NIC Inc. (NASDAQ:EGOV) Shares Purchased by Cardinal Capital Management
Cardinal Capital Management increased its stake in shares of NIC Inc. (NASDAQ:EGOV) by 1.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 34,295 shares of the software maker’s stock after purchasing an additional 492 shares during the period. Cardinal Capital Management’s holdings in NIC were worth $708,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in EGOV. Vanguard Group Inc. raised its position in shares of NIC by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 6,879,493 shares of the software maker’s stock valued at $110,347,000 after purchasing an additional 29,352 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of NIC by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,868,476 shares of the software maker’s stock valued at $29,969,000 after purchasing an additional 14,151 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of NIC by 65.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,387,732 shares of the software maker’s stock valued at $22,259,000 after purchasing an additional 549,000 shares in the last quarter. BTIM Corp. raised its position in shares of NIC by 0.5% in the 2nd quarter. BTIM Corp. now owns 1,164,700 shares of the software maker’s stock valued at $18,682,000 after purchasing an additional 5,927 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of NIC by 59.6% in the 2nd quarter. Morgan Stanley now owns 1,122,327 shares of the software maker’s stock valued at $18,004,000 after purchasing an additional 419,274 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director William M. Lyons sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $20.96, for a total value of $209,600.00. Following the completion of the sale, the director now directly owns 61,786 shares in the company, valued at approximately $1,295,034.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by insiders.
NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Wednesday, July 31st. The software maker reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 24.45% and a net margin of 15.10%. The business had revenue of $91.60 million during the quarter, compared to the consensus estimate of $86.45 million. During the same period in the previous year, the business earned $0.25 EPS. The business’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, equities analysts predict that NIC Inc. will post 0.73 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a $0.08 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.55%. NIC’s dividend payout ratio (DPR) is 36.36%.
A number of brokerages have issued reports on EGOV. BidaskClub lowered NIC from a “buy” rating to a “hold” rating in a research report on Friday, September 20th. DA Davidson lowered NIC from a “buy” rating to a “neutral” rating and set a $21.00 target price on the stock. in a research report on Tuesday, September 17th. ValuEngine lowered NIC from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. Barrington Research reaffirmed a “buy” rating on shares of NIC in a research report on Wednesday, July 3rd. Finally, TheStreet raised NIC from a “c+” rating to a “b” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $20.25.
NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.
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