Summit Securities Group LLC Takes Position in Navient Corporation (NASDAQ:NAVI)
Summit Securities Group LLC bought a new stake in shares of Navient Corporation (NASDAQ:NAVI) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 19,097 shares of the credit services provider’s stock, valued at approximately $318,000.
Several other institutional investors have also added to or reduced their stakes in NAVI. Thrivent Financial for Lutherans raised its position in Navient Corporation by 0.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,420 shares of the credit services provider’s stock valued at $171,000 after buying an additional 90 shares during the last quarter. Macquarie Group Ltd. increased its stake in shares of Navient Corporation by 141.9% in the fourth quarter. Macquarie Group Ltd. now owns 25,400 shares of the credit services provider’s stock valued at $417,000 after buying an additional 14,900 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of Navient Corporation by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 95,411 shares of the credit services provider’s stock valued at $1,408,000 after buying an additional 1,000 shares during the period. Atria Investments LLC increased its stake in shares of Navient Corporation by 72.8% in the first quarter. Atria Investments LLC now owns 169,350 shares of the credit services provider’s stock valued at $2,500,000 after buying an additional 71,366 shares during the period. Finally, DnB Asset Management AS increased its stake in shares of Navient Corporation by 1,362.9% in the first quarter. DnB Asset Management AS now owns 290,240 shares of the credit services provider’s stock valued at $4,284,000 after buying an additional 270,400 shares during the period. Hedge funds and other institutional investors own 95.45% of the company’s stock.
Shares of Navient Corporation (NASDAQ:NAVI) opened at 13.68 on Friday. The company’s 50 day moving average is $15.48 and its 200 day moving average is $15.10. Navient Corporation has a 12 month low of $12.66 and a 12 month high of $17.95. The company has a market cap of $3.75 billion, a P/E ratio of 7.09 and a beta of 2.43.
Navient Corporation (NASDAQ:NAVI) last posted its earnings results on Tuesday, July 18th. The credit services provider reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. The company had revenue of $343 million during the quarter, compared to analysts’ expectations of $331.67 million. Navient Corporation had a net margin of 11.50% and a return on equity of 14.05%. Navient Corporation’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.47 earnings per share. On average, equities research analysts predict that Navient Corporation will post $1.76 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.68%. Navient Corporation’s dividend payout ratio is currently 33.68%.
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NAVI has been the subject of several analyst reports. Wedbush reissued a “neutral” rating and set a $16.50 price target on shares of Navient Corporation in a research report on Tuesday, April 18th. BidaskClub raised shares of Navient Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Jefferies Group LLC reissued a “buy” rating on shares of Navient Corporation in a research report on Monday, June 12th. Stifel Nicolaus raised their price target on shares of Navient Corporation from $24.00 to $26.00 and gave the company a “hold” rating in a research report on Monday, June 12th. Finally, ValuEngine raised shares of Navient Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 16th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $18.55.
Navient Corporation Company Profile
Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP).
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