BlackRock Inc. acquired a new position in Navient Corporation (NASDAQ:NAVI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 12,953,626 shares of the credit services provider's stock, valued at approximately $110,235,000. BlackRock Inc. owned 13.78% of Navient as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in the business. Bank of America Corp DE raised its holdings in shares of Navient by 685.3% during the first quarter. Bank of America Corp DE now owns 1,243,764 shares of the credit services provider's stock valued at $10,174,000 after acquiring an additional 1,085,380 shares in the last quarter. Orbis Allan Gray Ltd boosted its holdings in Navient by 23.2% in the second quarter. Orbis Allan Gray Ltd now owns 2,848,718 shares of the credit services provider's stock valued at $40,167,000 after acquiring an additional 536,933 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Navient by 37.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,543,796 shares of the credit services provider's stock valued at $20,069,000 after purchasing an additional 423,381 shares during the period. Charles Schwab Investment Management Inc. increased its position in Navient by 20.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,484,742 shares of the credit services provider's stock valued at $32,302,000 after purchasing an additional 418,161 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in Navient during the 2nd quarter valued at $3,176,000. 97.14% of the stock is currently owned by institutional investors.
Navient Price Performance
NAVI stock opened at $9.46 on Friday. The company has a debt-to-equity ratio of 16.73, a quick ratio of 10.53 and a current ratio of 10.53. The firm has a 50 day moving average price of $8.74 and a 200-day moving average price of $8.58. Navient Corporation has a 52-week low of $7.33 and a 52-week high of $13.87. The firm has a market capitalization of $887.20 million, a price-to-earnings ratio of -18.92 and a beta of 1.18.
Navient (NASDAQ:NAVI - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The credit services provider reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.09. The company had revenue of $150.00 million for the quarter, compared to the consensus estimate of $142.87 million. Navient had a positive return on equity of 4.68% and a negative net margin of 1.64%.During the same quarter in the prior year, the business posted $0.20 EPS. Equities research analysts forecast that Navient Corporation will post 0.76 EPS for the current fiscal year.
Navient Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date is Friday, September 4th. Navient's payout ratio is presently -128.00%.
Wall Street Analyst Weigh In
Several research firms have recently commented on NAVI. JPMorgan Chase & Co. dropped their target price on shares of Navient from $9.50 to $8.00 and set a "neutral" rating for the company in a research report on Monday, July 13th. Weiss Ratings reiterated a "sell (d)" rating on shares of Navient in a research report on Wednesday, June 24th. Finally, TD Cowen reissued a "sell" rating on shares of Navient in a research note on Friday, August 7th. Five equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $9.14.
Check Out Our Latest Analysis on NAVI
Navient Company Profile
(
Free Report)
Navient Corporation NASDAQ: NAVI is a specialized provider of asset management and business processing solutions, with a primary focus on student loan servicing. Established in 2014 through the separation from Sallie Mae, Navient assumed responsibility for servicing federal and private education loans, positioning itself as one of the largest servicers of higher education debt in the United States.
The company's core activities center on federal student loan servicing under contracts with the U.S.
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