Voya Investment Management LLC decreased its holdings in shares of Navient Corporation (NASDAQ:NAVI) by 61.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 354,843 shares of the credit services provider’s stock after selling 564,485 shares during the period. Voya Investment Management LLC owned approximately 0.13% of Navient Corporation worth $5,908,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its position in Navient Corporation by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,130,065 shares of the credit services provider’s stock worth $152,017,000 after purchasing an additional 113,420 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in Navient Corporation by 14.5% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 993,590 shares of the credit services provider’s stock worth $16,543,000 after purchasing an additional 126,200 shares during the period. TLP Group LLC increased its position in Navient Corporation by 3,174.3% during the 2nd quarter. TLP Group LLC now owns 11,100 shares of the credit services provider’s stock worth $185,000 after purchasing an additional 10,761 shares during the period. Parametric Portfolio Associates LLC increased its position in Navient Corporation by 56.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,304,386 shares of the credit services provider’s stock worth $38,368,000 after purchasing an additional 831,209 shares during the period. Finally, Advisor Group Inc. increased its position in Navient Corporation by 1.2% during the 2nd quarter. Advisor Group Inc. now owns 37,355 shares of the credit services provider’s stock worth $621,000 after purchasing an additional 440 shares during the period. Institutional investors own 93.02% of the company’s stock.
In other Navient Corporation news, EVP John M. Kane sold 28,886 shares of Navient Corporation stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total value of $433,290.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.68% of the stock is owned by company insiders.
Several research firms have issued reports on NAVI. Zacks Investment Research cut Navient Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 17th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $20.00 target price on shares of Navient Corporation in a research report on Friday, July 14th. ValuEngine upgraded Navient Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 16th. BidaskClub raised Navient Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Finally, BMO Capital Markets reissued a “hold” rating and set a $16.00 price target (down previously from $17.00) on shares of Navient Corporation in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $18.30.
Shares of Navient Corporation (NAVI) opened at 12.47 on Wednesday. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 6.46 and a beta of 2.48. The stock’s 50 day moving average price is $13.93 and its 200 day moving average price is $14.76. Navient Corporation has a 52 week low of $12.09 and a 52 week high of $17.95.
Navient Corporation (NASDAQ:NAVI) last posted its quarterly earnings data on Tuesday, July 18th. The credit services provider reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. Navient Corporation had a net margin of 11.50% and a return on equity of 14.05%. The business had revenue of $343.00 million for the quarter, compared to analyst estimates of $331.67 million. During the same quarter last year, the business earned $0.47 earnings per share. The business’s revenue for the quarter was down 15.9% on a year-over-year basis. Equities research analysts anticipate that Navient Corporation will post $1.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 5.13%. Navient Corporation’s dividend payout ratio is presently 33.68%.
Navient Corporation declared that its board has initiated a stock buyback program on Wednesday, October 4th that allows the company to repurchase outstanding shares. This repurchase authorization allows the credit services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Navient Corporation Company Profile
Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP).
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