Bank of New York Mellon Corp decreased its holdings in shares of Nelnet, Inc. (NYSE:NNI) by 1.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 305,126 shares of the credit services provider’s stock after selling 5,351 shares during the period. Bank of New York Mellon Corp owned 0.73% of Nelnet worth $15,409,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio grew its position in shares of Nelnet by 6.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,156 shares of the credit services provider’s stock worth $101,000 after buying an additional 123 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Nelnet by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 3,104 shares of the credit services provider’s stock worth $146,000 after buying an additional 464 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in shares of Nelnet by 168.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,304 shares of the credit services provider’s stock worth $202,000 after buying an additional 2,700 shares during the last quarter. Principal Financial Group Inc. purchased a new position in shares of Nelnet in the 2nd quarter worth approximately $214,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Nelnet in the 2nd quarter worth approximately $239,000. 39.63% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently issued reports on the stock. Compass Point raised shares of Nelnet from a “neutral” rating to a “buy” rating in a research report on Thursday, October 19th. Credit Suisse Group lifted their price objective on shares of Nelnet from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Friday, October 20th.
In other Nelnet news, Director Michael D. Reardon sold 5,748 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $50.84, for a total transaction of $292,228.32. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Angie Muhleisen sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $53.25, for a total transaction of $106,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,748 shares of company stock worth $674,308. 46.10% of the stock is owned by insiders.
Shares of Nelnet, Inc. (NNI) traded up $0.02 during trading on Thursday, hitting $53.89. 266,309 shares of the stock were exchanged, compared to its average volume of 115,376. The company has a debt-to-equity ratio of 10.44, a quick ratio of 159.08 and a current ratio of 159.08. Nelnet, Inc. has a 52-week low of $38.72 and a 52-week high of $59.68. The stock has a market cap of $2,254.29, a P/E ratio of 10.19 and a beta of 1.04.
Nelnet (NYSE:NNI) last released its earnings results on Tuesday, November 7th. The credit services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.10). The company had revenue of $194.43 million for the quarter, compared to analysts’ expectations of $191.00 million. Nelnet had a return on equity of 8.70% and a net margin of 17.51%. The firm’s revenue for the quarter was down 18.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.36 EPS.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, November 30th. This is an increase from Nelnet’s previous quarterly dividend of $0.14. Nelnet’s payout ratio is currently 12.10%.
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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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