Nelnet, Inc. (NNI) is Magnolia Group LLC’s 5th Largest Position
Magnolia Group LLC raised its position in Nelnet, Inc. (NYSE:NNI) by 18.6% during the first quarter, HoldingsChannel.com reports. The fund owned 1,022,808 shares of the credit services provider’s stock after purchasing an additional 160,691 shares during the quarter. Nelnet accounts for approximately 6.1% of Magnolia Group LLC’s investment portfolio, making the stock its 5th largest position. Magnolia Group LLC’s holdings in Nelnet were worth $56,326,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Boston Partners boosted its stake in shares of Nelnet by 2.1% during the 1st quarter. Boston Partners now owns 1,070,799 shares of the credit services provider’s stock valued at $58,969,000 after purchasing an additional 22,020 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Nelnet during the 1st quarter valued at about $231,000. BNP Paribas Arbitrage SA boosted its stake in shares of Nelnet by 143.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,177 shares of the credit services provider’s stock valued at $230,000 after purchasing an additional 2,459 shares in the last quarter. Foundry Partners LLC boosted its stake in shares of Nelnet by 9.0% during the 1st quarter. Foundry Partners LLC now owns 122,888 shares of the credit services provider’s stock valued at $6,767,000 after purchasing an additional 10,118 shares in the last quarter. Finally, Denali Advisors LLC boosted its stake in shares of Nelnet by 5,875.0% during the 1st quarter. Denali Advisors LLC now owns 4,780 shares of the credit services provider’s stock valued at $263,000 after purchasing an additional 4,700 shares in the last quarter. Hedge funds and other institutional investors own 35.49% of the company’s stock.
In related news, major shareholder Angie Muhleisen sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $57.93, for a total transaction of $57,930.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 3,000 shares of company stock worth $174,560 in the last three months. 44.97% of the stock is currently owned by insiders.
Nelnet (NYSE:NNI) last announced its earnings results on Wednesday, May 8th. The credit services provider reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.40. Nelnet had a net margin of 8.86% and a return on equity of 9.66%. The firm had revenue of $264.94 million for the quarter.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Thursday, May 30th.
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Nelnet Company Profile
Nelnet, Inc provides education related products and services, and loan asset management services worldwide. The company's Loan Servicing and Systems is involved in loan servicing activities, such as loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing activities for student loan portfolio and third-party clients.
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