Nicolet Bankshares (NIC)
Community bank for Upper Midwest businesses, farms, households, and wealth clients.
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Provides commercial, agricultural, and consumer banking, deposits, mortgages, treasury management, and wealth and retirement services across the Upper Midwest. Net interest income drives earnings, while the recent MidWestOne merger expanded the branch network and deepened its Iowa and Minnesota presence.
Provides commercial, agricultural, and consumer banking, deposit and treasury services, residential mortgages, and wealth management and retirement-plan services through Nicolet National Bank. Lending and deposit gathering form a single community-banking segment, with branches concentrated in Wisconsin, Iowa, Michigan, and Minnesota.
The recent MidWestOne merger roughly doubled the branch network and expanded the Iowa and Twin Cities franchises; former MidWestOne locations converted to the Nicolet brand and platform in August. Local decision-making is paired with a common product and technology platform across the network.
Most earnings come from the spread between interest earned on loans and investments and interest paid on deposits and borrowings. Agricultural, commercial, and real-estate lending ties credit performance to Upper Midwest businesses, property markets, and regulation of banks and financial holding companies.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 22, 2026 | Piper Sandler | Reiterate | Rating: —Target: $185 | Target: $194 |
| Jun 23, 2026 | Raymond James | Initiate | Rating: — | |
| Feb 19, 2026 | Piper Sandler | Upgrade | Target: $148 | Target: $185 |
| Jan 27, 2026 | Hovde Group | Target | Target: — | Target: $190 |
| Jan 22, 2026 | Maxim Group | Reiterate | Rating: —Target: $124 | Target: $173 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $153.5M · Total debt $92.8M · Total assets $15.41B · Shareholders' equity $2.27B
- Revenue
- $136.6M
- Operating income
- $72.5M
- Net income
- $56.9M
HistoryDividendAnnual yield
| Insiders | 8.50% | 1.78M shares | |
|---|---|---|---|
| 23 holders · as of Aug 17, 2026 | |||
| Strategic holders | 5.60% | 1.17M shares | |
| 1 holder · as of Aug 7, 2026 | |||
| Other | 85.90% | 18.00M shares | |
| remainder | |||
20.96M company shares as of Sep 22, 2026 · holders as of their latest filing
Two share counts disagree (20.96M in the company's Sep 22, 2026 report, 17.27M elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
State Street CorporationStrategic | 5.60% | 1.17M | filed Aug 7, 2026 |
Brenda L. JohnsonInsiderdirector | 3.21% | 672,790 | filed Jan 21, 2026 |
Oliver Pierce SmithInsiderdirector | 2.13% | 446,116 | filed May 21, 2026 |
Michael E. DanielsInsiderdirector, officer: Chairman, President & CEO | 0.61% | 126,841 | filed May 7, 2026 |
Donald J. Jr LongInsiderdirector | 0.42% | 87,149 | filed Aug 17, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 28, 2026 | Eric James Witczak | officer: EVP - Retail & Ag Banking | −342 | $171.96 |
| Jul 27, 2026 | Eric James Witczak | officer: EVP - Retail & Ag Banking | −1,215 | $167.89 |
| Jul 24, 2026 | Robert Bruce Atwell | director | −2,662 | $170.24 |
| Mar 12, 2026 | Robert Bruce Atwell | director | −3,309 | $149.82 |
| Mar 5, 2026 | Robert Bruce Atwell | director | −3,331 | $150.67 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Nicolet Bankshares | $166.20 | +0.26% | $2.86B | 18.4 | 12.9 | 5.5 | +227.9% |
| Associated Banc-Corp | $29.17 | −0.66% | $5.54B | 10.3 | 9.3 | 2.2 | +22.7% |
| Old National Bancorp | $25.13 | −0.47% | $9.66B | 11.1 | 9.2 | 2.4 | +12.3% |
| Wintrust Financial | $145.41 | −1.14% | $9.92B | 11.7 | 11.0 | 2.3 | +10.1% |
| Bank First | $151.43 | −0.07% | $1.70B | 19.7 | 14.1 | 5.8 | +60.0% |
| First Business Financial Services | $70.66 | −0.62% | $594.6M | 10.7 | 10.6 | 2.1 | +13.8% |
| Citizens Community Bancorp | $21.54 | +0.75% | $206.2M | 16.3 | 10.9 | 2.4 | −0.2% |
| Median | 11.4 | 10.8 | 2.3 | +13.1% |