New York State Common Retirement Fund Sells 4,300 Shares of Nelnet, Inc. (NYSE:NNI)

New York State Common Retirement Fund reduced its holdings in shares of Nelnet, Inc. (NYSE:NNI - Free Report) by 18.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,409 shares of the credit services provider's stock after selling 4,300 shares during the quarter. New York State Common Retirement Fund owned approximately 0.05% of Nelnet worth $2,153,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. D.A. Davidson & CO. lifted its holdings in Nelnet by 15.5% during the first quarter. D.A. Davidson & CO. now owns 20,347 shares of the credit services provider's stock worth $2,257,000 after acquiring an additional 2,728 shares during the period. Two Sigma Investments LP bought a new stake in shares of Nelnet in the fourth quarter valued at $417,000. QRG Capital Management Inc. raised its stake in shares of Nelnet by 14.0% in the first quarter. QRG Capital Management Inc. now owns 5,530 shares of the credit services provider's stock valued at $613,000 after buying an additional 678 shares during the period. Blue Trust Inc. raised its stake in shares of Nelnet by 292.1% in the first quarter. Blue Trust Inc. now owns 698 shares of the credit services provider's stock valued at $77,000 after buying an additional 520 shares during the period. Finally, Millennium Management LLC bought a new stake in shares of Nelnet in the fourth quarter valued at $369,000. 33.51% of the stock is currently owned by institutional investors.

Nelnet Stock Performance

Shares of NNI traded up $2.39 during mid-day trading on Friday, hitting $124.77. The stock had a trading volume of 78,977 shares, compared to its average volume of 99,674. The company has a debt-to-equity ratio of 2.57, a current ratio of 34.08 and a quick ratio of 34.08. Nelnet, Inc. has a 52 week low of $98.15 and a 52 week high of $127.32. The firm has a market cap of $4.53 billion, a P/E ratio of 23.59 and a beta of 0.95. The business has a fifty day moving average price of $118.25 and a 200-day moving average price of $113.20.

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

Nelnet declared that its board 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Nelnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date was Monday, June 2nd. Nelnet's payout ratio is currently 21.17%.

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.