Navient Corporation $NAVI Stock Position Increased by Bank of America Corp DE

Key Points

• Bank of America increased its Navient stake by 685.3% in the first quarter, holding 1.24 million shares worth approximately $10.2 million, or 1.32% of the company. Institutional investors collectively owned 97.14% of Navient.
• Analysts remain cautious, with five Hold ratings and four Sell ratings producing a consensus “Reduce” rating and an average price target of $9.14. JPMorgan recently cut its target to $8.00.
• Navient exceeded quarterly earnings expectations, reporting $0.29 in EPS versus the $0.20 consensus and revenue of $150 million. The company also declared a quarterly dividend of $0.16, representing a 6.8% annualized yield.

Bank of America Corp DE raised its position in shares of Navient Corporation (NASDAQ:NAVI - Free Report) by 685.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,243,764 shares of the credit services provider's stock after purchasing an additional 1,085,380 shares during the period. Bank of America Corp DE owned 1.32% of Navient worth $10,174,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Quantinno Capital Management LP grew its holdings in Navient by 51.4% in the 1st quarter. Quantinno Capital Management LP now owns 85,767 shares of the credit services provider's stock worth $702,000 after buying an additional 29,108 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Navient during the 1st quarter valued at $72,000. Caxton Associates LLP raised its stake in Navient by 38.3% during the 1st quarter. Caxton Associates LLP now owns 222,396 shares of the credit services provider's stock valued at $1,819,000 after acquiring an additional 61,589 shares in the last quarter. Sei Investments Co. boosted its position in Navient by 60.5% during the 1st quarter. Sei Investments Co. now owns 170,441 shares of the credit services provider's stock worth $1,394,000 after acquiring an additional 64,273 shares during the period. Finally, Arbiter Partners Capital Management LLC boosted its position in Navient by 230.5% during the 1st quarter. Arbiter Partners Capital Management LLC now owns 512,548 shares of the credit services provider's stock worth $4,193,000 after acquiring an additional 357,454 shares during the period. Institutional investors own 97.14% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on NAVI shares. JPMorgan Chase & Co. lowered their price target on Navient from $9.50 to $8.00 and set a "neutral" rating on the stock in a report on Monday, July 13th. Barclays upped their price objective on shares of Navient from $7.00 to $8.00 and gave the stock an "underweight" rating in a report on Thursday, April 30th. TD Cowen reissued a "sell" rating on shares of Navient in a research note on Friday, August 7th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Navient in a research report on Wednesday, June 24th. Five investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $9.14.

Navient Stock Performance

Shares of Navient stock opened at $9.45 on Monday. The business has a fifty day simple moving average of $8.60 and a 200-day simple moving average of $8.59. Navient Corporation has a fifty-two week low of $7.33 and a fifty-two week high of $13.87. The firm has a market cap of $886.26 million, a price-to-earnings ratio of -18.90 and a beta of 1.18. The company has a quick ratio of 10.53, a current ratio of 10.53 and a debt-to-equity ratio of 16.73.

Navient (NASDAQ:NAVI - Get Free Report) last released its earnings results on Thursday, August 6th. The credit services provider reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.09. Navient had a positive return on equity of 4.68% and a negative net margin of 1.64%.The firm had revenue of $150.00 million for the quarter, compared to analyst estimates of $142.87 million. During the same period in the previous year, the company earned $0.20 earnings per share. On average, equities analysts forecast that Navient Corporation will post 0.76 EPS for the current fiscal year.

Navient Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.64 annualized dividend and a dividend yield of 6.8%. Navient's payout ratio is currently -128.00%.

Navient Profile

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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