Nelnet, Inc. (NYSE:NNI) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its position in shares of Nelnet, Inc. (NYSE:NNI - Free Report) by 15.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,459 shares of the credit services provider's stock after selling 2,815 shares during the quarter. Bank of America Corp DE's holdings in Nelnet were worth $1,651,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. HighTower Advisors LLC boosted its holdings in shares of Nelnet by 25.1% during the fourth quarter. HighTower Advisors LLC now owns 76,896 shares of the credit services provider's stock valued at $8,213,000 after acquiring an additional 15,445 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Nelnet by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 201,969 shares of the credit services provider's stock worth $21,572,000 after purchasing an additional 2,778 shares during the period. Proficio Capital Partners LLC lifted its holdings in Nelnet by 16,773.6% in the fourth quarter. Proficio Capital Partners LLC now owns 482,247 shares of the credit services provider's stock worth $482,000 after purchasing an additional 479,389 shares during the period. Edgestream Partners L.P. lifted its holdings in Nelnet by 230.1% in the fourth quarter. Edgestream Partners L.P. now owns 24,797 shares of the credit services provider's stock worth $2,649,000 after purchasing an additional 17,285 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Nelnet by 30.7% in the fourth quarter. JPMorgan Chase & Co. now owns 172,480 shares of the credit services provider's stock worth $18,423,000 after purchasing an additional 40,476 shares during the period. Institutional investors and hedge funds own 33.51% of the company's stock.

Nelnet Price Performance

NNI stock traded up $0.62 during trading on Friday, hitting $114.51. The company had a trading volume of 50,913 shares, compared to its average volume of 59,513. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 37.67 and a beta of 0.95. The business has a 50 day moving average of $110.02 and a 200 day moving average of $110.33. Nelnet, Inc. has a fifty-two week low of $97.13 and a fifty-two week high of $127.32. The company has a current ratio of 31.47, a quick ratio of 31.47 and a debt-to-equity ratio of 2.78.

Nelnet (NYSE:NNI - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The credit services provider reported $2.39 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.47. The business had revenue of $398.49 million during the quarter, compared to the consensus estimate of $393.00 million. Nelnet had a net margin of 5.54% and a return on equity of 3.78%. As a group, research analysts predict that Nelnet, Inc. will post 4.52 earnings per share for the current year.

Nelnet announced that its Board of Directors has authorized a share buyback plan on Thursday, May 8th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the credit services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Nelnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend is Monday, June 2nd. Nelnet's dividend payout ratio (DPR) is presently 21.17%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Nelnet from a "hold" rating to a "buy" rating in a report on Tuesday, March 4th.

Nelnet Company Profile

Nelnet, Inc engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services.