AlphaCrest Capital Management LLC Purchases 10,993 Shares of Navient Co. (NASDAQ:NAVI)

Posted by Defense World Staff on Mar 9th, 2023

AlphaCrest Capital Management LLC grew its stake in Navient Co. (NASDAQ:NAVI – Get Rating) by 35.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,302 shares of the credit services provider’s stock after purchasing an additional 10,993 shares during the quarter. AlphaCrest Capital Management LLC’s holdings in Navient were worth $621,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NAVI. Lazard Asset Management LLC bought a new position in Navient in the 3rd quarter worth $27,000. Signaturefd LLC raised its holdings in Navient by 89.2% in the 3rd quarter. Signaturefd LLC now owns 2,937 shares of the credit services provider’s stock worth $43,000 after purchasing an additional 1,385 shares in the last quarter. Covestor Ltd raised its holdings in Navient by 87.4% in the 1st quarter. Covestor Ltd now owns 5,042 shares of the credit services provider’s stock worth $86,000 after purchasing an additional 2,352 shares in the last quarter. Wipfli Financial Advisors LLC bought a new position in Navient in the 3rd quarter worth $88,000. Finally, Meeder Asset Management Inc. raised its holdings in Navient by 24.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 6,848 shares of the credit services provider’s stock worth $96,000 after purchasing an additional 1,367 shares in the last quarter. 70.48% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP John M. Kane sold 17,006 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $16.56, for a total transaction of $281,619.36. Following the sale, the executive vice president now owns 607,303 shares of the company’s stock, valued at approximately $10,056,937.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Stephen M. Hauber sold 11,351 shares of the firm’s stock in a transaction dated Friday, January 27th. The shares were sold at an average price of $19.17, for a total transaction of $217,598.67. Following the sale, the executive vice president now owns 217,081 shares of the company’s stock, valued at approximately $4,161,442.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John M. Kane sold 17,006 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $16.56, for a total transaction of $281,619.36. Following the sale, the executive vice president now directly owns 607,303 shares in the company, valued at approximately $10,056,937.68. The disclosure for this sale can be found here. Insiders own 22.10% of the company’s stock.

Navient Stock Performance

Shares of NAVI stock opened at $17.69 on Thursday. Navient Co. has a one year low of $12.45 and a one year high of $19.34. The company’s 50-day moving average is $17.97 and its 200 day moving average is $16.32. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 4.00 and a beta of 1.53. The company has a debt-to-equity ratio of 20.50, a quick ratio of 11.42 and a current ratio of 11.42.

Navient (NASDAQ:NAVI – Get Rating) last announced its quarterly earnings data on Tuesday, January 24th. The credit services provider reported $0.76 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.06). Navient had a net margin of 16.80% and a return on equity of 16.40%. The firm had revenue of $232.00 million for the quarter, compared to analysts’ expectations of $253.74 million. Sell-side analysts expect that Navient Co. will post 3.19 EPS for the current fiscal year.

Navient Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 17th. Investors of record on Friday, March 3rd will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Thursday, March 2nd. Navient’s dividend payout ratio (DPR) is 14.48%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NAVI. Credit Suisse Group upped their price objective on shares of Navient from $14.00 to $16.50 and gave the stock a “neutral” rating in a report on Thursday, January 26th. JPMorgan Chase & Co. upped their target price on shares of Navient from $14.50 to $17.00 in a research report on Tuesday, January 10th. Barclays upped their target price on shares of Navient from $16.00 to $19.00 in a research report on Friday, January 6th. Citigroup upped their target price on shares of Navient from $15.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 1st. Finally, Morgan Stanley raised shares of Navient from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $14.00 to $16.00 in a research report on Thursday, December 1st. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.40.

About Navient

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Navient Corp. engages in the provision of asset management and business processing solutions for education, healthcare and government clients at the federal, state and local levels. It operates through the following segments: Federal Education Loans, Consumer Lending, Business Processing and Other. The Federal Education Loans segment owns FFELP Loans and performs servicing and asset recovery services on FFELP Loan portfolio.