Imperial Capital Equities Analysts Increase Earnings Estimates for NIC Inc. (EGOV)
NIC Inc. (NASDAQ:EGOV) – Investment analysts at Imperial Capital raised their FY2016 earnings per share estimates for shares of NIC in a research report issued to clients and investors on Friday. Imperial Capital analyst J. Kessler now anticipates that the brokerage will post earnings per share of $0.78 for the year, up from their previous forecast of $0.70. Imperial Capital currently has a “In-Line” rating and a $23.00 target price on the stock. Imperial Capital also issued estimates for NIC’s Q4 2016 earnings at $0.15 EPS.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $0.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.06. The business had revenue of $80.37 million for the quarter, compared to the consensus estimate of $80.04 million. NIC had a return on equity of 37.12% and a net margin of 16.47%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 EPS.
Several other brokerages also recently commented on EGOV. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Monday, November 7th. Maxim Group raised their price target on shares of NIC from $18.00 to $23.00 and gave the company a “hold” rating in a report on Friday, August 5th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $22.50.
Shares of NIC (NASDAQ:EGOV) opened at 25.10 on Monday. The firm has a market cap of $1.66 billion, a P/E ratio of 33.03 and a beta of 0.53. The company’s 50-day moving average price is $23.22 and its 200 day moving average price is $22.27. NIC has a 52 week low of $14.48 and a 52 week high of $25.50.
A number of hedge funds and other institutional investors have recently made changes to their positions in EGOV. Brown Capital Management LLC increased its position in shares of NIC by 0.4% in the second quarter. Brown Capital Management LLC now owns 8,739,624 shares of the company’s stock valued at $191,747,000 after buying an additional 30,800 shares during the last quarter. Vanguard Group Inc. increased its position in shares of NIC by 3.5% in the second quarter. Vanguard Group Inc. now owns 5,170,990 shares of the company’s stock valued at $113,450,000 after buying an additional 175,297 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of NIC by 8.5% in the third quarter. BlackRock Fund Advisors now owns 4,267,451 shares of the company’s stock valued at $100,285,000 after buying an additional 335,054 shares during the last quarter. Columbia Wanger Asset Management LLC increased its position in shares of NIC by 222.2% in the second quarter. Columbia Wanger Asset Management LLC now owns 2,334,626 shares of the company’s stock valued at $51,222,000 after buying an additional 1,609,971 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its position in shares of NIC by 1.4% in the third quarter. TimesSquare Capital Management LLC now owns 2,273,177 shares of the company’s stock valued at $53,420,000 after buying an additional 32,100 shares during the last quarter. 89.66% of the stock is owned by hedge funds and other institutional investors.
The company also recently declared a special dividend, which will be paid on Friday, December 9th. Shareholders of record on Wednesday, November 16th will be issued a $0.65 dividend. This is an increase from NIC’s previous special dividend of $0.55. The ex-dividend date is Monday, November 14th.
NIC Inc is a provider of digital government services that help governments use technology. The Company operates through Outsourced Portals segment. The Other Software & Services category includes its subsidiaries that provide software development and services, other than outsourced portal services, to state and local governments, as well as federal agencies.
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