An issue of Navient Corporation (NASDAQ:NAVI) bonds rose 2.3% as a percentage of their face value during trading on Wednesday. The debt issue has a 6.125% coupon and is set to mature on March 25, 2024. The bonds in the issue are now trading at $103.00 and were trading at $101.50 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
Several equities analysts have recently issued reports on NAVI shares. Keefe, Bruyette & Woods reissued a “buy” rating and set a $20.00 target price on shares of Navient Corporation in a research note on Friday, July 14th. Compass Point raised Navient Corporation from a “neutral” rating to a “buy” rating and set a $16.50 target price on the stock in a research note on Tuesday, September 5th. Citigroup Inc. started coverage on Navient Corporation in a research note on Monday. They set a “buy” rating and a $20.00 target price on the stock. BidaskClub cut Navient Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $16.00 target price on shares of Navient Corporation in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $18.27.
Shares of Navient Corporation (NASDAQ NAVI) opened at 12.31 on Friday. Navient Corporation has a 52 week low of $11.48 and a 52 week high of $17.95. The company has a 50-day moving average price of $13.61 and a 200 day moving average price of $14.62. The stock has a market capitalization of $3.33 billion, a PE ratio of 6.80 and a beta of 2.48.
Navient Corporation (NASDAQ:NAVI) last announced its quarterly earnings results on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.05. Navient Corporation had a return on equity of 14.09% and a net margin of 10.88%. The business had revenue of $343.00 million for the quarter, compared to the consensus estimate of $361.33 million. During the same period last year, the business posted $0.50 EPS. The business’s revenue was down 15.3% compared to the same quarter last year. Equities analysts forecast that Navient Corporation will post $1.73 EPS for the current fiscal year.
Navient Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 4th that authorizes the company to repurchase outstanding shares. This repurchase authorization authorizes the credit services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In other news, EVP John M. Kane sold 28,886 shares of Navient Corporation stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $15.00, for a total value of $433,290.00. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.68% of the company’s stock.
A number of hedge funds have recently made changes to their positions in NAVI. Ameritas Investment Partners Inc. purchased a new position in Navient Corporation during the 1st quarter worth $112,000. OppenheimerFunds Inc. grew its stake in Navient Corporation by 275.1% during the 1st quarter. OppenheimerFunds Inc. now owns 562,679 shares of the credit services provider’s stock worth $8,305,000 after buying an additional 412,669 shares during the last quarter. Wellington Management Group LLP grew its stake in Navient Corporation by 30.8% during the 1st quarter. Wellington Management Group LLP now owns 595,263 shares of the credit services provider’s stock worth $8,787,000 after buying an additional 140,173 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Navient Corporation by 4.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 51,475 shares of the credit services provider’s stock worth $761,000 after buying an additional 2,313 shares during the last quarter. Finally, Thrivent Financial For Lutherans grew its stake in Navient Corporation by 2.3% during the 1st quarter. Thrivent Financial For Lutherans now owns 10,660 shares of the credit services provider’s stock worth $157,000 after buying an additional 240 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.
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About Navient Corporation
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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