)12.21
Revenue Forecast (FY)$687.22M
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 generates revenue primarily through interest income from loans and investment securities, as well as non-interest income derived from fees for various banking services. Key revenue streams include interest from residential and c...
Nicolet Bankshares Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 552.61M | 519.42M | 416.85M | 332.07M | 239.05M |
| Gross Profit | 383.88M | 345.27M | 272.86M | 286.62M | 210.55M |
| EBITDA | 186.96M | 172.08M | 105.03M | 147.67M | 94.98M |
| Net Income | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M |
Balance Sheet | |||||
| Total Assets | 9.19B | 8.80B | 8.47B | 8.76B | 7.70B |
| Cash, Cash Equivalents and Short-Term Investments | 1.18B | 975.76M | 1.29B | 1.08B | 1.54B |
| Total Debt | 134.86M | 161.39M | 166.93M | 542.34M | 216.91M |
| Total Liabilities | 7.93B | 7.62B | 7.43B | 7.79B | 6.80B |
| Stockholders Equity | 1.26B | 1.17B | 1.04B | 972.53M | 891.89M |
Cash Flow | |||||
| Free Cash Flow | 149.44M | 117.23M | 89.77M | 105.16M | 84.86M |
| Operating Cash Flow | 153.53M | 133.75M | 107.97M | 117.40M | 97.65M |
| Investing Cash Flow | -230.75M | -288.44M | 591.46M | -516.36M | -370.60M |
| Financing Cash Flow | 201.40M | 199.30M | -362.73M | -41.60M | 65.38M |
Nicolet Bankshares Technical Analysis
Negative
144.22
Price Trends
148.55
Negative
136.90
Positive
133.02
Positive
Market Momentum
-1.30
Positive
44.67
Neutral
61.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NIC, the sentiment is Negative. The current price of 144.22 is below the 20-day moving average (MA) of 147.96, below the 50-day MA of 148.55, and above the 200-day MA of 133.02, indicating a neutral trend. The MACD of -1.30 indicates Positive momentum. The RSI at 44.67 is Neutral, neither overbought nor oversold. The STOCH value of 61.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.08B | 12.06 | 12.44% | 0.99% | 6.21% | 19.23% | |
72 Outperform | $1.76B | 11.38 | 10.05% | 3.11% | 3.80% | -6.23% | |
71 Outperform | $1.73B | 9.31 | 15.21% | 2.73% | 3.98% | 6.75% | |
68 Neutral | $2.09B | 12.34 | 7.57% | 2.08% | 5.21% | 53.15% | |
68 Neutral | $1.82B | 13.97 | 7.18% | 6.48% | 15.86% | 16.50% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
NIC
Nicolet Bankshares
144.22
36.29
33.62%
FCF
First Commonwealth
17.26
2.22
14.76%
HTH
Hilltop Holdings
35.20
5.42
18.20%
NWBI
Northwest Bancshares
12.42
1.16
10.29%
OFG
OFG Bancorp
40.12
0.65
1.65%
Nicolet Bankshares Corporate Events
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 ...
Business Operations and StrategyExecutive/Board ChangesStock BuybackM&A TransactionsShareholder Meetings
Nicolet Shareholders Approve MidwestOne Merger and Expansion
Positive
Jan 26, 2026
On January 20, 2026, Nicolet Bankshares’ compensation committee approved performance-based equity awards totaling 101,000 restricted stock units, with an aggregate grant date value of $13 million, for key executives and senior managers invol...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Nicolet Bankshares Reports Record 2025 Earnings and Dividend
Positive
Jan 20, 2026
On January 20, 2026, Nicolet Bankshares reported record results for 2025, with net income rising to $151 million from $124 million in 2024 and diluted earnings per share climbing 21.5% to $9.78. The company highlighted strong profitability metrics...
M&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Nicolet Bankshares and MidWestOne correct merger disclosures
Neutral
Dec 22, 2025
On December 19, 2025, Nicolet Bankshares and MidWestOne Financial Group filed a joint proxy statement-prospectus with the SEC related to their planned merger, later discovering an error in the “Golden Parachute Compensation” table for ...
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.