Navient Corp. (NAVI) Announces Earnings Results, Beats Estimates By $0.02 EPS
Navient Corp. (NASDAQ:NAVI) announced its quarterly earnings results on Tuesday. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Navient Corp. had a return on equity of 16.77% and a net margin of 16.75%. The company had revenue of $405 million for the quarter, compared to the consensus estimate of $391.75 million. During the same quarter in the previous year, the business earned $0.47 EPS. Navient Corp.’s revenue was down 12.0% compared to the same quarter last year.
Navient Corp. (NASDAQ:NAVI) traded up 0.33% during mid-day trading on Tuesday, reaching $13.61. The company’s stock had a trading volume of 3,685,896 shares. The firm’s 50 day moving average is $14.17 and its 200-day moving average is $13.40. The stock has a market cap of $4.31 billion, a P/E ratio of 5.78 and a beta of 2.31. Navient Corp. has a one year low of $8.20 and a one year high of $14.92.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, December 2nd will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.64 annualized dividend and a yield of 4.70%. Navient Corp.’s payout ratio is 27.47%.
In related news, Director William M. Diefenderfer III sold 16,300 shares of the stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $14.20, for a total value of $231,460.00. Following the completion of the transaction, the director now owns 88,737 shares of the company’s stock, valued at approximately $1,260,065.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Bates Ann Torre sold 9,000 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $14.23, for a total transaction of $128,070.00. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fiera Capital Corp increased its position in shares of Navient Corp. by 2.0% in the second quarter. Fiera Capital Corp now owns 256,130 shares of the company’s stock worth $3,061,000 after buying an additional 5,113 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Navient Corp. during the second quarter worth approximately $178,000. Teachers Retirement System of The State of Kentucky increased its position in shares of Navient Corp. by 29.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 1,202,890 shares of the company’s stock worth $14,375,000 after buying an additional 275,800 shares during the last quarter. Paloma Partners Management Co increased its position in shares of Navient Corp. by 41.4% in the second quarter. Paloma Partners Management Co now owns 160,571 shares of the company’s stock worth $1,918,000 after buying an additional 47,043 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Navient Corp. by 27.1% in the second quarter. Panagora Asset Management Inc. now owns 38,728 shares of the company’s stock worth $463,000 after buying an additional 8,269 shares during the last quarter. 95.19% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on NAVI. Zacks Investment Research upgraded Navient Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, September 20th. Goldman Sachs Group Inc. downgraded Navient Corp. from a “buy” rating to a “neutral” rating and set a $15.00 price target on the stock. in a report on Wednesday, July 20th. Finally, BMO Capital Markets set a $17.00 price target on Navient Corp. and gave the company a “hold” rating in a report on Thursday, July 21st. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $15.57.
Navient Corp. Company Profile
Navient Corporation is a loan management, servicing and asset recovery company. The Company holds the portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (FFELP), as well as the portfolio of Private Education Loans. FFELP Loans are insured or guaranteed by state based on guaranty agreements among the United States Department of Education (ED) and these agencies.
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