Goldman Sachs Group Inc. Sells 5,995 Shares of Nelnet, Inc. $NNI

Key Points

• Goldman Sachs Group Inc. reduced its holdings in Nelnet, Inc. by 9.3% during the first quarter, now owning approximately 58,728 shares valued at $6.52 million.
• Nelnet recently increased its quarterly dividend to $0.30 per share, announcing a yield of 1.0%, up from the previous $0.28.
• Analysts upgraded Nelnet from a "hold" rating to a "strong-buy" rating, indicating increased confidence in the company's stock performance.

Goldman Sachs Group Inc. decreased its holdings in Nelnet, Inc. (NYSE:NNI - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 58,728 shares of the credit services provider's stock after selling 5,995 shares during the period. Goldman Sachs Group Inc. owned approximately 0.16% of Nelnet worth $6,515,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Intech Investment Management LLC boosted its holdings in shares of Nelnet by 13.9% during the 1st quarter. Intech Investment Management LLC now owns 10,871 shares of the credit services provider's stock valued at $1,206,000 after acquiring an additional 1,324 shares in the last quarter. Integrity Alliance LLC. bought a new position in Nelnet during the 1st quarter worth $459,000. Jane Street Group LLC raised its position in Nelnet by 583.3% during the 1st quarter. Jane Street Group LLC now owns 16,023 shares of the credit services provider's stock worth $1,777,000 after purchasing an additional 13,678 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Nelnet by 7.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 58,415 shares of the credit services provider's stock worth $6,480,000 after acquiring an additional 3,923 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its position in Nelnet by 1,246.0% in the 1st quarter. Jones Financial Companies Lllp now owns 3,365 shares of the credit services provider's stock valued at $373,000 after buying an additional 3,115 shares in the last quarter. Institutional investors own 33.51% of the company's stock.

Nelnet Stock Performance

Shares of NYSE NNI traded down $1.13 during midday trading on Friday, reaching $127.24. The company's stock had a trading volume of 30,997 shares, compared to its average volume of 66,499. The company has a debt-to-equity ratio of 2.27, a current ratio of 29.42 and a quick ratio of 29.41. The stock has a market capitalization of $4.60 billion, a P/E ratio of 14.09 and a beta of 0.87. The firm has a 50 day moving average price of $125.18 and a 200-day moving average price of $117.30. Nelnet, Inc. has a 12-month low of $98.15 and a 12-month high of $136.17.

Nelnet (NYSE:NNI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The credit services provider reported $5.05 EPS for the quarter, topping analysts' consensus estimates of $1.91 by $3.14. Nelnet had a net margin of 14.86% and a return on equity of 10.09%. The company had revenue of $540.61 million for the quarter, compared to analysts' expectations of $376.40 million. As a group, equities analysts predict that Nelnet, Inc. will post 4.52 earnings per share for the current year.

Nelnet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This is an increase from Nelnet's previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a dividend yield of 0.9%. Nelnet's payout ratio is currently 13.29%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Nelnet from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th.

Insider Buying and Selling at Nelnet

In other news, major shareholder Shelby J. Butterfield sold 41,929 shares of the company's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $119.25, for a total value of $5,000,033.25. Following the transaction, the insider owned 510 shares of the company's stock, valued at approximately $60,817.50. This represents a 98.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas Edward Henning sold 5,094 shares of the company's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $128.87, for a total transaction of $656,463.78. Following the completion of the transaction, the director owned 11,058 shares of the company's stock, valued at $1,425,044.46. This trade represents a 31.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,125 shares of company stock worth $6,056,252. Insiders own 50.90% of the company's stock.

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.