Bank of America Corp DE Sells 2,815 Shares of Nelnet, Inc. (NYSE:NNI)

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

Several other large investors have also made changes to their positions in NNI. Algert Global LLC raised its stake in Nelnet by 6.9% during the fourth quarter. Algert Global LLC now owns 19,864 shares of the credit services provider's stock worth $2,122,000 after acquiring an additional 1,283 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in Nelnet in the fourth quarter valued at approximately $1,441,000. Price T Rowe Associates Inc. MD lifted its stake in Nelnet by 19.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,125 shares of the credit services provider's stock valued at $975,000 after acquiring an additional 1,460 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in Nelnet during the fourth quarter worth about $228,000. Finally, MetLife Investment Management LLC raised its position in Nelnet by 1.8% during the fourth quarter. MetLife Investment Management LLC now owns 8,510 shares of the credit services provider's stock worth $909,000 after acquiring an additional 151 shares in the last quarter. Institutional investors and hedge funds own 33.51% of the company's stock.

Nelnet Price Performance

Shares of NNI traded up $0.15 during midday trading on Thursday, hitting $114.01. The company's stock had a trading volume of 65,713 shares, compared to its average volume of 59,560. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 37.50 and a beta of 0.93. The company has a quick ratio of 31.47, a current ratio of 31.47 and a debt-to-equity ratio of 2.78. The company's fifty day simple moving average is $109.95 and its two-hundred day simple moving average is $110.21. Nelnet, Inc. has a one year low of $97.13 and a one year high of $127.32.

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

Nelnet announced that its board has authorized a stock buyback program on Thursday, May 8th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the credit services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Nelnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $0.28 per share. The ex-dividend date is Monday, June 2nd. This represents a $1.12 dividend on an annualized basis and a yield of 0.98%. Nelnet's dividend payout ratio is currently 21.17%.

Analyst Ratings Changes

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

Nelnet 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.