Louisiana State Employees Retirement System raised its holdings in Navient Co. (NASDAQ:NAVI – Free Report) by 92.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 51,800 shares of the credit services provider’s stock after acquiring an additional 24,900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Navient were worth $962,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of NAVI. Quarry LP lifted its holdings in Navient by 299.1% in the first quarter. Quarry LP now owns 2,530 shares of the credit services provider’s stock valued at $40,000 after acquiring an additional 1,896 shares during the period. State of Wyoming purchased a new position in shares of Navient in the fourth quarter valued at $62,000. Covestor Ltd increased its position in shares of Navient by 87.4% in the first quarter. Covestor Ltd now owns 5,042 shares of the credit services provider’s stock valued at $86,000 after buying an additional 2,352 shares in the last quarter. Advisor Group Holdings Inc. increased its position in shares of Navient by 11.6% in the fourth quarter. Advisor Group Holdings Inc. now owns 7,646 shares of the credit services provider’s stock valued at $125,000 after buying an additional 797 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Navient by 70.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,508 shares of the credit services provider’s stock valued at $136,000 after buying an additional 3,521 shares in the last quarter. Institutional investors and hedge funds own 94.85% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on NAVI shares. Compass Point dropped their price target on Navient from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, August 1st. StockNews.com started coverage on Navient in a research report on Thursday. They issued a “buy” rating for the company. Morgan Stanley dropped their price objective on Navient from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 3rd. Finally, Citigroup dropped their price objective on Navient from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.95.
Insider Activity
In other news, EVP Mark L. Heleen sold 20,000 shares of Navient stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $19.01, for a total value of $380,200.00. Following the transaction, the executive vice president now directly owns 404,056 shares of the company’s stock, valued at approximately $7,681,104.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 26.93% of the company’s stock.
Navient Stock Up 1.7 %
Shares of NASDAQ:NAVI opened at $17.42 on Friday. The stock’s 50-day moving average price is $17.54 and its two-hundred day moving average price is $17.13. 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 $14.21 and a 12-month high of $19.69. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 5.99 and a beta of 1.56.
Navient (NASDAQ:NAVI – Get Free Report) last issued its quarterly earnings results on Wednesday, July 26th. The credit services provider reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.06). Navient had a return on equity of 14.62% and a net margin of 8.51%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $228.53 million. During the same period in the previous year, the business posted $0.92 earnings per share. On average, research analysts forecast that Navient Co. will post 3.32 EPS for the current year.
Navient Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend was Thursday, August 31st. Navient’s payout ratio is 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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