Credit Suisse Group AG Lowers Nelnet Inc. (NNI) to Neutral
Credit Suisse Group AG downgraded shares of Nelnet Inc. (NYSE:NNI) from an outperform rating to a neutral rating in a report issued on Monday morning. They currently have $48.00 target price on the stock, up from their previous target price of $45.00. The analysts noted that the move was a valuation call.
Separately, Compass Point lowered their price target on Nelnet from $50.00 to $47.00 and set a buy rating for the company in a research report on Monday, August 8th.
Shares of Nelnet (NYSE:NNI) opened at 50.495 on Monday. The firm has a market cap of $2.13 billion, a P/E ratio of 9.044 and a beta of 0.91. Nelnet has a 1-year low of $27.80 and a 1-year high of $51.38. The firm’s 50-day moving average is $40.87 and its 200-day moving average is $37.71.
Nelnet (NYSE:NNI) last posted its quarterly earnings data on Wednesday, November 9th. The company reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.23. Nelnet had a return on equity of 11.83% and a net margin of 20.23%. During the same period in the previous year, the company earned $1.43 EPS. On average, analysts anticipate that Nelnet will post $5.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.11%. This is a boost from Nelnet’s previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, November 29th. Nelnet’s dividend payout ratio (DPR) is presently 8.63%.
In other Nelnet news, insider William J. Munn sold 1,000 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $39.00, for a total value of $39,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 45.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in NNI. Victory Capital Management Inc. boosted its position in shares of Nelnet by 17.0% in the third quarter. Victory Capital Management Inc. now owns 2,650 shares of the company’s stock valued at $107,000 after buying an additional 386 shares during the last quarter. Teacher Retirement System of Texas boosted its position in shares of Nelnet by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 3,494 shares of the company’s stock valued at $121,000 after buying an additional 427 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Nelnet during the third quarter valued at approximately $125,000. BlackRock Inc. boosted its position in shares of Nelnet by 191.9% in the second quarter. BlackRock Inc. now owns 5,506 shares of the company’s stock valued at $191,000 after buying an additional 3,620 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in shares of Nelnet during the third quarter valued at approximately $207,000. Institutional investors own 40.74% of the company’s stock.
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