Citigroup Inc. began coverage on shares of Navient Corporation (NASDAQ:NAVI) in a report published on Monday, October 16th, MarketBeat Ratings reports. The brokerage issued a buy rating and a $20.00 target price on the credit services provider’s stock.
A number of other analysts have also commented on NAVI. Keefe, Bruyette & Woods restated a buy rating and issued a $20.00 price target on shares of Navient Corporation in a report on Friday, July 14th. Zacks Investment Research lowered Navient Corporation from a hold rating to a sell rating in a report on Monday, July 17th. BMO Capital Markets restated a hold rating and issued a $16.00 price target (down from $17.00) on shares of Navient Corporation in a report on Thursday, July 20th. Jefferies Group LLC restated a hold rating and issued a $16.00 price target on shares of Navient Corporation in a report on Friday, July 21st. Finally, BidaskClub lowered Navient Corporation from a buy rating to a hold rating in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $18.27.
Navient Corporation (NAVI) traded down 0.84% on Monday, reaching $11.85. The company had a trading volume of 3,526,673 shares. Navient Corporation has a 12 month low of $11.48 and a 12 month high of $17.95. The firm has a 50 day moving average price of $13.44 and a 200-day moving average price of $14.55. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 6.55 and a beta of 2.48.
Navient Corporation (NASDAQ:NAVI) last posted its earnings results on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.05. The firm had revenue of $343.00 million for the quarter, compared to analyst estimates of $361.33 million. Navient Corporation had a return on equity of 14.09% and a net margin of 10.88%. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. Analysts forecast that Navient Corporation will post $1.75 earnings per share for the current fiscal year.
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Navient Corporation declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 4th that allows the company to buyback outstanding shares. This buyback authorization allows the credit services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, CFO Christian M. Lown bought 6,000 shares of the firm’s stock in a transaction dated Friday, October 20th. The shares were bought at an average price of $12.35 per share, with a total value of $74,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John M. Kane sold 28,886 shares of the company’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total value of $433,290.00. The disclosure for this sale can be found here. 1.68% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. boosted its stake in shares of Navient Corporation by 8.7% in the first quarter. UBS Asset Management Americas Inc. now owns 1,323,441 shares of the credit services provider’s stock valued at $19,534,000 after buying an additional 106,283 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Navient Corporation during the first quarter worth $112,000. Alliancebernstein L.P. lifted its stake in Navient Corporation by 20.7% during the first quarter. Alliancebernstein L.P. now owns 684,857 shares of the credit services provider’s stock worth $10,108,000 after purchasing an additional 117,346 shares during the last quarter. AXA lifted its stake in Navient Corporation by 3.1% during the first quarter. AXA now owns 47,000 shares of the credit services provider’s stock worth $694,000 after purchasing an additional 1,400 shares during the last quarter. Finally, OppenheimerFunds Inc. lifted its stake in Navient Corporation by 275.1% during the first quarter. OppenheimerFunds Inc. now owns 562,679 shares of the credit services provider’s stock worth $8,305,000 after purchasing an additional 412,669 shares during the last quarter. 93.10% of the stock is currently owned by institutional investors.
About Navient Corporation
Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP).
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