Nisa Investment Advisors LLC lowered its holdings in shares of NIC Inc. (NASDAQ:EGOV) by 16.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,530 shares of the software maker’s stock after selling 5,000 shares during the quarter. Nisa Investment Advisors LLC’s holdings in NIC were worth $410,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in NIC during the fourth quarter worth about $24,319,000. FMR LLC lifted its position in shares of NIC by 18.0% in the 4th quarter. FMR LLC now owns 2,852,872 shares of the software maker’s stock valued at $35,604,000 after acquiring an additional 434,209 shares in the last quarter. Weybosset Research & Management LLC acquired a new position in NIC in the 1st quarter valued at approximately $6,110,000. JPMorgan Chase & Co. increased its stake in NIC by 83.5% in the 1st quarter. JPMorgan Chase & Co. now owns 624,530 shares of the software maker’s stock valued at $10,673,000 after buying an additional 284,122 shares during the period. Finally, AJO LP acquired a new position in NIC in the 1st quarter valued at approximately $4,611,000. Hedge funds and other institutional investors own 87.15% of the company’s stock.
In other news, CFO Stephen M. Kovzan sold 35,000 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $16.04, for a total value of $561,400.00. Following the completion of the transaction, the chief financial officer now directly owns 230,691 shares in the company, valued at $3,700,283.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.60% of the company’s stock.
EGOV has been the topic of several research reports. ValuEngine upgraded shares of NIC from a “hold” rating to a “buy” rating in a research note on Thursday. DA Davidson raised NIC from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $18.00 to $21.00 in a report on Thursday. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a report on Tuesday, June 4th. TheStreet raised NIC from a “c+” rating to a “b” rating in a report on Thursday. Finally, Barrington Research restated a “buy” rating on shares of NIC in a research report on Wednesday, July 3rd. Six analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and a consensus price target of $20.25.
Shares of EGOV stock traded down $0.62 on Monday, reaching $21.44. 4,156 shares of the company’s stock were exchanged, compared to its average volume of 435,446. The company has a quick ratio of 2.80, a current ratio of 2.69 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average of $16.92. The company has a market cap of $1.48 billion, a PE ratio of 24.28, a PEG ratio of 3.04 and a beta of 0.99. NIC Inc. has a 52 week low of $11.76 and a 52 week high of $23.45.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Wednesday, July 31st. The software maker reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $91.60 million for the quarter, compared to analyst estimates of $86.45 million. NIC had a return on equity of 24.45% and a net margin of 15.10%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.25 earnings per share. Equities analysts predict that NIC Inc. will post 0.73 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Thursday, September 5th. NIC’s dividend payout ratio (DPR) is presently 36.36%.
NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.
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