Trexquant Investment LP Purchases Shares of 19,913 Navient Corporation (NAVI)
Trexquant Investment LP purchased a new position in shares of Navient Corporation (NASDAQ:NAVI) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,913 shares of the credit services provider’s stock, valued at approximately $299,000.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Prudential Financial Inc. boosted its holdings in Navient by 3.4% during the third quarter. Prudential Financial Inc. now owns 5,888,964 shares of the credit services provider’s stock worth $88,452,000 after purchasing an additional 192,614 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in Navient in the second quarter valued at $360,000. ARGI Investment Services LLC lifted its stake in Navient by 12.2% in the second quarter. ARGI Investment Services LLC now owns 95,127 shares of the credit services provider’s stock valued at $1,584,000 after acquiring an additional 10,363 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in Navient by 16.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 74,114 shares of the credit services provider’s stock valued at $1,234,000 after acquiring an additional 10,395 shares during the last quarter. Finally, Chicago Equity Partners LLC lifted its stake in Navient by 109.8% in the second quarter. Chicago Equity Partners LLC now owns 150,025 shares of the credit services provider’s stock valued at $2,498,000 after acquiring an additional 78,520 shares during the last quarter. 92.91% of the stock is owned by institutional investors and hedge funds.
NAVI has been the subject of a number of recent analyst reports. ValuEngine upgraded shares of Navient from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Citigroup assumed coverage on shares of Navient in a research note on Monday, October 16th. They issued a “buy” rating and a $20.00 price target on the stock. Compass Point upgraded shares of Navient from a “neutral” rating to a “buy” rating and set a $16.50 price target on the stock in a research note on Tuesday, September 5th. Jefferies Group restated a “hold” rating and issued a $16.00 price target on shares of Navient in a research note on Monday, October 16th. Finally, Zacks Investment Research upgraded shares of Navient from a “sell” rating to a “hold” rating in a research note on Tuesday, September 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Navient has an average rating of “Hold” and a consensus target price of $18.00.
In related news, EVP John M. Kane sold 28,886 shares of Navient stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total transaction of $433,290.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Christian M. Lown bought 6,000 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The shares were acquired at an average price of $12.35 per share, for a total transaction of $74,100.00. The disclosure for this purchase can be found here. 1.68% of the stock is owned by company insiders.
Shares of Navient Corporation (NASDAQ:NAVI) opened at $13.13 on Wednesday. The company has a current ratio of 33.10, a quick ratio of 33.10 and a debt-to-equity ratio of 30.58. Navient Corporation has a 1 year low of $11.48 and a 1 year high of $17.48. The company has a market cap of $3,490.17, a P/E ratio of 7.50 and a beta of 2.37.
Navient (NASDAQ:NAVI) last posted its earnings results on Tuesday, October 17th. The credit services provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.50 by $0.05. Navient had a net margin of 10.88% and a return on equity of 14.09%. The business had revenue of $343.00 million for the quarter, compared to the consensus estimate of $361.33 million. During the same period last year, the company earned $0.50 EPS. The firm’s revenue was down 15.3% compared to the same quarter last year. analysts predict that Navient Corporation will post 1.76 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.64 annualized dividend and a yield of 4.87%. Navient’s dividend payout ratio is presently 35.36%.
Navient declared that its Board of Directors has initiated a share buyback program on Wednesday, October 4th that permits the company to repurchase outstanding shares. This repurchase authorization permits the credit services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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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