Rafferty Asset Management LLC increased its position in Navient Corp (NASDAQ:NAVI) by 260.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,694 shares of the credit services provider’s stock after buying an additional 39,525 shares during the period. Rafferty Asset Management LLC’s holdings in Navient Corp were worth $807,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. BB&T Securities LLC increased its stake in shares of Navient Corp by 83.1% in the first quarter. BB&T Securities LLC now owns 76,851 shares of the credit services provider’s stock worth $1,134,000 after buying an additional 34,874 shares during the period. AXA increased its stake in shares of Navient Corp by 3.1% in the first quarter. AXA now owns 47,000 shares of the credit services provider’s stock worth $694,000 after buying an additional 1,400 shares during the period. Spark Investment Management LLC increased its stake in shares of Navient Corp by 196.1% in the first quarter. Spark Investment Management LLC now owns 253,500 shares of the credit services provider’s stock worth $3,741,000 after buying an additional 167,900 shares during the period. Alliancebernstein L.P. increased its stake in shares of Navient Corp by 20.7% in the first quarter. Alliancebernstein L.P. now owns 684,857 shares of the credit services provider’s stock worth $10,108,000 after buying an additional 117,346 shares during the period. Finally, AE Wealth Management LLC increased its stake in shares of Navient Corp by 14.4% in the first quarter. AE Wealth Management LLC now owns 61,045 shares of the credit services provider’s stock worth $901,000 after buying an additional 7,700 shares during the period. 93.89% of the stock is owned by institutional investors and hedge funds.
Navient Corp (NAVI) opened at 14.43 on Wednesday. The stock’s 50 day moving average price is $14.78 and its 200-day moving average price is $15.47. Navient Corp has a 12-month low of $11.01 and a 12-month high of $17.95. The stock has a market capitalization of $4.11 billion, a PE ratio of 7.59 and a beta of 2.57.
Navient Corp (NASDAQ:NAVI) last released its quarterly earnings results on Tuesday, April 18th. The credit services provider reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.42 by $0.06. Navient Corp had a return on equity of 15.65% and a net margin of 13.72%. The company had revenue of $334 million during the quarter, compared to analyst estimates of $345.60 million. During the same period last year, the firm earned $0.43 earnings per share. The business’s revenue was down 19.7% compared to the same quarter last year. Analysts expect that Navient Corp will post $1.80 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, June 2nd will be issued a $0.16 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.44%. Navient Corp’s dividend payout ratio (DPR) is 30.19%.
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A number of brokerages have issued reports on NAVI. Wedbush reaffirmed a “neutral” rating and issued a $16.50 target price on shares of Navient Corp in a research note on Tuesday, April 18th. Barclays PLC set a $20.00 target price on Navient Corp and gave the stock a “buy” rating in a research note on Wednesday, April 12th. BMO Capital Markets reaffirmed a “hold” rating and issued a $17.00 target price on shares of Navient Corp in a research note on Tuesday, April 11th. Keefe, Bruyette & Woods set a $20.00 target price on Navient Corp and gave the stock a “buy” rating in a research note on Thursday, April 6th. Finally, Zacks Investment Research raised Navient Corp from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Wednesday, April 5th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $17.75.
In other news, Director Gilleland Diane Suitt sold 5,467 shares of the business’s stock in a transaction on Monday, April 24th. The stock was sold at an average price of $15.89, for a total value of $86,870.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.05% of the company’s stock.
Navient Corp 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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