JPMorgan Chase & Co. lowered its position in NIC Inc. (NASDAQ:EGOV) by 56.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 93,522 shares of the software maker’s stock after selling 123,370 shares during the quarter. JPMorgan Chase & Co. owned 0.14% of NIC worth $1,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently made changes to their positions in the company. Gotham Asset Management LLC boosted its holdings in NIC by 18.0% in the first quarter. Gotham Asset Management LLC now owns 293,849 shares of the software maker’s stock valued at $5,936,000 after acquiring an additional 44,856 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in NIC by 53.4% in the second quarter. Bank of New York Mellon Corp now owns 1,351,186 shares of the software maker’s stock valued at $25,604,000 after acquiring an additional 470,181 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in NIC by 8.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 272,483 shares of the software maker’s stock valued at $5,505,000 after acquiring an additional 20,473 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in NIC by 3.1% in the second quarter. Great West Life Assurance Co. Can now owns 91,902 shares of the software maker’s stock valued at $1,736,000 after acquiring an additional 2,800 shares during the last quarter. Finally, Girard Partners LTD. bought a new stake in NIC in the second quarter valued at approximately $208,000. Institutional investors and hedge funds own 92.93% of the company’s stock.
Several analysts recently commented on the company. Zacks Investment Research upgraded NIC from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Tuesday, July 18th. BidaskClub cut NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. DA Davidson assumed coverage on NIC in a report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 target price on the stock. Imperial Capital upgraded NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Monday, July 17th. Finally, Maxim Group reduced their target price on NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $19.29.
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Shares of NIC Inc. (EGOV) opened at 17.50 on Monday. NIC Inc. has a one year low of $15.45 and a one year high of $25.90. The company has a 50-day moving average price of $16.93 and a 200 day moving average price of $18.60. The company has a market capitalization of $1.16 billion, a PE ratio of 20.59 and a beta of 0.41.
NIC (NASDAQ:EGOV) last posted its earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. NIC had a return on equity of 38.37% and a net margin of 17.31%. The firm had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $83.57 million. During the same period in the previous year, the firm earned $0.20 earnings per share. The business’s revenue was up 5.6% compared to the same quarter last year. Equities analysts anticipate that NIC Inc. will post $0.74 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, September 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.83%. NIC’s dividend payout ratio (DPR) is presently 38.10%.
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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