Millennium Management LLC Buys New Shares in Nelnet, Inc. (NYSE:NNI)

Millennium Management LLC bought a new position in Nelnet, Inc. (NYSE:NNI - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,453 shares of the credit services provider's stock, valued at approximately $369,000.

A number of other institutional investors have also made changes to their positions in the company. MetLife Investment Management LLC lifted its holdings in shares of Nelnet by 1.8% in the 4th quarter. MetLife Investment Management LLC now owns 8,510 shares of the credit services provider's stock worth $909,000 after purchasing an additional 151 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Nelnet by 1.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,395 shares of the credit services provider's stock worth $1,217,000 after buying an additional 188 shares during the period. QRG Capital Management Inc. grew its holdings in Nelnet by 8.6% in the 4th quarter. QRG Capital Management Inc. now owns 4,852 shares of the credit services provider's stock worth $518,000 after buying an additional 384 shares in the last quarter. Sterling Capital Management LLC increased its position 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 acquiring an additional 398 shares during the period. Finally, Invesco Ltd. raised its stake in Nelnet by 2.8% during the 4th quarter. Invesco Ltd. now owns 33,139 shares of the credit services provider's stock valued at $3,540,000 after acquiring an additional 892 shares in the last quarter. 33.51% of the stock is currently owned by institutional investors.

Nelnet Price Performance

Shares of NNI stock traded up $0.35 during midday trading on Thursday, reaching $116.22. 6,622 shares of the company were exchanged, compared to its average volume of 59,472. The company's 50 day moving average price is $110.53 and its two-hundred day moving average price is $110.45. The company has a market cap of $4.22 billion, a P/E ratio of 38.23 and a beta of 0.95. Nelnet, Inc. has a 12 month low of $97.13 and a 12 month high of $127.32. The company has a debt-to-equity ratio of 2.78, a quick ratio of 31.47 and a current ratio of 31.47.

Nelnet (NYSE:NNI - Get Free Report) last released 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 during the quarter, compared to the consensus estimate of $393.00 million. Nelnet had a return on equity of 3.78% and a net margin of 5.54%. On average, sell-side analysts expect that Nelnet, Inc. will post 4.52 earnings per share for the current year.

Nelnet announced that its Board of Directors has approved a stock repurchase program on Thursday, May 8th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the credit services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Nelnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a $0.28 dividend. The ex-dividend date is Monday, June 2nd. This represents a $1.12 annualized dividend and a dividend yield of 0.96%. Nelnet's dividend payout ratio (DPR) is 21.17%.

Analyst Upgrades and Downgrades

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

Nelnet Company 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.