Nelnet, Inc. (NYSE:NNI) Stock Position Lessened by Northern Trust Corp

Northern Trust Corp cut its holdings in shares of Nelnet, Inc. (NYSE:NNI - Free Report) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 223,872 shares of the credit services provider's stock after selling 5,923 shares during the quarter. Northern Trust Corp owned about 0.62% of Nelnet worth $23,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its holdings in Nelnet by 25.1% in the fourth quarter. HighTower Advisors LLC now owns 76,896 shares of the credit services provider's stock valued at $8,213,000 after acquiring an additional 15,445 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Nelnet by 1.4% during 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 buying an additional 2,778 shares during the period. Proficio Capital Partners LLC increased its position in shares of 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 acquiring an additional 479,389 shares in the last quarter. Edgestream Partners L.P. raised its stake in shares of Nelnet by 230.1% in the 4th quarter. Edgestream Partners L.P. now owns 24,797 shares of the credit services provider's stock valued at $2,649,000 after acquiring an additional 17,285 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Nelnet by 30.7% during the 4th quarter. JPMorgan Chase & Co. now owns 172,480 shares of the credit services provider's stock valued at $18,423,000 after acquiring an additional 40,476 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%

NYSE NNI traded down $1.12 on Friday, reaching $118.54. The company had a trading volume of 83,332 shares, compared to its average volume of 58,884. The firm has a 50-day moving average of $109.18 and a 200-day moving average of $109.95. Nelnet, Inc. has a 1 year low of $97.13 and a 1 year high of $127.32. The company has a debt-to-equity ratio of 2.78, a current ratio of 31.47 and a quick ratio of 31.47. The firm has a market capitalization of $4.30 billion, a PE ratio of 38.99 and a beta of 0.93.

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

Nelnet Announces Dividend

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

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