Is Nicolet Bankshares, Inc. overvalued or undervalued?

As of 10 October 2025, the valuation grade for Nicolet Bankshares, Inc. moved from attractive to fair, indicating a shift in its valuation perspective. The company appears to be fairly valued at this time. Key ratios include a P/E ratio of 14, a Price to Book Value of 1.50, and a PEG Ratio of 0.49, which suggests that the stock is reasonably priced relative to its earnings growth potential.
In comparison to peers, Nicolet's P/E ratio of 14 is lower than Inter & Co., Inc. at 18.88 and Park National Corp. at 17.93, indicating that it may be undervalued relative to these competitors. However, it is higher than First Merchants Corp. at 10.46, which is considered very attractive. Over the past year, Nicolet Bankshares has returned 37.41%, significantly outperforming the S&P 500's 13.36%, reinforcing its position in the market despite the recent valuation adjustment.