Independent Bank (INDB) vs Nicolet Bankshares (NIC)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Nicolet Bankshares (NIC) has outperformed Independent Bank (INDB) over the past year, gaining 23.4% versus a gain of 11.0%. Over five years, NIC leads with a +114.6% price change compared with -4.1% for INDB. Independent Bank is the larger company by market cap ($3.65 billion vs $3.44 billion), about 1.1 times the size.
On valuation, Independent Bank trades at a lower forward P/E (9.4x vs 12.2x for Nicolet Bankshares). Independent Bank offers the higher dividend yield (3.19% vs 0.80%). Nicolet Bankshares converts more of its revenue into profit, with a net margin of 38.4% versus 23.9%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | INDB | NIC |
|---|---|---|
| Share price | $77.12 | $164.03 |
| Market cap | $3.65B | $3.44B |
| 1-day change | -1.39% | +1.32% |
| YTD return | +5.53% | +35.23% |
| 1-year return | +10.96% | +23.39% |
| 5-year return | -4.10% | +114.62% |
| P/E ratio (TTM) | 13.82 | 18.37 |
| Forward P/E | 9.36 | 12.19 |
| EPS (TTM) | $5.58 | $8.93 |
| Dividend yield | 3.19% | 0.80% |
| Annual dividend | $2.46 | $1.32 |
| Revenue (latest FY) | $857.52M | $392.04M |
| Revenue growth (YoY) | +24.32% | +11.91% |
| Net income (latest FY) | $205.12M | $150.69M |
| Net margin | 23.92% | 38.44% |
| 52-week high | $87.50 | $180.00 |
| 52-week low | $63.33 | $114.12 |
| Distance from 52-week high | -11.86% | -8.87% |
| Analyst consensus | buy | none |
| Avg. price target upside | +21.15% | +16.93% |
| Average volume | 358.03K | 172.37K |
| Shares outstanding | 47.37M | 20.96M |
| Employees | 2,294 | 1,429 |
| Sector | Finance | Finance |
| Industry | Major Banks | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- NIC has outperformed INDB by 12.4 percentage points over the past year.
- Nicolet Bankshares trades at a higher earnings multiple (18.4x vs 13.8x trailing P/E).
- Independent Bank offers a meaningfully higher dividend yield (3.19% vs 0.80%).
- Nicolet Bankshares is more profitable, keeping 38.4 cents of every revenue dollar as net income versus 23.9 cents for Independent Bank.
- Independent Bank grew revenue faster in its latest fiscal year (+24.32% vs +11.91%).
About Independent Bank
INDB stock →Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States.
Finance · Major Banks · 2,294 employees
About Nicolet Bankshares
NIC stock →Nicolet Bankshares, Inc. operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals in Wisconsin, Michigan, and Minnesota.
Finance · Major Banks · 1,429 employees
INDB vs NIC FAQ
Which is bigger, Independent Bank or Nicolet Bankshares?
Independent Bank (INDB) is larger, with a market capitalization of $3.65B compared with $3.44B for Nicolet Bankshares (NIC).
Which stock has performed better over the past year, INDB or NIC?
NIC returned +23.39% over the past 12 months, compared with +10.96% for INDB (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, INDB or NIC?
INDB has the lower trailing P/E at 13.8, versus 18.4 for NIC. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Independent Bank or Nicolet Bankshares?
Independent Bank has the higher yield at 3.19%, compared with 0.80% for Nicolet Bankshares.
Are Independent Bank and Nicolet Bankshares in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.