Bank of New York Mellon Corp Sells 2,299 Shares of Nelnet, Inc. (NYSE:NNI)

Bank of New York Mellon Corp decreased its holdings in shares of Nelnet, Inc. (NYSE:NNI - Free Report) by 2.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 92,784 shares of the credit services provider's stock after selling 2,299 shares during the period. Bank of New York Mellon Corp owned approximately 0.26% of Nelnet worth $10,293,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in NNI. D.A. Davidson & CO. increased its stake in Nelnet by 15.5% in the first quarter. D.A. Davidson & CO. now owns 20,347 shares of the credit services provider's stock valued at $2,257,000 after acquiring an additional 2,728 shares during the last quarter. Two Sigma Investments LP acquired a new position in Nelnet in the fourth quarter valued at $417,000. QRG Capital Management Inc. increased its stake in Nelnet by 14.0% in the first quarter. QRG Capital Management Inc. now owns 5,530 shares of the credit services provider's stock valued at $613,000 after purchasing an additional 678 shares in the last quarter. Blue Trust Inc. increased its position in shares of Nelnet by 292.1% during the first quarter. Blue Trust Inc. now owns 698 shares of the credit services provider's stock worth $77,000 after acquiring an additional 520 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Nelnet during the fourth quarter worth about $369,000. Institutional investors and hedge funds own 33.51% of the company's stock.

Nelnet Price Performance

NNI stock opened at $119.75 on Tuesday. The company has a debt-to-equity ratio of 2.57, a quick ratio of 34.08 and a current ratio of 34.08. Nelnet, Inc. has a 52 week low of $98.15 and a 52 week high of $127.32. The firm's fifty day moving average is $117.90 and its 200 day moving average is $112.79. The firm has a market cap of $4.35 billion, a P/E ratio of 22.64 and a beta of 0.95.

Nelnet (NYSE:NNI - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The credit services provider reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.47. The company had revenue of $398.49 million during the quarter, compared to analyst estimates of $393.00 million. Nelnet had a net margin of 9.44% and a return on equity of 6.00%. Research analysts predict that Nelnet, Inc. will post 4.52 earnings per share for the current year.

Nelnet announced that its board has approved a stock buyback plan on Thursday, May 8th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the credit services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

Nelnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date was Monday, June 2nd. Nelnet's dividend payout ratio (DPR) is 21.17%.

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.

Want to see what other hedge funds are holding NNI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nelnet, Inc. (NYSE:NNI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.