New York State Teachers Retirement System Lowers Holdings in Navient Corporation (NASDAQ:NAVI)

New York State Teachers Retirement System reduced its stake in Navient Corporation (NASDAQ:NAVI - Free Report) by 15.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,334 shares of the credit services provider's stock after selling 17,235 shares during the period. New York State Teachers Retirement System owned about 0.09% of Navient worth $1,191,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of NAVI. Marshall Wace LLP increased its stake in Navient by 1,043.8% in the 4th quarter. Marshall Wace LLP now owns 635,466 shares of the credit services provider's stock worth $8,445,000 after purchasing an additional 579,909 shares during the period. Wellington Management Group LLP increased its stake in Navient by 47.4% in the 4th quarter. Wellington Management Group LLP now owns 1,315,841 shares of the credit services provider's stock worth $17,488,000 after purchasing an additional 423,013 shares during the period. Tudor Investment Corp ET AL increased its stake in Navient by 1,088.8% in the 4th quarter. Tudor Investment Corp ET AL now owns 460,646 shares of the credit services provider's stock worth $6,122,000 after purchasing an additional 421,898 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Navient in the 4th quarter worth approximately $4,009,000. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Navient in the 4th quarter worth approximately $3,717,000. 97.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NAVI shares. Keefe, Bruyette & Woods lifted their price objective on Navient from $14.00 to $16.50 and gave the stock a "market perform" rating in a research report on Wednesday. TD Securities lifted their price objective on Navient from $11.00 to $12.00 and gave the stock a "sell" rating in a research report on Thursday, May 1st. Jefferies Financial Group cut their price objective on Navient from $14.00 to $12.00 and set a "hold" rating on the stock in a research report on Monday, April 21st. TD Cowen lowered Navient from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. lifted their price objective on Navient from $12.50 to $15.50 and gave the stock a "neutral" rating in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Navient has an average rating of "Hold" and an average price target of $13.71.

Navient Stock Down 2.2%

Shares of NASDAQ NAVI traded down $0.35 during mid-day trading on Friday, hitting $15.24. 626,031 shares of the stock traded hands, compared to its average volume of 767,873. The company has a debt-to-equity ratio of 16.56, a quick ratio of 9.88 and a current ratio of 9.88. Navient Corporation has a 52 week low of $10.53 and a 52 week high of $16.97. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 30.48 and a beta of 1.40. The stock has a fifty day moving average price of $13.80 and a 200-day moving average price of $13.34.

Navient (NASDAQ:NAVI - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The credit services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.09. Navient had a return on equity of 5.20% and a net margin of 1.37%. The company had revenue of $156.00 million for the quarter, compared to analyst estimates of $150.40 million. During the same period in the previous year, the company posted $0.47 earnings per share. Research analysts anticipate that Navient Corporation will post 1.04 EPS for the current year.

Navient Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.64 annualized dividend and a dividend yield of 4.20%. Navient's dividend payout ratio is presently 128.00%.

About Navient

Navient Corporation provides technology-enabled education finance and business processing solutions for education, health care, and government clients in the United States. It operates through three segments: Federal Education Loans, Consumer Lending, and Business Processing. The company owns Federal Family Education Loan Program (FFELP) loans that are insured or guaranteed by state or not-for-profit agencies; and performs servicing on its portfolios, as well as federal education loans held by other institutions.