The cluster is split between mega-passive buyers (likely index rebalancing) and active manager sellers (conviction exits). Monitor next quarter's 13F to see if the active selling trend continues or reverses — a sustained active manager exit would be more bearish than the aggregate net buying suggests.
Executive Summary
Institutional activity in NICOLET BANKSHARES INC during Q2 2026 shows a mixed conviction cluster: 21 buyers accumulated $108.4M in new positions (led by Vanguard, Goldman Sachs, and Morgan Stanley doubling or adding), while 25 sellers reduced holdings by $61.9M (with Wellington exiting entirely and D.E. Shaw/Susquehanna nearly exiting). The net aggregate buying of $46.5M suggests institutional interest, but the high seller count and large exits from active managers create a conflicting signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: $46.5M
▲ Buyers (21)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard Portfolio Management | DOUBLED | +144.1% | $59.2M | $37.4M |
| Goldman Sachs | ADD | +40.4% | $65.0M | $23.4M |
| Morgan Stanley | DOUBLED | +100.1% | $26.4M | $14.5M |
| Principal Financial Group | DOUBLED | +344.3% | $20.6M | $16.4M |
| Bank Of New York Mellon | ADD | +61.9% | $23.1M | $10.3M |
▼ Sellers (25)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| First Trust Advisors | TRIM | -45% | $39.0M | -$15.1M |
| Wellington Management Group | EXIT | -100% | $14.1M | -$14.1M |
| Susquehanna International Group | NEAR_EXIT | -96.4% | $10.1M | -$9.7M |
| D.E. Shaw | NEAR_EXIT | -86.7% | $10.8M | -$9.2M |
| Fidelity | TRIM | -74.7% | $7.2M | -$5.2M |
Key Facts
- 21 institutional buyers added $108.4M in new positions, while 25 sellers reduced $61.9M
- Top buyers: Vanguard Portfolio Management (+$37.4M, DOUBLED), Goldman Sachs (+$23.4M, ADD), Morgan Stanley (+$14.5M, DOUBLED)
- Top sellers: First Trust Advisors (-$15.1M, TRIM), Wellington Management (-$14.1M, EXIT), Susquehanna (-$9.7M, NEAR_EXIT)
- Net aggregate institutional buying of approximately $46.5M
- Active manager selling (Wellington, D.E. Shaw, Susquehanna) contrasts with mega-passive buying (Goldman, Morgan Stanley, Vanguard)
Financial Impact
21 institutions accumulated $108.4M in new positions while 25 reduced holdings by $61.9M, resulting in net institutional buying of approximately $46.5M
Risk Factors
- 13F data is 45+ days stale; positions may have already been unwound
- Active manager exits (Wellington, D.E. Shaw, Susquehanna) signal potential fundamental concerns not captured by passive buying
- High seller count (25) relative to buyers (21) suggests lack of broad institutional conviction
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-NIC-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $165.73 $169.64 | ▼ −2.36% | ▼ −3.54% | — |
Sep 22, 2026 5w ago | Institutional Cluster | $165.65 $164.78 | ▼ −0.53% | ▲ +0.20% | — |
Jul 29, 2026 12w ago | Insider Cluster | $169.55 $170.92 | ▲ +0.81% | ▲ +0.09% | — |
Apr 21, 2026 27w ago | 8-K | $142.86 $144.04 | ▲ +0.83% | ▲ +1.22% | — |
US Market Status
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