Navient Corp. (NAVI) Short Interest Up 8.6% in October
Navient Corp. (NASDAQ:NAVI) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 18,761,067 shares, a growth of 8.6% from the October 14th total of 17,281,653 shares. Based on an average daily volume of 3,493,477 shares, the days-to-cover ratio is currently 5.4 days. Currently, 6.0% of the company’s shares are sold short.
A number of brokerages have recently issued reports on NAVI. Zacks Investment Research lowered shares of Navient Corp. from a “hold” rating to a “sell” rating in a research note on Friday, July 22nd. BMO Capital Markets set a $17.00 target price on shares of Navient Corp. and gave the company a “hold” rating in a research note on Thursday, July 21st. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $15.57.
Several hedge funds have recently modified their holdings of the company. Todd Asset Management LLC increased its stake in shares of Navient Corp. by 29.9% in the second quarter. Todd Asset Management LLC now owns 1,196,306 shares of the company’s stock worth $14,296,000 after buying an additional 275,478 shares during the period. Kingstown Capital Management L.P. increased its stake in shares of Navient Corp. by 14.3% in the first quarter. Kingstown Capital Management L.P. now owns 4,000,000 shares of the company’s stock worth $47,880,000 after buying an additional 500,000 shares during the period. Alps Advisors Inc. increased its stake in shares of Navient Corp. by 11.3% in the second quarter. Alps Advisors Inc. now owns 2,030,457 shares of the company’s stock worth $24,264,000 after buying an additional 205,635 shares during the period. Mount Lucas Management LP bought a new stake in shares of Navient Corp. during the first quarter worth about $11,937,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Navient Corp. during the second quarter worth about $172,000. 99.12% of the stock is owned by institutional investors and hedge funds.
Shares of Navient Corp. (NASDAQ:NAVI) opened at 17.69 on Friday. The company has a 50-day moving average of $14.36 and a 200-day moving average of $13.67. Navient Corp. has a 1-year low of $8.20 and a 1-year high of $17.78. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 7.26 and a beta of 2.37.
Navient Corp. (NASDAQ:NAVI) last issued its earnings results on Tuesday, October 18th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. Navient Corp. had a return on equity of 16.50% and a net margin of 16.31%. The business earned $405 million during the quarter, compared to the consensus estimate of $391.75 million. During the same period last year, the company earned $0.47 EPS. The company’s revenue for the quarter was down 12.0% on a year-over-year basis. On average, equities research analysts expect that Navient Corp. will post $1.83 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, December 2nd will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Wednesday, November 30th. Navient Corp.’s dividend payout ratio (DPR) is presently 26.34%.
About Navient Corp.
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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