Millennium Management LLC Acquires Shares of 3,453 Nelnet, Inc. (NYSE:NNI)

Millennium Management LLC acquired a new stake in Nelnet, Inc. (NYSE:NNI - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,453 shares of the credit services provider's stock, valued at approximately $369,000.

A number of other institutional investors have also bought and sold shares of the business. Sterling Capital Management LLC boosted its holdings in Nelnet by 796.0% in the 4th quarter. Sterling Capital Management LLC now owns 448 shares of the credit services provider's stock valued at $48,000 after purchasing an additional 398 shares during the last quarter. Venator Management LLC purchased a new stake in shares of Nelnet during the 4th quarter valued at approximately $214,000. EntryPoint Capital LLC acquired a new position in Nelnet in the fourth quarter valued at approximately $223,000. Dark Forest Capital Management LP purchased a new position in Nelnet in the fourth quarter worth approximately $228,000. Finally, Handelsbanken Fonder AB increased its stake in Nelnet by 51.0% during the fourth quarter. Handelsbanken Fonder AB now owns 3,551 shares of the credit services provider's stock worth $379,000 after acquiring an additional 1,200 shares during the last quarter. 33.51% of the stock is owned by hedge funds and other institutional investors.

Nelnet Trading Down 2.4%

Shares of NNI stock traded down $2.72 during trading hours on Friday, hitting $112.39. The company had a trading volume of 52,064 shares, compared to its average volume of 59,379. The company has a debt-to-equity ratio of 2.78, a current ratio of 31.47 and a quick ratio of 31.47. The stock has a market capitalization of $4.08 billion, a PE ratio of 36.97 and a beta of 0.95. The company's fifty day moving average is $111.02 and its 200 day moving average is $110.53. Nelnet, Inc. has a fifty-two week low of $97.13 and a fifty-two week high of $127.32.

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

Nelnet declared that its Board of Directors has initiated a share repurchase program on Thursday, May 8th that permits the company to repurchase 5,000,000 shares. This repurchase authorization permits the credit services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Nelnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, June 2nd. Nelnet's dividend payout ratio is currently 21.17%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Nelnet from a "hold" rating to a "buy" rating in a research note 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.