Allianz Asset Management GmbH Buys 3,921 Shares of Nelnet, Inc. (NYSE:NNI)

Key Points

• Allianz Asset Management GmbH increased its stake in Nelnet, Inc. by 84.7% during the first quarter, holding 8,553 shares valued at $949,000.
• Nelnet recently reported a quarterly earnings per share of $2.39, exceeding estimates of $1.92, and announced a stock buyback plan allowing for the repurchase of 5 million shares.
• The company declared a quarterly dividend of $0.28 per share, reflecting an annualized dividend of $1.12 and a yield of 0.9%.

Allianz Asset Management GmbH raised its position in Nelnet, Inc. (NYSE:NNI - Free Report) by 84.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,553 shares of the credit services provider's stock after buying an additional 3,921 shares during the quarter. Allianz Asset Management GmbH's holdings in Nelnet were worth $949,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of NNI. KBC Group NV acquired a new stake in shares of Nelnet in the 1st quarter valued at approximately $32,000. Sterling Capital Management LLC boosted its position in Nelnet by 796.0% during the 4th quarter. Sterling Capital Management LLC now owns 448 shares of the credit services provider's stock worth $48,000 after buying an additional 398 shares during the period. Blue Trust Inc. boosted its position in Nelnet by 292.1% during the 1st quarter. Blue Trust Inc. now owns 698 shares of the credit services provider's stock worth $77,000 after buying an additional 520 shares during the period. Man Group plc acquired a new stake in Nelnet during the 4th quarter worth approximately $202,000. Finally, Dark Forest Capital Management LP acquired a new stake in Nelnet during the 4th quarter worth approximately $228,000. 33.51% of the stock is owned by institutional investors.

Nelnet Trading Down 1.3%

NYSE:NNI traded down $1.67 during mid-day trading on Friday, hitting $123.10. 66,582 shares of the company's stock were exchanged, compared to its average volume of 94,593. The company has a 50 day simple moving average of $118.91 and a 200-day simple moving average of $113.72. The company has a current ratio of 34.08, a quick ratio of 34.08 and a debt-to-equity ratio of 2.57. Nelnet, Inc. has a fifty-two week low of $98.15 and a fifty-two week high of $127.32. The firm has a market capitalization of $4.47 billion, a P/E ratio of 23.27 and a beta of 0.95.

Nelnet (NYSE:NNI - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The credit services provider reported $2.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.92 by $0.47. The firm had revenue of $398.49 million for the quarter, compared to the consensus estimate of $393.00 million. Nelnet had a net margin of 9.44% and a return on equity of 6.00%. As a group, research analysts expect that Nelnet, Inc. will post 4.52 earnings per share for the current year.

Nelnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a $0.28 dividend. The ex-dividend date was Monday, June 2nd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.9%. Nelnet's payout ratio is 21.17%.

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

About Nelnet

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.