PNC Financial Services Group Inc. Has $2.18 Million Stake in NIC Inc. (EGOV)
PNC Financial Services Group Inc. decreased its stake in NIC Inc. (NASDAQ:EGOV) by 5.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 108,012 shares of the software maker’s stock after selling 5,945 shares during the period. PNC Financial Services Group Inc. owned 0.16% of NIC worth $2,182,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Russell Investments Group Ltd. acquired a new position in shares of NIC during the fourth quarter valued at $1,400,000. Comerica Bank boosted its position in shares of NIC by 6.0% in the fourth quarter. Comerica Bank now owns 66,026 shares of the software maker’s stock valued at $1,657,000 after buying an additional 3,713 shares in the last quarter. State Street Corp boosted its position in shares of NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock valued at $34,504,000 after buying an additional 82,935 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of NIC by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,052,462 shares of the software maker’s stock valued at $49,054,000 after buying an additional 7,373 shares in the last quarter. Finally, First Allied Advisory Services Inc. boosted its position in shares of NIC by 2.6% in the fourth quarter. First Allied Advisory Services Inc. now owns 10,473 shares of the software maker’s stock valued at $250,000 after buying an additional 264 shares in the last quarter. Institutional investors and hedge funds own 92.93% of the company’s stock.
NIC Inc. (EGOV) traded down 0.51% on Friday, hitting $19.50. 12,218 shares of the company were exchanged. The company has a market capitalization of $1.29 billion, a P/E ratio of 22.81 and a beta of 0.53. NIC Inc. has a 52 week low of $19.35 and a 52 week high of $25.90. The firm’s 50 day moving average is $20.48 and its 200 day moving average is $22.02.
NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.99 million. During the same period in the prior year, the firm posted $0.19 earnings per share. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities research analysts forecast that NIC Inc. will post $0.73 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 20th. Investors of record on Tuesday, June 6th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend was Friday, June 2nd. NIC’s dividend payout ratio (DPR) is presently 37.65%.
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Separately, Zacks Investment Research upgraded shares of NIC from a “sell” rating to a “hold” rating in a research note on Tuesday, February 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. NIC has an average rating of “Hold” and an average target price of $22.83.
In related news, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total transaction of $509,500.00. Following the sale, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.10% of the company’s stock.
NIC Company Profile
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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