Navient Corp (NAVI) Debt Trading 1% Higher
An issue of Navient Corp (NASDAQ:NAVI) debt rose 1% as a percentage of its face value during trading on Friday. The debt issue has a 5.5% coupon and will mature on January 25, 2023. The debt is now trading at $97.86. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.
NAVI has been the topic of several analyst reports. Zacks Investment Research upgraded Navient Corp from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Wednesday, April 5th. Barclays PLC set a $21.00 target price on Navient Corp and gave the company a “buy” rating in a research note on Sunday, January 8th. DA Davidson initiated coverage on Navient Corp in a research note on Friday, January 6th. They issued a “buy” rating and a $21.00 target price on the stock. Keefe, Bruyette & Woods set a $20.00 price target on Navient Corp and gave the stock a “buy” rating in a research note on Thursday, April 6th. Finally, Credit Suisse Group AG restated a “hold” rating and set a $18.00 price target on shares of Navient Corp in a research note on Thursday, February 9th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.75.
Navient Corp (NASDAQ:NAVI) traded down 1.44% during midday trading on Friday, hitting $15.78. The company had a trading volume of 4,301,615 shares. The firm has a 50-day moving average price of $14.64 and a 200-day moving average price of $15.39. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 7.44 and a beta of 2.57. Navient Corp has a 12 month low of $11.01 and a 12 month high of $17.95.
Navient Corp (NASDAQ:NAVI) last issued its quarterly earnings data on Tuesday, April 18th. The credit services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.06. The firm had revenue of $334 million for the quarter, compared to analyst estimates of $345.60 million. Navient Corp had a return on equity of 15.65% and a net margin of 13.72%. The business’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.43 earnings per share. Equities analysts anticipate that Navient Corp will post $1.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 16th. Investors of record on Friday, June 2nd will be issued a dividend of $0.16 per share. The ex-dividend date is Wednesday, May 31st. This represents a $0.64 annualized dividend and a yield of 4.06%. Navient Corp’s dividend payout ratio is presently 30.19%.
A number of institutional investors have recently modified their holdings of NAVI. Allianz Asset Management AG boosted its position in shares of Navient Corp by 2.8% in the fourth quarter. Allianz Asset Management AG now owns 653,265 shares of the credit services provider’s stock valued at $10,733,000 after buying an additional 17,859 shares in the last quarter. Korea Investment CORP boosted its position in shares of Navient Corp by 437.8% in the third quarter. Korea Investment CORP now owns 452,800 shares of the credit services provider’s stock valued at $6,552,000 after buying an additional 368,600 shares in the last quarter. Janus Capital Management LLC boosted its position in shares of Navient Corp by 91.4% in the fourth quarter. Janus Capital Management LLC now owns 2,955,550 shares of the credit services provider’s stock valued at $48,560,000 after buying an additional 1,411,450 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Navient Corp during the fourth quarter valued at about $6,301,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Navient Corp during the fourth quarter valued at about $294,000. 93.89% of the stock is owned by hedge funds and other institutional investors.
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About Navient Corp
Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP).
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