Nelnet, Inc. (NYSE:NNI – Get Free Report) announced a quarterly dividend on Monday, August 7th, Wall Street Journal reports. Investors of record on Friday, September 1st will be given a dividend of 0.26 per share by the credit services provider on Friday, September 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, August 31st.
Nelnet has increased its dividend payment by an average of 9.8% annually over the last three years and has raised its dividend every year for the last 8 years. Nelnet has a dividend payout ratio of 17.3% meaning its dividend is sufficiently covered by earnings.
Nelnet Stock Down 2.9 %
NNI stock opened at $97.45 on Wednesday. The company’s 50 day moving average price is $97.78 and its 200 day moving average price is $94.78. The company has a debt-to-equity ratio of 4.17, a quick ratio of 55.87 and a current ratio of 55.87. Nelnet has a fifty-two week low of $78.41 and a fifty-two week high of $101.60. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 19.15 and a beta of 0.82.
Institutional Investors Weigh In On Nelnet
Several large investors have recently modified their holdings of the company. Advisor Group Holdings Inc. boosted its holdings in shares of Nelnet by 30.2% in the fourth quarter. Advisor Group Holdings Inc. now owns 715 shares of the credit services provider’s stock valued at $65,000 after acquiring an additional 166 shares during the period. Ancora Advisors LLC boosted its holdings in shares of Nelnet by 15.6% in the first quarter. Ancora Advisors LLC now owns 1,484 shares of the credit services provider’s stock valued at $108,000 after acquiring an additional 200 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Nelnet by 10.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,817 shares of the credit services provider’s stock valued at $259,000 after acquiring an additional 262 shares during the period. Group One Trading L.P. acquired a new stake in shares of Nelnet in the first quarter valued at approximately $26,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Nelnet in the fourth quarter valued at approximately $29,000. 35.55% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Separately, StockNews.com began coverage on Nelnet in a report on Thursday, May 18th. They issued a “hold” rating for the company.
View Our Latest Analysis on NNI
Nelnet Company Profile
Nelnet, Inc engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. Its Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services.
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