1,408,769 Shares in Navient Corporation $NAVI Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 1.41 million Navient shares in the second quarter, worth approximately $12 million and representing a 1.5% stake. Institutional investors collectively own 97.14% of NAVI, with BlackRock also initiating a significant position.
• Navient exceeded quarterly expectations, reporting $0.29 in EPS versus a $0.20 consensus and revenue of $150 million. The company also maintains a $0.16 quarterly dividend, equivalent to a 7.0% annualized yield.
• Analyst sentiment remains cautious: Navient has a consensus rating of “Reduce”, with five Hold ratings and four Sell ratings, and an average price target of $9.14 versus the stock’s $9.12 opening price.

Bank of America Corp DE acquired a new position in shares of Navient Corporation (NASDAQ:NAVI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,408,769 shares of the credit services provider's stock, valued at approximately $11,989,000. Bank of America Corp DE owned 1.50% of Navient at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NAVI. BlackRock Inc. bought a new stake in Navient during the 2nd quarter valued at $110,235,000. PDT Partners LLC bought a new position in shares of Navient in the second quarter worth $4,435,000. Arbiter Partners Capital Management LLC increased its holdings in shares of Navient by 230.5% during the first quarter. Arbiter Partners Capital Management LLC now owns 512,548 shares of the credit services provider's stock valued at $4,193,000 after purchasing an additional 357,454 shares during the period. Man Group plc acquired a new position in shares of Navient during the second quarter valued at $4,064,000. Finally, WINTON GROUP Ltd raised its stake in shares of Navient by 208.4% during the fourth quarter. WINTON GROUP Ltd now owns 292,120 shares of the credit services provider's stock valued at $3,798,000 after purchasing an additional 197,395 shares in the last quarter. 97.14% of the stock is owned by institutional investors.

Navient Price Performance

NAVI stock opened at $9.12 on Friday. Navient Corporation has a one year low of $7.33 and a one year high of $13.50. The firm has a 50-day moving average of $9.17 and a two-hundred day moving average of $8.63. The firm has a market capitalization of $855.27 million, a PE ratio of -18.24 and a beta of 1.18. The company has a current ratio of 10.53, a quick ratio of 10.53 and a debt-to-equity ratio of 16.73.

Navient (NASDAQ:NAVI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The credit services provider reported $0.29 EPS for the quarter, beating the consensus estimate of $0.20 by $0.09. The business had revenue of $150.00 million during the quarter, compared to the consensus estimate of $142.87 million. Navient had a negative net margin of 1.64% and a positive return on equity of 4.68%. During the same quarter in the prior year, the firm earned $0.20 EPS. On average, analysts forecast that Navient Corporation will post 0.78 earnings per share for the current year.

Navient Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 7.0%. The ex-dividend date was Friday, September 4th. Navient's dividend payout ratio is currently -128.00%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. TD Cowen reissued a "sell" rating on shares of Navient in a research note on Friday, August 7th. JPMorgan Chase & Co. reduced their price target on shares of Navient from $9.50 to $8.00 and set a "neutral" rating for the company in a research note on Monday, July 13th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Navient in a report on Monday. Five investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Navient has a consensus rating of "Reduce" and an average price target of $9.14.

Navient Company Profile

Navient Corporation NASDAQ: NAVI is a U.S.-based provider of education finance and business processing solutions. The company's activities include originating and servicing private education loans, providing loan asset management services, and supporting government and commercial clients with administrative and customer-service functions.

Navient traces its history to the creation of the Student Loan Marketing Association, commonly known as Sallie Mae, in 1972. In 2014, Sallie Mae separated its consumer banking and education-finance operations from its government-guaranteed student loan servicing business.

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