NIC Nicolet Bankshares Inc. Common Stock
$176.35
Price · Aug 19, 2026
Fundamentals as of Jul 31, 2026
52W Range
$114–$180
94% of range
Analyst Rating
BUY
10 analysts
Price Target
$192
+9% upside
P/E (TTM)
18.0
ROE
12.3%
Net Profit Margin
38.4%
About Nicolet Bankshares Inc. Common Stock Company overview from Wikipedia
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
Read more
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
As of June 30, 2021, it had over $6.1 billion in assets.
## History
Nicolet Bankshares was founded in November 2000, after founders Bob Atwell and Mike Daniels felt that the local bank they worked for was getting away from community banking, which they felt was important. In 2010, Nicolet acquired four branches from Anchor Bank. In 2013, they acquired both Mid-Wisconsin Bank and the Bank of Wausau.
In 2015, the company merged with Baylake Bank; the new company took the Nicolet National Bank name. On April 12, 2016, the shareholders of both banks voted in favor of merging the two banks. The $140 million deal closed on April 29, 2016.
In February 2020, Nicolet Bankshares announced plans to acquire West Bend, Wisconsin-based Commerce State Bank and its four branches in a deal valued at $129.6 million. Three months later in May 2020, Nicolet terminated its agreement to acquire Commerce State Bank citing the impact of coronavirus and falling stock price for the publicly traded Nicolet Bank.
On April 26, 2021 Robert B. Atwell left as chief executive officer at Nicolet Bank after 19 years. Mike Daniels was named President and Chief Executive Officer, and Bob Atwell was named Executive Chairman of Nicolet.
On September 3, 2021, Nicolet completed a merger with Mackinac Financial Corporation, headquartered in Manistique, Michigan, and operating as mBank with branches in Michigan's Upper Peninsula and northern Lower Peninsula. Nicolet shuttered the mBank branches in Menominee, Alanson, Kaleva, Mio, West Ishpeming, Negaunee, and the McClellan Avenue branch in Marquette. It also sold the Birmingham branch and lending office in Metro Detroit to the Bank of Ann Arbor.
On August 30, 2022 Nicolet Bankshares, Inc. completed a merger with Charter Bankshares, Inc. As a result, Charter merged with and into Nicolet, with Nicolet being the surviving corporation. Charter Bankshares was valued at 1.1 billion at the time of this acquisition.
In October 2025, Nicolet Bankshares agreed to acquire MidWestOne Financial Group in a $864 million all-stock deal.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NIC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$176.35
Market Cap
$2.61B
P/E (TTM)
18.0
EPS (TTM)
$9.78
Revenue (TTM)
—
Div Yield
0.72%
ROE
12.3%
Debt/Equity
0.0
52W Range
$114 – $180
NIC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
EPS
$9.78
2016-12-31
→
2025-12-31
Free Cash Flow
$149M
2020-12-31
→
2025-12-31
Margins
38.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NIC
Peer Median
P/E (TTM)
18.0
14.8
P/S (TTM)
6.7
2.4
P/B
2.1
1.0
Price / FCF
17.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NIC
Peer Median
Net Profit Margin
38.4%
28.7%
ROA
1.7%
1.2%
ROE
12.3%
9.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NIC
Peer Median
Debt / Equity
0.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NIC
Peer Median
Revenue YoY
11.9%
—
Revenue CAGR 3Y
9.6%
—
Revenue CAGR 5Y
15.3%
—
EPS YoY
21.5%
—
Net Income YoY
21.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NIC
Peer Median
Payout Ratio
12.4%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.72%
Payout Ratio
12.4%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 1, 2026 | $0.3600 |
| March 2, 2026 | $0.3200 |
| Dec. 8, 2025 | $0.3200 |
| Sept. 2, 2025 | $0.3200 |
| June 2, 2025 | $0.3200 |
| March 10, 2025 | $0.2800 |
| Dec. 2, 2024 | $0.2800 |
| Sept. 3, 2024 | $0.2800 |
| June 3, 2024 | $0.2800 |
| March 7, 2024 | $0.2500 |
| Nov. 30, 2023 | $0.2500 |
| Aug. 31, 2023 | $0.2500 |
| May 31, 2023 | $0.2500 |
NIC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 1 10.0%
- Buy 6 60.0%
- Hold 3 30.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-16
Median
$194.00
Mean
$191.80
← Below all targets
$176.35
Low
$185.00
High
$200.00
Median target
$194.00
+10.0%
Mean target
$191.80
+8.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.23%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.99 | $2.82 | 0.17% |
| March 31, 2026 | $2.75 | $2.68 | 0.07% |
| Dec. 31, 2025 | $2.78 | $2.26 | 0.52% |
| Sept. 30, 2025 | $2.73 | $2.37 | 0.36% |
| June 30, 2025 | $2.34 | $2.18 | 0.16% |
| March 31, 2025 | $2.08 | $1.98 | 0.10% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NIC | $1.80B | 12.4 | 11.9% | 38.4% | 12.3% | — |
| WSBC | $3.19B | 14.9 | 61.8% | 22.7% | 5.7% | — |
| RNST | — | 17.0 | 37.7% | — | — | — |
| MCHB | — | 11.5 | 3.3% | 534.4% | 9.4% | — |
| BANF | — | — | — | — | — | — |
| MCHB | — | 11.5 | 3.3% | 534.4% | 9.4% | — |
| FIBK | $3.50B | 11.8 | 5.9% | 28.5% | 8.8% | — |
| FFBC | — | 9.4 | 7.6% | 28.4% | 9.6% | — |
| SBCF | $3.08B | 20.0 | 26.6% | 22.2% | 5.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | $141M | $34M | $14M | $20M | $23M | $19M | $11M | $7M | |
| Interest Income | $471M | $438M | $383M | $274M | $172M | $149M | $139M | $126M | $109M | $75M | |
| Pretax Income | $187M | $155M | $87M | $126M | $81M | $81M | $71M | $55M | $50M | $28M | |
| Income Tax | $36M | $31M | $25M | $31M | $20M | $20M | $16M | $13M | $16M | $9M | |
| Net Income | $151M | $124M | $62M | $94M | $61M | $60M | $55M | $41M | $33M | $18M | |
| EPS (Basic) | $10.06 | $8.24 | $4.17 | $6.78 | $5.65 | $5.82 | $5.71 | $4.26 | $3.51 | $2.49 | |
| EPS (Diluted) | $9.78 | $8.05 | $4.08 | $6.56 | $5.44 | $5.70 | $5.52 | $4.12 | $3.33 | $2.37 | |
| Shares (Basic) | 14,979,671 | 15,049,225 | 14,742,675 | 13,909,299 | 10,735,605 | 10,337,138 | 9,561,978 | 9,640,258 | 9,440,000 | 7,158,367 | |
| Shares (Diluted) | 15,403,934 | 15,415,822 | 15,070,579 | 14,374,931 | 11,144,866 | 10,541,251 | 9,900,319 | 9,956,353 | 9,958,000 | 7,513,971 | |
| EBITDA | $15M | $17M | $18M | $22M | $14M | $11M | $7M | $6M | · | · |
Balance Sheet 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $120M | $127M | $119M | $109M | $95M | $60M | $56M | $48M | $47M | · | |
| PP&E (Gross) | $186M | $185M | $169M | $153M | $132M | $92M | $87M | $75M | $70M | · | |
| Accum. Depreciation | $65M | $58M | $50M | $44M | $37M | $32M | $30M | $27M | $23M | · | |
| Goodwill | $367M | $367M | $367M | $367M | $317M | $163M | $151M | $107M | $107M | · | |
| Intangibles | · | $21M | $27M | $35M | $22M | $12M | $15M | $17M | $21M | · | |
| Total Assets | $9.19B | $8.80B | $8.47B | $8.76B | $7.70B | $4.55B | $3.58B | $3.10B | $2.93B | · | |
| Short-term Debt | $0 | $0 | $0 | $317M | $0 | $0 | $0 | $0 | $0 | · | |
| Total Liabilities | $7.93B | $7.62B | $7.43B | $7.79B | $6.80B | $4.01B | $3.06B | $2.71B | $2.57B | · | |
| Long-term Debt | $135M | $161M | $167M | $225M | $217M | $54M | $68M | $77M | $78M | · | |
| Total Debt | $0 | $0 | $0 | $317M | $0 | $0 | $0 | $0 | · | · | |
| Paid-in Capital | $583M | $656M | $634M | $622M | $575M | $273M | $313M | $248M | $264M | · | |
| Retained Earnings | $698M | $566M | $458M | $408M | $314M | $253M | $199M | $144M | $102M | · | |
| AOCI | $-24M | $-49M | $-53M | $-57M | $3M | $13M | $4M | $-6M | $-2M | · | |
| Stockholders' Equity | $1.26B | $1.17B | $1.04B | $973M | $892M | $539M | $516M | $387M | $364M | · | |
| Liabilities + Equity | $9.19B | $8.80B | $8.47B | $8.76B | $7.70B | $4.55B | $3.58B | $3.10B | $2.93B | · | |
| Shares Outstanding | 14,811,445 | 15,356,785 | 14,894,209 | 14,690,614 | 13,994,079 | 10,011,342 | 10,587,738 | 9,495,265 | 9,818,247 | · |
Cash Flow 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $15M | $17M | $18M | $22M | $14M | $11M | $7M | $6M | $7M | $5M | |
| Stock-based Comp | $7M | $7M | $6M | $7M | $7M | $6M | $5M | $5M | $3M | $2M | |
| Deferred Tax | $-5M | $-7M | $3M | $-13M | $6M | $3M | $-3M | $-2M | $7M | $3M | |
| Amort. of Intangibles | $6M | $7M | $8M | $7M | $3M | $4M | $4M | $4M | $5M | $3M | |
| Other Non-cash | $-15M | $-21M | $19M | $7M | $10M | $-735.0K | $-6M | $291.0K | · | · | |
| Operating Cash Flow | $154M | $134M | $108M | $117M | $98M | $79M | $58M | $51M | $41M | $25M | |
| CapEx | $4M | $17M | $19M | $12M | $13M | $11M | $4M | $4M | · | · | |
| Investing Cash Flow | $-231M | $-288M | $591M | $-516M | $-371M | $-209M | $-63M | $-77M | $-151M | $51M | |
| Debt Issued | · | · | $0 | $0 | $104M | $368M | $0 | $0 | $30M | $0 | |
| Net Debt Issued | $-27M | $-5M | $-59M | $-20M | $-84M | $-16M | $-87M | $-1M | · | · | |
| Stock Issued | $101.0K | $585.0K | $844.0K | $751.0K | $2M | $2M | $9M | $2M | $4M | $2M | |
| Stock Repurchased | $77M | $10M | $2M | $61M | $63M | $42M | $28M | $23M | $15M | $5M | |
| Net Stock Activity | $-76M | $-10M | $5M | $-58M | $-60M | $-40M | $-20M | $-21M | · | · | |
| Dividends Paid | $19M | $17M | $11M | $0 | $0 | · | · | · | · | · | |
| Financing Cash Flow | $201M | $199M | $-363M | $-42M | $65M | $751M | $-62M | $121M | $136M | $-31M | |
| Net Change in Cash | $124M | $45M | $337M | $-441M | $-208M | $621M | $-67M | $95M | $26M | $45M | |
| Taxes Paid | $39M | $25M | $23M | · | · | · | · | · | · | · | |
| Free Cash Flow | $149M | $117M | $90M | $105M | $85M | $68M | · | · | · | · | |
| Levered FCF | · | · | $-11M | $80M | $75M | $53M | · | · | · | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 38.4% | 35.4% | 22.2% | 31.6% | 26.9% | 31.3% | 32.2% | 28.1% | · | · | |
| Pretax Margin | 47.7% | 44.3% | 31.2% | 42.2% | 36.0% | 42.2% | 42.2% | 37.5% | · | · | |
| EBITDA Margin | 3.8% | 4.8% | 6.6% | 7.4% | 6.2% | 5.6% | 4.3% | 4.3% | · | · | |
| ROA | 1.7% | 1.4% | 0.71% | 1.1% | 0.99% | 1.5% | 1.6% | 1.4% | · | · | |
| ROE | 12.3% | 10.7% | 6.1% | 9.9% | 7.5% | 11.4% | 12.1% | 10.9% | · | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | · | · |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 11.9% | 26.2% | -6.9% | 32.2% | 17.4% | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.6% | 15.8% | 13.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.3% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 21.5% | 97.3% | -37.8% | 20.6% | -4.6% | · | · | · | · | · | |
| EPS CAGR 3Y | 14.2% | 14.0% | -10.5% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 11.4% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 21.5% | 101.7% | -34.7% | 55.4% | 0.88% | · | · | · | · | · | |
| Net Income CAGR 3Y | 16.9% | 26.9% | 0.77% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 20.2% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $392M | $350M | $277M | $298M | $225M | $192M | $169M | $146M | $133M | $95M | |
| Net Income TTM | $151M | $124M | $62M | $94M | $61M | $60M | $55M | $41M | $33M | $18M | |
| Market Cap | $1.80B | $1.61B | $1.20B | $1.17B | $1.20B | $664M | $782M | $463M | · | · | |
| P/E | 12.4 | 13.0 | 19.7 | 12.2 | 15.8 | 11.6 | 13.4 | 11.8 | 16.4 | 20.1 | |
| P/S | 4.6 | 4.6 | 4.3 | 3.9 | 5.3 | 3.5 | 4.6 | 3.2 | · | · | |
| P/B | 1.4 | 1.4 | 1.2 | 1.2 | 1.3 | 1.2 | 1.5 | 1.2 | · | · | |
| P / Tangible Book | 2.0 | 2.1 | 1.9 | 2.1 | 2.2 | 1.8 | · | · | · | · | |
| P / Cash Flow | 11.7 | 12.0 | 11.1 | 10.0 | 12.3 | 8.4 | 13.4 | 9.1 | · | · | |
| P / FCF | 12.0 | 13.7 | 13.4 | 11.1 | 14.1 | 9.8 | · | · | · | · | |
| Dividend Yield | 1.0% | 1.0% | 0.93% | 0.00% | 0.00% | · | · | · | · | · | |
| Earnings Yield | 8.1% | 7.7% | 5.1% | 8.2% | 6.3% | 8.6% | 7.5% | 8.4% | 6.1% | 5.0% | |
| Payout Ratio | 12.4% | 13.3% | 18.1% | · | · | · | · | · | · | · | |
| Annual Payout | $19M | $17M | $11M | $0 | $0 | · | · | · | · | · |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | · | · | · | · | · | · | · | $41M | · | $38M | $33M | $31M | · | $8M | |
| Interest Income | $201M | $158M | $120M | $120M | $118M | $113M | $113M | $113M | $109M | $104M | $104M | $100M | $92M | $87M | $86M | $71M | |
| Pretax Income | $72M | $19M | $50M | $52M | $45M | $40M | $43M | $41M | $37M | $34M | $37M | $32M | $30M | $-13M | $37M | $25M | |
| Income Tax | $16M | $4M | $10M | $10M | $9M | $8M | $9M | $8M | $7M | $7M | $7M | $15M | $8M | $-4M | $9M | $6M | |
| Net Income | $57M | $15M | $40M | $42M | $36M | $33M | $34M | $33M | $29M | $28M | $31M | $17M | $23M | $-9M | $28M | $19M | |
| EPS (Basic) | $2.68 | $0.83 | $2.71 | $2.81 | $2.40 | $2.14 | $2.26 | $2.16 | $1.96 | $1.86 | $2.08 | $1.16 | $1.54 | $-0.61 | $1.89 | $1.33 | |
| EPS (Diluted) | $2.62 | $0.81 | $2.63 | $2.73 | $2.34 | $2.08 | $2.21 | $2.10 | $1.92 | $1.82 | $2.04 | $1.14 | $1.51 | $-0.61 | $1.84 | $1.29 | |
| Shares (Basic) | 21,207,876 | 18,231,501 | -30,141,513 | 14,835,670 | 15,029,137 | 15,256,377 | -29,847,770 | 15,052,524 | 14,937,347 | 14,907,124 | -29,403,585 | 14,740,319 | 14,711,490 | 14,694,451 | -27,031,967 | 13,890,066 | |
| Shares (Diluted) | 21,728,914 | 18,748,933 | -30,977,294 | 15,303,440 | 15,431,127 | 15,646,661 | -30,588,685 | 15,479,395 | 15,275,933 | 15,249,179 | -29,683,272 | 15,099,622 | 14,959,778 | 14,694,451 | -28,002,275 | 14,310,275 | |
| EBITDA | · | $2M | · | · | · | $4M | · | · | · | $5M | · | · | · | $4M | · | · |
Balance Sheet 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $189M | $188M | $120M | $122M | $124M | $125M | $127M | $124M | $121M | $120M | · | $118M | $117M | $113M | · | $107M | |
| PP&E (Gross) | · | · | $186M | · | · | · | $185M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $65M | · | · | · | $58M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $834M | $834M | $367M | $367M | $367M | $367M | $367M | $367M | $367M | $367M | · | $367M | $367M | $367M | · | $370M | |
| Intangibles | · | · | · | · | · | $19M | · | $22M | $24M | $26M | · | $29M | $31M | $33M | · | $37M | |
| Total Assets | $15.41B | $15.57B | $9.19B | $9.03B | $8.93B | $8.98B | $8.80B | $8.64B | $8.56B | $8.45B | · | $8.42B | $8.48B | $8.19B | · | $8.90B | |
| Short-term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $50M | $50M | · | $280M | |
| Total Liabilities | $13.14B | $13.32B | $7.93B | $7.81B | $7.74B | $7.79B | $7.62B | $7.49B | $7.47B | $7.38B | · | $7.44B | $7.50B | $7.23B | · | $7.96B | |
| Long-term Debt | $93M | $180M | $135M | $135M | $134M | $157M | $161M | $161M | $162M | $162M | · | $198M | $198M | $197M | · | $225M | |
| Total Debt | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $50M | $50M | · | $280M | |
| Paid-in Capital | $1.55B | $1.59B | $583M | $582M | $602M | $630M | $656M | $648M | $639M | $637M | · | $626M | $625M | $624M | · | $620M | |
| Retained Earnings | $755M | $706M | $698M | $662M | $625M | $594M | $566M | $536M | $507M | $482M | · | $431M | $418M | $399M | · | $380M | |
| AOCI | $-37M | $-39M | $-24M | $-29M | $-37M | $-41M | $-49M | $-34M | $-55M | $-55M | · | $-83M | $-65M | $-61M | · | $-62M | |
| Stockholders' Equity | $2.27B | $2.26B | $1.26B | $1.21B | $1.19B | $1.18B | $1.17B | $1.15B | $1.09B | $1.06B | $1.04B | $974M | $978M | $962M | $973M | $938M | |
| Liabilities + Equity | $15.41B | $15.57B | $9.19B | $9.03B | $8.93B | $8.98B | $8.80B | $8.64B | $8.56B | $8.45B | · | $8.42B | $8.48B | $8.19B | · | $8.90B | |
| Shares Outstanding | 21,060,762 | 21,316,619 | 14,811,445 | 14,798,895 | 14,924,086 | 15,149,341 | 15,356,785 | 15,104,381 | 14,945,598 | 14,930,549 | · | 14,757,565 | 14,717,938 | 14,698,265 | · | 14,673,197 |
Cash Flow 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $979.0K | $2M | $4M | $4M | $4M | $4M | $3M | $4M | $4M | $5M | $5M | $4M | $5M | $4M | $5M | $5M | |
| Stock-based Comp | $4M | $7M | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $1M | $2M | $1M | $2M | $1M | $2M | $1M | |
| Amort. of Intangibles | $6M | $4M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | · | $-8M | · | · | · | $4M | · | · | · | $-11M | · | · | · | $19M | · | · | |
| Operating Cash Flow | $93M | $16M | $27M | $46M | $39M | $42M | $33M | $40M | $37M | $23M | $38M | $22M | $33M | $16M | $30M | $38M | |
| CapEx | $4M | $1M | $3M | $-4.0K | $544.0K | $463.0K | $6M | $5M | $3M | $3M | $3M | $3M | $7M | $6M | $4M | $2M | |
| Investing Cash Flow | $-2M | $66M | $45M | $-38M | $-100M | $-138M | $-71M | $-41M | $-128M | $-49M | $-79M | $89M | $93M | $489M | $-135M | $-170M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Net Debt Issued | · | $-48M | · | · | · | $-5M | · | · | · | $-4M | · | · | · | $-28M | · | · | |
| Stock Issued | $30.0K | $30.0K | $22.0K | $23.0K | $19.0K | $37.0K | $0 | $156.0K | $227.0K | $202.0K | $246.0K | $198.0K | $214.0K | $186.0K | $194.0K | $185.0K | |
| Stock Repurchased | $40M | $22M | $0 | $21M | $30M | $26M | $10M | $0 | $0 | $0 | $0 | $0 | $2M | $0 | $785.0K | $0 | |
| Net Stock Activity | · | $-22M | · | · | · | $-26M | · | · | · | $202.0K | · | · | · | $186.0K | · | · | |
| Dividends Paid | $8M | $7M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $0 | $0 | $0 | |
| Financing Cash Flow | $-241M | $-127M | $114M | $44M | $-89M | $133M | $145M | $21M | $71M | $-38M | $-13M | $-70M | $266M | $-545M | $-179M | $389M | |
| Net Change in Cash | $-150M | $-45M | $186M | $51M | $-150M | $36M | $108M | $19M | $-19M | $-64M | $-54M | $41M | $391M | $-41M | $-284M | $257M | |
| Free Cash Flow | · | $15M | · | · | · | $41M | · | · | · | $20M | · | · | · | $10M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-13M | · | · | · | $-11M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 32.0% | 11.3% | · | 40.6% | 37.6% | 36.4% | · | 35.8% | 34.5% | 33.8% | · | 22.0% | 29.8% | -25.5% | · | 24.4% | |
| Pretax Margin | 40.8% | 14.1% | · | 50.4% | 46.8% | 44.9% | · | 45.0% | 43.3% | 41.8% | · | 40.8% | 40.2% | -37.5% | · | 32.7% | |
| EBITDA Margin | · | 1.7% | · | · | · | 4.3% | · | · | · | 5.8% | · | · | · | 12.0% | · | · | |
| ROA | 0.47% | 0.12% | · | 0.47% | 0.41% | 0.37% | · | 0.38% | 0.34% | 0.33% | · | 0.20% | 0.29% | -0.11% | · | 0.24% | |
| ROE | 3.3% | 0.88% | · | 3.5% | 3.2% | 2.9% | · | 3.1% | 2.8% | 2.7% | · | 1.8% | 2.5% | -0.99% | · | 2.2% |
Liquidity & Solvency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.1 | · | 0.3 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $511M | $423M | · | $379M | $361M | $347M | · | $336M | $321M | $271M | · | $265M | $256M | $250M | · | $264M | |
| Net Income TTM | $150M | $126M | · | $143M | $130M | $122M | · | $107M | $97M | $59M | · | $49M | $56M | $58M | · | $74M | |
| Market Cap | $3.48B | $3.17B | · | $1.99B | $1.84B | $1.65B | · | $1.44B | $1.24B | $1.28B | · | $1.03B | $999M | $927M | · | $1.03B | |
| P/E | 19.5 | 18.7 | · | 14.5 | 14.6 | 13.8 | · | 13.7 | 13.0 | 22.3 | · | 21.0 | 17.3 | 15.3 | · | 12.9 | |
| P/S | 6.8 | 7.5 | · | 5.3 | 5.1 | 4.8 | · | 4.3 | 3.9 | 4.7 | · | 3.9 | 3.9 | 3.7 | · | 3.9 | |
| P/B | 1.5 | 1.4 | · | 1.6 | 1.5 | 1.4 | · | 1.3 | 1.1 | 1.2 | · | 1.1 | 1.0 | 1.0 | · | 1.1 | |
| P / Tangible Book | 2.4 | 2.2 | · | 2.3 | 2.2 | 2.1 | · | 1.9 | 1.8 | 1.9 | · | 1.8 | 1.7 | 1.7 | · | 1.9 | |
| P / Cash Flow | · | 194.7 | · | · | · | 39.5 | · | · | · | 54.9 | · | · | · | 59.6 | · | · | |
| P / FCF | · | 210.1 | · | · | · | 39.9 | · | · | · | 64.0 | · | · | · | 93.6 | · | · | |
| Earnings Yield | 5.1% | 5.4% | · | 6.9% | 6.8% | 7.3% | · | 7.3% | 7.7% | 4.5% | · | 4.8% | 5.8% | 6.5% | · | 7.7% | |
| Payout Ratio | · | 45.4% | · | · | · | 13.2% | · | · | · | 13.5% | · | · | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $151M | $124M | $62M | $94M | $61M |
| Diluted EPS | $9.78 | $8.05 | $4.08 | $6.56 | $5.44 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $149M | $117M | $90M | $105M | $85M |
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Institutional owners (13F) 263 filers · $1.3B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 46 (-26 vs prior Q) | 27 (+2 vs prior Q) | 77 (-19 vs prior Q) | 81 (+39 vs prior Q) | +51K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| STATE STREET CORP | $194,243,719 | 1,174,560 | 14.70% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $135,297,455 | 818,051 | 10.24% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $128,876,519 | 779,228 | 9.76% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $74,534,492 | 450,659 | 5.64% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $71,360,892 | 431,372 | 5.40% | Shares |
| AMERICAN CENTURY COMPANIES INC | $59,749,288 | 361,263 | 4.52% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $59,225,001 | 358,093 | 4.48% | Shares |
| FJ Capital Management LLC | $45,853,220 | 277,243 | 3.47% | Shares |
| ALLIANCEBERNSTEIN L.P. | $45,657,104 | 307,207 | 3.46% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $32,806,023 | 198,353 | 2.48% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $30,896,175 | 186,808 | 2.34% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $29,181,577 | 176,441 | 2.21% | Shares |
| FIRST TRUST ADVISORS LP | $23,835,345 | 144,116 | 1.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $21,898,463 | 132,405 | 1.66% | Shares |
| JENNISON ASSOCIATES LLC | $21,392,203 | 129,344 | 1.62% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $20,445,181 | 123,618 | 1.55% | Shares |
| GOLDMAN SACHS GROUP INC | $18,328,851 | 110,822 | 1.39% | Shares |
| Champlain Investment Partners, LLC | $17,164,670 | 103,783 | 1.30% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $13,760,448 | 83,200 | 1.04% | Shares |
| Public Sector Pension Investment Board | $11,106,435 | 67,153 | 0.84% | Shares |
| VANGUARD GROUP INC | $10,211,277 | 84,182 | 0.77% | Shares |
| Stieven Capital Advisors, L.P. | $9,256,382 | 55,967 | 0.70% | Shares |
| HEARTLAND ADVISORS INC | $9,221,816 | 55,758 | 0.70% | Shares |
| RHUMBLINE ADVISERS | $7,880,649 | 47,649 | 0.60% | Shares |
| BlackRock, Inc. | $7,114,085 | 43,014 | 0.54% | Shares |
| MENDON CAPITAL ADVISORS CORP | $6,615,600 | 40,000 | 0.50% | Shares |
| Swiss National Bank | $6,565,983 | 39,700 | 0.50% | Shares |
| Boston Partners | $6,505,950 | 39,337 | 0.49% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $6,410,682 | 38,761 | 0.49% | Shares |
| N.E.W. Advisory Services LLC | $6,378,414 | 38,566 | 0.48% | Shares |
| HSBC HOLDINGS PLC | $5,379,852 | 32,830 | 0.41% | Shares |
| PRUDENTIAL FINANCIAL INC | $5,094,343 | 30,802 | 0.39% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $5,055,145 | 30,565 | 0.38% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $5,008,009 | 30,280 | 0.38% | Shares |
| Legal & General Group Plc | $4,960,873 | 29,995 | 0.38% | Shares |
| AMERIPRISE FINANCIAL INC | $4,701,211 | 28,425 | 0.36% | Shares |
| BARCLAYS PLC | $4,476,777 | 27,068 | 0.34% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $4,475,612 | 27,277 | 0.34% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,204,214 | 25,420 | 0.32% | Shares |
| CITIGROUP INC | $3,924,374 | 23,728 | 0.30% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $3,781,312 | 22,863 | 0.29% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,766,625 | 25,344 | 0.29% | Shares |
| ANCHOR CAPITAL ADVISORS LLC | $3,453,509 | 20,881 | 0.26% | Shares |
| Odyssean, LLC | $3,309,785 | 20,012 | 0.25% | Shares |
| STIFEL FINANCIAL CORP | $3,136,920 | 18,965 | 0.24% | Shares |
| Legacy Private Trust Co. | $3,118,759 | 18,857 | 0.24% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $3,093,455 | 18,704 | 0.23% | Shares |
| Quantinno Capital Management LP | $3,032,925 | 18,338 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,894,325 | 17,500 | 0.22% | Call option |
| Squarepoint Ops LLC | $2,805,014 | 16,960 | 0.21% | Shares |
| OSAIC HOLDINGS, INC. | $2,731,014 | 16,510 | 0.21% | Shares |
| JANE STREET GROUP, LLC | $2,613,162 | 15,800 | 0.20% | Call option |
| Rafferty Asset Management, LLC | $2,493,916 | 15,079 | 0.19% | Shares |
| Sugar Maple Asset Management, LLC | $2,390,961 | 14,457 | 0.18% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,375,166 | 14,361 | 0.18% | Shares |
| FIRST NATIONAL BANK OF OMAHA | $2,253,107 | 13,623 | 0.17% | Shares |
| First National Advisers, LLC | $2,185,405 | 13,215 | 0.17% | Shares |
| Caldwell Trust Co | $2,080,275 | 12,578 | 0.16% | Shares |
| Atom Investors LP | $2,058,775 | 12,448 | 0.16% | Shares |
| MORGAN STANLEY | $2,036,164 | 12,311 | 0.15% | Shares |
| AlphaQuest LLC | $2,035,657 | 16,782 | 0.15% | Shares |
| MetLife Investment Management, LLC | $1,923,651 | 11,631 | 0.15% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $1,918,028 | 11,597 | 0.15% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,838,310 | 11,115 | 0.14% | Shares |
| Associated Banc-Corp | $1,705,501 | 10,312 | 0.13% | Shares |
| Dana Investment Advisors, Inc. | $1,653,900 | 10,000 | 0.13% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $1,649,766 | 9,975 | 0.12% | Shares |
| Cresset Asset Management, LLC | $1,543,089 | 9,330 | 0.12% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,522,250 | 9,204 | 0.12% | Shares |
| XTX Topco Ltd | $1,516,130 | 9,167 | 0.11% | Shares |
| MALTESE CAPITAL MANAGEMENT LLC | $1,499,095 | 9,064 | 0.11% | Shares |
| PNC Financial Services Group, Inc. | $1,487,187 | 8,992 | 0.11% | Shares |
| Russell Investments Group, Ltd. | $1,476,271 | 8,926 | 0.11% | Shares |
| STEPH & CO | $1,462,048 | 8,840 | 0.11% | Shares |
| Louisiana State Employees Retirement System | $1,422,354 | 8,600 | 0.11% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,386,795 | 8,385 | 0.10% | Shares |
| CHOREO, LLC | $1,365,294 | 8,255 | 0.10% | Shares |
| State of New Jersey Common Pension Fund D | $1,338,832 | 8,095 | 0.10% | Shares |
| JANUS HENDERSON GROUP PLC | $1,333,177 | 8,987 | 0.10% | Shares |
| Invesco Ltd. | $1,314,520 | 7,948 | 0.10% | Shares |
| Bowman & Co S.C. | $1,304,540 | 10,755 | 0.10% | Shares |
| VARCOV Co. | $1,291,696 | 7,810 | 0.10% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,261,099 | 7,625 | 0.10% | Shares |
| Johnson Financial Group, Inc. | $1,240,425 | 7,500 | 0.09% | Shares |
| Sequoia Financial Advisors, LLC | $1,216,491 | 7,355 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $1,214,128 | 7,341 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $1,190,808 | 7,200 | 0.09% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,167,323 | 7,058 | 0.09% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $1,152,934 | 6,971 | 0.09% | Shares |
| Cubist Systematic Strategies, LLC | $1,080,707 | 8,035 | 0.08% | Shares |
| Ellsworth Advisors, LLC | $1,071,170 | 6,471 | 0.08% | Shares |
| SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI | $1,055,023 | 6,379 | 0.08% | Shares |
| J.M. Arbour, LLC | $990,025 | 5,986 | 0.07% | Shares |
| Police & Firemen's Retirement System of New Jersey | $974,974 | 5,895 | 0.07% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $973,361 | 5,885 | 0.07% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $921,137 | 5,569 | 0.07% | Shares |
| ARIZONA STATE RETIREMENT SYSTEM | $901,376 | 5,450 | 0.07% | Shares |
| PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC | $889,137 | 5,376 | 0.07% | Shares |
| YOUSIF CAPITAL MANAGEMENT, LLC | $857,713 | 5,186 | 0.06% | Shares |
| HighTower Advisors, LLC | $855,623 | 5,173 | 0.06% | Shares |
Company insiders 43 insiders · 10 officers · 33 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael E Daniels | Chairman, President & CEO | May 5, 2026 G | 61,452 | 0 | 0 | $0 |
| Robert J Cera | Co-Chairman, Co-CEO & Co-Pres. | May 24, 2016 D | 47,218 | 0 | 0 | $0 |
| Hubert Phillip Moore JR | CFO | June 8, 2026 F | 37,921 | 2 | 0 | $30,811 |
| Eric James Witczak | EVP - Retail & Ag Banking | July 28, 2026 S | 33,288 | 0 | 4 | $-697,994 |
| William M Bohn | EVP Wealth Mgmt - Nicolet Bank | April 15, 2026 F | 16,585 | 0 | 0 | $0 |
| Brad Vincent Hutjens | EVP - CCO - Nicolet Natl Bank | Feb. 13, 2026 F | 35,530 | 0 | 0 | $0 |
| Patrick Joseph Madson | SVP-Wealth Mgmt-NicoletNatBank | Dec. 14, 2023 S | 5,032 | 0 | 0 | $0 |
| Eric Peter Radzak | Corp Dev Off Nicolet Nat Bank | May 6, 2022 P | 2,775 | 0 | 0 | $0 |
| Marc Thomas Lambrecht | Controller | May 13, 2021 A | — | 0 | 0 | $0 |
| Michael Joseph Steppe | CIO - Nicolet National Bank | Nov. 15, 2019 M | 27,400 | 0 | 0 | $0 |
| Robert Bruce Atwell | Director | July 24, 2026 M | 34,483 | 0 | 8 | $-2,445,212 |
| Janet E Godwin | Director | May 19, 2026 A | 3,793 | 0 | 0 | $0 |
| Matthew J Hayek | Director | May 19, 2026 A | 4,492 | 0 | 0 | $0 |
| Oliver Pierce Smith | Director | May 19, 2026 A | 446,116 | 0 | 0 | $0 |
| John Nicholas Dykema | Director | May 19, 2026 A | 10,223 | 0 | 0 | $0 |
| Tracy S Mccormick | Director | May 19, 2026 A | 30,226 | 0 | 0 | $0 |
| Susan L Merkatoris | Director | May 19, 2026 A | 78,946 | 0 | 0 | $0 |
| Robert J Weyers | Director | May 19, 2026 A | 10,260 | 3 | 0 | $347,200 |
| Glen E Tellock | Director | May 19, 2026 A | 2,357 | 0 | 0 | $0 |
| Carl J Chaney | Director | May 19, 2026 A | 498 | 0 | 0 | $0 |
| Brenda L Johnson | Director | Jan. 20, 2026 A | 897 | 0 | 0 | $0 |
| Hector Colon | Director | Jan. 20, 2026 A | 1,060 | 0 | 0 | $0 |
| Marcia M Anderson | Director | Jan. 20, 2026 A | 412 | 0 | 0 | $0 |
| Dustin James Mcclone | Director | Jan. 20, 2026 A | 1,862 | 0 | 0 | $0 |
| Christopher J. Ghidorzi | Director | Jan. 20, 2026 A | 3,376 | 1 | 0 | $12,760 |
| Andrew F Hetzel JR | Director | Jan. 20, 2026 A | 1,971 | 0 | 0 | $0 |
| Lynn Dale Davis | Director | May 20, 2025 A | 12,304 | 0 | 0 | $0 |
| Ann Kuchera Lawson | Director | May 17, 2022 A | 27,479 | 0 | 0 | $0 |
| Paul Davison Tobias | Director | May 17, 2022 A | 23,930 | 0 | 0 | $0 |
| Terrence R Fulwiler | Director | April 19, 2022 A | 1,721 | 0 | 0 | $0 |
| Rachel Francis Campos-Duffy | Director | May 18, 2021 A | 2,024 | 0 | 0 | $0 |
| Randy James Rose | Director | April 21, 2020 A | 4,708 | 0 | 0 | $0 |
| Thomas L Herlache | Director | May 1, 2019 S | 2,458 | 0 | 0 | $0 |
| Michael J Gilson | Director | July 17, 2018 A | 25,009 | 0 | 0 | $0 |
| Robert W Agnew | Director | July 17, 2018 A | 40,907 | 0 | 0 | $0 |
| Louis James Jeanquart | Director | April 17, 2018 A | 658 | 0 | 0 | $0 |
| William D Murphy | Director | July 18, 2017 A | 328 | 0 | 0 | $0 |
| Elyse Mollner Stackhouse | Director | July 18, 2017 A | 309 | 0 | 0 | $0 |
| Dean J Nolden | Director | April 29, 2016 A | 363 | 0 | 0 | $0 |
| Gary Lewis Fairchild | Director | April 19, 2016 A | 3,842 | 0 | 0 | $0 |
| Mary Therese Bartzen Pandl | Director | April 19, 2016 A | 2,244 | 0 | 0 | $0 |
| Donald J Long JR | — | Aug. 13, 2026 G | 80,963 | 0 | 0 | $0 |
| Michael Joseph Vogel | — | Nov. 12, 2020 A | 15,344 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 76 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| GSC · Goldman Sachs ETF Trust | 1.01% | 18,131 NS | May 31, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.73% | 1,147 SH | Aug. 8, 2026 | Daily |
| DPST · Direxion Shares ETF Trust | 0.41% | 13,773 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.32% | 23,127 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.22% | 12,420 NS | April 30, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.22% | 3,322 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.20% | 40,468 NS | May 31, 2026 | N-PORT |
| IJT · iShares Trust | 0.20% | 94,579 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.18% | 1,172,969 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.18% | 68,375 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.18% | 12,101 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.17% | 19,914 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.17% | 13,975 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.17% | 80,234 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.16% | 122 NS | April 30, 2026 | N-PORT |
| IWN · iShares Trust | 0.15% | 126,992 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.15% | 12,077 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.15% | 2,493 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 7,019 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.11% | 507,739 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.11% | 17,592 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.10% | 7,250 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.10% | 115,053 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.10% | 91,441 NS | April 30, 2026 | N-PORT |
| PICK · iShares, Inc. | 0.08% | 2,989,537 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.08% | 72,307 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.07% | 57,474 SH | Aug. 8, 2026 | Daily |
| PDN · Invesco Exchange-Traded Fund Trust … | 0.07% | 420,701 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.07% | 2,667 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.07% | 2,157 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.07% | 869 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.06% | 6,639 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 93,592 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.06% | 913 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.05% | 1,254 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.05% | 2,599 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.04% | 5,407 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.04% | 120,581 SH | Aug. 8, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.04% | 20,840 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 224,388 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.04% | 5,279 SH | Aug. 8, 2026 | Daily |
| VSS · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.04% | 7,997,854 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.04% | 32,170 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.04% | 680 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.04% | 5,292 NS | April 30, 2026 | N-PORT |
| SCZ · iShares Trust | 0.03% | 7,880,101 SH | Aug. 8, 2026 | Daily |
| JSTC · Tidal Trust I | 0.03% | 693 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.03% | 690 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 50,967 NS | April 30, 2026 | N-PORT |
| IPAC · iShares Trust | 0.01% | 669,736 SH | Aug. 8, 2026 | Daily |