Nelnet (NYSE:NNI) Stock Gets Price Target Reduction from TD Cowen
by Teresa Graham · The Cerbat GemNelnet (NYSE:NNI – Free Report) had its price objective decreased by TD Cowen from $135.00 to $125.00 in a research report sent to investors on Monday morning,Benzinga reports. TD Cowen currently has a hold rating on the credit services provider’s stock.
Separately, Weiss Ratings cut Nelnet from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, November 4th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $125.00.
Check Out Our Latest Stock Analysis on Nelnet
Nelnet Price Performance
NNI stock opened at $126.37 on Monday. The firm has a 50 day moving average price of $125.63 and a 200-day moving average price of $129.92. Nelnet has a 52-week low of $116.62 and a 52-week high of $144.38. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 17.92 and a beta of 0.78. The company has a debt-to-equity ratio of 1.87, a quick ratio of 15.89 and a current ratio of 25.84.
Nelnet (NYSE:NNI – Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The credit services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.06. The firm had revenue of $436.59 million for the quarter, compared to analysts’ expectations of $427.37 million. Nelnet had a return on equity of 7.15% and a net margin of 12.93%. Equities research analysts forecast that Nelnet will post 7.42 EPS for the current fiscal year.
Nelnet Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be paid a dividend of $0.36 per share. The ex-dividend date is Tuesday, December 1st. This represents a $1.44 dividend on an annualized basis and a yield of 1.1%. This is an increase from Nelnet’s previous quarterly dividend of $0.33. Nelnet’s dividend payout ratio (DPR) is 17.48%.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of NNI. HighTower Advisors LLC grew its holdings in shares of Nelnet by 174.9% during the third quarter. HighTower Advisors LLC now owns 98,374 shares of the credit services provider’s stock valued at $12,108,000 after buying an additional 62,589 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Nelnet by 8.3% during the first quarter. Bank of New York Mellon Corp now owns 81,435 shares of the credit services provider’s stock valued at $10,502,000 after acquiring an additional 6,266 shares in the last quarter. Guardian Wealth Management Inc. raised its holdings in Nelnet by 4.0% in the 2nd quarter. Guardian Wealth Management Inc. now owns 53,433 shares of the credit services provider’s stock worth $7,124,000 after acquiring an additional 2,077 shares during the last quarter. Edgestream Partners L.P. raised its holdings in Nelnet by 47.9% in the 1st quarter. Edgestream Partners L.P. now owns 50,718 shares of the credit services provider’s stock worth $6,541,000 after acquiring an additional 16,428 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Nelnet by 58.9% in the 1st quarter. Renaissance Technologies LLC now owns 48,000 shares of the credit services provider’s stock worth $6,190,000 after acquiring an additional 17,800 shares during the last quarter. 33.51% of the stock is owned by hedge funds and other institutional investors.
Nelnet Company Profile
Nelnet, Inc. is a diversified financial services and education technology company headquartered in Lincoln, Nebraska. Founded in 1978, it initially focused on student loan servicing and has since expanded into services for borrowers, schools, and other organizations. The company provides student loan servicing and related technology, as well as education services such as tuition and payment processing, school administration tools, and online learning resources. Its other businesses include banking and renewable energy services.