Northern Trust Corp Cuts Stock Position in Nelnet, Inc. (NYSE:NNI)

Northern Trust Corp cut its holdings in Nelnet, Inc. (NYSE:NNI - Free Report) by 2.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 223,872 shares of the credit services provider's stock after selling 5,923 shares during the quarter. Northern Trust Corp owned approximately 0.62% of Nelnet worth $23,912,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of NNI. Vanguard Group Inc. lifted its stake in shares of Nelnet by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 1,347,756 shares of the credit services provider's stock worth $143,954,000 after acquiring an additional 99,885 shares during the period. Farmers & Merchants Investments Inc. increased its holdings in Nelnet by 0.5% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 1,187,527 shares of the credit services provider's stock worth $126,840,000 after purchasing an additional 5,708 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in Nelnet by 16,773.6% in the fourth quarter. Proficio Capital Partners LLC now owns 482,247 shares of the credit services provider's stock worth $482,000 after purchasing an additional 479,389 shares in the last quarter. Geode Capital Management LLC increased its holdings in Nelnet by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 361,553 shares of the credit services provider's stock worth $38,627,000 after purchasing an additional 1,060 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Nelnet by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 201,969 shares of the credit services provider's stock worth $21,572,000 after purchasing an additional 2,778 shares in the last quarter. 33.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Nelnet from a "hold" rating to a "buy" rating in a report on Tuesday, March 4th.

Nelnet Stock Down 0.9%

Shares of NYSE NNI traded down $1.12 during midday trading on Friday, hitting $118.54. 83,332 shares of the stock traded hands, compared to its average volume of 58,943. The company has a market cap of $4.30 billion, a PE ratio of 38.99 and a beta of 0.93. Nelnet, Inc. has a one year low of $97.13 and a one year high of $127.32. The business has a 50 day moving average price of $109.26 and a two-hundred day moving average price of $109.93. The company has a debt-to-equity ratio of 2.78, a quick ratio of 31.47 and a current ratio of 31.47.

Nelnet (NYSE:NNI - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The credit services provider reported $2.39 EPS for the quarter, beating the consensus estimate of $1.92 by $0.47. The firm had revenue of $398.49 million during the quarter, compared to the consensus estimate of $393.00 million. Nelnet had a return on equity of 3.78% and a net margin of 5.54%. On average, equities analysts predict that Nelnet, Inc. will post 4.52 EPS for the current year.

Nelnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.28 per share. The ex-dividend date is Monday, June 2nd. This represents a $1.12 annualized dividend and a dividend yield of 0.94%. Nelnet's dividend payout ratio is 21.17%.

Nelnet declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 8th that authorizes the company to buyback 5,000,000 outstanding shares. This buyback authorization authorizes the credit services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's leadership 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.