State Street Corp increased its stake in Nelnet, Inc. (NYSE:NNI) by 5.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 409,931 shares of the credit services provider’s stock after purchasing an additional 20,103 shares during the quarter. State Street Corp owned about 0.99% of Nelnet worth $19,275,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. grew its position in shares of Nelnet by 17.6% in the second quarter. Victory Capital Management Inc. now owns 3,104 shares of the credit services provider’s stock valued at $146,000 after purchasing an additional 464 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in shares of Nelnet by 168.3% in the second quarter. BNP Paribas Arbitrage SA now owns 4,304 shares of the credit services provider’s stock valued at $202,000 after purchasing an additional 2,700 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of Nelnet in the second quarter valued at $214,000. Marshall Wace North America L.P. purchased a new position in shares of Nelnet in the second quarter valued at $337,000. Finally, Legal & General Group Plc grew its position in shares of Nelnet by 64.2% in the second quarter. Legal & General Group Plc now owns 7,593 shares of the credit services provider’s stock valued at $355,000 after purchasing an additional 2,969 shares in the last quarter. Institutional investors own 40.78% of the company’s stock.
In related news, major shareholder Angie Muhleisen sold 2,000 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $57.54, for a total transaction of $115,080.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William J. Munn sold 1,000 shares of the business’s stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $50.00, for a total value of $50,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,748 shares of company stock valued at $609,068. 45.40% of the stock is owned by company insiders.
Nelnet, Inc. (NNI) opened at $52.20 on Friday. Nelnet, Inc. has a 52-week low of $38.72 and a 52-week high of $59.68. The company has a debt-to-equity ratio of 10.44, a quick ratio of 159.08 and a current ratio of 159.08. The company has a market capitalization of $2,168.28, a PE ratio of 11.97 and a beta of 1.06.
Nelnet (NYSE:NNI) last posted its earnings results on Tuesday, November 7th. The credit services provider reported $1.00 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.10 by ($0.10). Nelnet had a return on equity of 8.70% and a net margin of 17.51%. The business had revenue of $194.43 million for the quarter, compared to analysts’ expectations of $191.00 million. During the same quarter in the previous year, the firm earned $1.36 earnings per share. Nelnet’s quarterly revenue was down 18.6% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.23%. This is a boost from Nelnet’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, November 30th. Nelnet’s payout ratio is presently 10.59%.
Several equities analysts recently commented on NNI shares. Credit Suisse Group boosted their target price on Nelnet from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Friday, October 20th. Compass Point upgraded Nelnet from a “neutral” rating to a “buy” rating in a research report on Thursday, October 19th. TheStreet upgraded Nelnet from a “d+” rating to a “c” rating in a research report on Tuesday, August 8th. Finally, BidaskClub cut Nelnet from a “buy” rating to a “hold” rating in a research report on Monday, July 24th.
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Nelnet Company Profile
Nelnet, Inc focuses on delivering education-related products and services and student loan asset management. The Company is engaged in student loan servicing, tuition payment processing and school information systems, and communications. The Company’s segments include Loan Systems and Servicing, Tuition Payment Processing and Campus Commerce, Communications, Asset Generation and Management, and Corporate and Other Activities.
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