Is Nicolet Bankshares, Inc. overvalued or undervalued?

As of 21 November 2025, the valuation grade for Nicolet Bankshares, Inc. moved from fair to attractive, indicating a more favorable assessment of its value. The company appears to be undervalued, supported by a P/E ratio of 14, a Price to Book Value of 1.50, and a PEG ratio of 0.49, all of which suggest that the stock is trading at a discount compared to its earnings growth potential.
In comparison to its peers, Nicolet Bankshares has a lower P/E ratio than Inter & Co., Inc. at 18.88 and Park National Corp. at 17.93, reinforcing its relative attractiveness in the market. Despite recent underperformance in the short term, with a 1W return of -2.44% compared to the S&P 500's -1.95%, the company has shown a solid YTD return of 15.97%, outpacing the S&P 500's 12.26%. This performance, along with its favorable valuation metrics, supports the conclusion that Nicolet Bankshares, Inc. is currently undervalued.