Nicolet Bankshares has beaten earnings estimates in 4 consecutive quarters, achieved 46% revenue growth, and trades at a forward P/E of 11x with a PEG of 0.20, but the current price is within 3% of analyst consensus targets and low upside margin limits near-term conviction.
Thesis pillars
- Perfect Four Quarter Beat Streak↓Deteriorating
- Exceptional Revenue Growth↓Deteriorating
- Attractive Valuation Peg↑Improving
- +1 more pillar — see the Why tab for full reasoning
Nicolet Bankshares Inc. (NIC) Stock Analysis
Financial Services · Banks - Regional
Hold if already holding. Not a fresh buy at $169.55, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Near 52-week high (2.6% away).
Nicolet Bankshares is a Wisconsin-based bank holding company operating Nicolet National Bank, a commercial bank with 57 branches across Wisconsin, Michigan, and Minnesota at year-end 2025, expanded to 114 after the February 2026 MidWestOne acquisition. Revenue is driven... Read more
Hold if already holding. Not a fresh buy at $169.55, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Near 52-week high (2.6% away). Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Score 6.0/10, moderate confidence.
Passes 6/8 gates (clean insider activity, no SEC red flags, news events none recent, earnings proximity 82d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. Suitability: aggressive.
About Nicolet Bankshares Inc.
About Nicolet Bankshares Inc.
Nicolet Bankshares reported $9.2 billion in total assets, $6.8 billion in loans, and record net income of $151 million, or $9.78 per diluted share, for fiscal 2025, operating 57 branches principally across Wisconsin, Michigan, and Minnesota. Nicolet National Bank, the principal operating subsidiary, holds a national bank charter supervised by the OCC. The February 13, 2026 acquisition of MidWestOne Financial Group added roughly $6 billion in assets and 57 branches, extending the network into Iowa and Denver, Colorado.
Nicolet earns revenue primarily from net interest income on its $6.8 billion loan portfolio funded by $7.7 billion in deposits, supplemented by service charges, trust and brokerage fees, card interchange income, and residential mortgage sales. The loan book covers commercial-related credits — including commercial and industrial loans, owner-occupied CRE, agricultural production and real estate, CRE investment, and construction — alongside residential real estate and consumer credits. Core clients are owner-managed small and medium-sized businesses and their individual owners. Nicolet Advisory Services and Nicolet Insurance Services provide ancillary brokerage, advisory, and crop insurance products. The company completed ten acquisitions from 2012 through 2025 plus the February 2026 MidWestOne merger, reflecting a growth model that blends organic lending with disciplined M&A.
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Nicolet National Bank operates as a national bank under OCC examination authority, with the Federal Reserve supervising the parent holding company under the Bank Holding Company Act. Financial holding company status, elected in 2008, requires the bank to meet the OCC's capital adequacy thresholds and management standards on an ongoing basis; failure could restrict permissible activities including the insurance and advisory services offered through Nicolet Insurance and Nicolet Advisory. The Wisconsin Department of Financial Institutions provides an additional layer of state oversight, and the Parent Company relies on the Bank as its principal source of cash flow for dividends and debt service.
See also: Financial Services · Banks - Regional
From Nicolet Bankshares Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-07-30Recent Developments — Nicolet Bankshares Inc.
Latest news
- NEWS Nicolet Bankshares (NIC) Beats And Boosts Payouts, Is It Fully Priced? - simplywall.st — simplywall.st positive
- NEWS Nicolet Bankshares Inc. Stock 12‑Month Price Target Raised to $180, Implies 7% Upside - TradingView — TradingView positive
- NEWS Nicolet Bankshares (NIC) Q2 Earnings and Revenues Top Estimates - Yahoo Finance — Yahoo Finance positive
- NEWS Nicolet Bankshares (NYSE:NIC) Announces Earnings Results, Beats Estimates By $0.14 EPS - MarketBeat — MarketBeat positive
- NEWS Nicolet Bankshares (NIC): 3 Reasons We Love This Stock - Yahoo Finance — Yahoo Finance positive
Generated 2026-07-31T22:23:01Z.
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Rating Breakdown
1 floor-breaker
Momentum below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
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Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $169.55, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Near 52-week high (2.6% away). Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Target $170.52 (+0.6%), stop $160.41 (−5.7%), A.R:R -0.3:1. Score 6.0/10, moderate confidence.
Take-profit target: $170.52 (-1.6% upside). Target $170.52 (+0.6%), stop $160.41 (−5.7%), A.R:R -0.3:1. Stop-loss: $160.41.
Analyst target reached - limited upside remaining; Near 52-week high (2.6% away); Earnings estimates trending DOWN.
Nicolet Bankshares Inc. trades at a P/E of 19.2 (forward 12.7). TrendMatrix value score: 7.0/10. Verdict: Hold.
10 analysts cover NIC with a consensus score of 3.8/5. Average price target: $192.
What does Nicolet Bankshares Inc. do?Nicolet Bankshares is a Wisconsin-based bank holding company operating Nicolet National Bank, a commercial bank with 57...
Nicolet Bankshares is a Wisconsin-based bank holding company operating Nicolet National Bank, a commercial bank with 57 branches across Wisconsin, Michigan, and Minnesota at year-end 2025, expanded to 114 after the February 2026 MidWestOne acquisition. Revenue is driven primarily by net interest income on $6.8 billion in loans and $7.7 billion in deposits, serving primarily small and medium-sized businesses; record net income reached $151 million in fiscal 2025.