Rhumbline Advisers lowered its stake in shares of Navient Co. (NASDAQ:NAVI – Free Report) by 3.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 446,861 shares of the credit services provider’s stock after selling 16,822 shares during the quarter. Rhumbline Advisers owned approximately 0.35% of Navient worth $7,145,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC bought a new position in Navient during the first quarter valued at about $507,000. Mitsubishi UFJ Trust & Banking Corp grew its position in Navient by 6.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 82,706 shares of the credit services provider’s stock valued at $1,322,000 after buying an additional 4,889 shares during the period. Russell Investments Group Ltd. grew its position in Navient by 5.0% during the first quarter. Russell Investments Group Ltd. now owns 218,986 shares of the credit services provider’s stock valued at $3,500,000 after buying an additional 10,337 shares during the period. Federated Hermes Inc. grew its position in Navient by 14.1% during the first quarter. Federated Hermes Inc. now owns 24,222 shares of the credit services provider’s stock valued at $387,000 after buying an additional 2,998 shares during the period. Finally, Barclays PLC grew its position in Navient by 19.9% during the first quarter. Barclays PLC now owns 98,884 shares of the credit services provider’s stock valued at $1,582,000 after buying an additional 16,383 shares during the period. Institutional investors own 94.85% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on NAVI. StockNews.com began coverage on shares of Navient in a research report on Thursday, August 17th. They set a “buy” rating for the company. Citigroup increased their target price on shares of Navient from $17.00 to $19.00 in a research report on Friday, July 7th. Finally, Compass Point cut their target price on shares of Navient from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Navient currently has a consensus rating of “Hold” and an average target price of $18.05.
Insider Activity at Navient
In related news, EVP Mark L. Heleen sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $19.01, for a total value of $380,200.00. Following the sale, the executive vice president now directly owns 404,056 shares of the company’s stock, valued at $7,681,104.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 22.10% of the stock is currently owned by insiders.
Navient Price Performance
NAVI stock opened at $17.76 on Wednesday. The firm has a 50 day moving average of $18.35 and a 200-day moving average of $17.14. The company has a current ratio of 12.78, a quick ratio of 12.78 and a debt-to-equity ratio of 19.43. Navient Co. has a 12 month low of $12.88 and a 12 month high of $19.69. The firm has a market capitalization of $2.16 billion, a P/E ratio of 6.10 and a beta of 1.58.
Navient (NASDAQ:NAVI – Get Free Report) last announced its earnings results on Wednesday, July 26th. The credit services provider reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.06). The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $228.53 million. Navient had a net margin of 8.51% and a return on equity of 14.62%. During the same period in the prior year, the business earned $0.92 earnings per share. As a group, sell-side analysts predict that Navient Co. will post 3.37 earnings per share for the current fiscal year.
Navient Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Thursday, August 31st. Navient’s dividend payout ratio is currently 21.99%.
About Navient
Navient Corporation provides technology-enabled education finance and business processing solutions for education, health care, and government clients in the United States. It operates through three segments: Federal Education Loans, Consumer Lending, and Business Processing. The company owns Federal Family Education Loan Program (FFELP) loans that are insured or guaranteed by state or not-for-profit agencies; and performs servicing and asset recovery services on its own loan portfolio, as well as federal education loans held by other institutions.
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