Northern Trust Corp Has $23.92 Million Position in Nelnet, Inc. $NNI

Key Points

• Northern Trust Corp reduced its stake in Nelnet, Inc. by 3.7%, now owning 215,660 shares valued at approximately $23.9 million.
• Vanguard Group significantly increased its holdings in Nelnet by 13.9%, now possessing over 1.5 million shares worth about $170.34 million.
• Nelnet recently increased its quarterly dividend from $0.28 to $0.30 per share, indicating a commitment to returning value to shareholders.

Northern Trust Corp decreased its position in shares of Nelnet, Inc. (NYSE:NNI - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 215,660 shares of the credit services provider's stock after selling 8,212 shares during the quarter. Northern Trust Corp owned about 0.59% of Nelnet worth $23,923,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Nelnet by 1.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,395 shares of the credit services provider's stock valued at $1,217,000 after purchasing an additional 188 shares during the period. KBC Group NV acquired a new stake in Nelnet during the first quarter worth approximately $32,000. Russell Investments Group Ltd. grew its stake in Nelnet by 576.5% in the first quarter. Russell Investments Group Ltd. now owns 460 shares of the credit services provider's stock valued at $51,000 after acquiring an additional 392 shares during the period. RMR Capital Management LLC boosted its position in Nelnet by 10.4% in the first quarter. RMR Capital Management LLC now owns 4,453 shares of the credit services provider's stock worth $494,000 after purchasing an additional 418 shares during the last quarter. Finally, 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. 33.51% of the stock is currently owned by institutional investors and hedge funds.

Nelnet Stock Down 0.2%

NYSE:NNI traded down $0.20 during trading hours on Friday, reaching $128.30. The company's stock had a trading volume of 23,078 shares, compared to its average volume of 65,595. The stock has a 50 day moving average price of $124.67 and a two-hundred day moving average price of $116.53. The company has a debt-to-equity ratio of 2.27, a quick ratio of 29.41 and a current ratio of 29.42. Nelnet, Inc. has a 12 month low of $98.15 and a 12 month high of $131.06. The company has a market capitalization of $4.64 billion, a P/E ratio of 14.20 and a beta of 0.87.

Nelnet (NYSE:NNI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The credit services provider reported $5.05 earnings per share for the quarter, topping the consensus estimate of $1.91 by $3.14. The firm had revenue of $540.61 million during the quarter, compared to the consensus estimate of $376.40 million. Nelnet had a net margin of 14.86% and a return on equity of 10.09%. Equities analysts predict that Nelnet, Inc. will post 4.52 EPS for the current fiscal year.

Nelnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.30 per share. This is an increase from Nelnet's previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, September 2nd. Nelnet's payout ratio is presently 13.29%.

Nelnet announced that its board has initiated a share repurchase program on Thursday, May 8th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the credit services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Nelnet from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 9th.

Insider Buying and Selling

In other news, major shareholder Shelby J. Butterfield sold 41,929 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $119.25, for a total value of $5,000,033.25. Following the transaction, the insider directly owned 510 shares in the company, valued at approximately $60,817.50. This trade represents a 98.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 50.90% of the stock is owned by company insiders.

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.