Institute for Wealth Management LLC. Purchases New Stake in Navient Corporation (NAVI)
Institute for Wealth Management LLC. purchased a new position in shares of Navient Corporation (NASDAQ:NAVI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 27,128 shares of the credit services provider’s stock, valued at approximately $452,000.
Several other hedge funds also recently modified their holdings of NAVI. Thrivent Financial For Lutherans grew its stake in Navient Corporation by 1.0% in the second quarter. Thrivent Financial For Lutherans now owns 10,770 shares of the credit services provider’s stock worth $179,000 after purchasing an additional 110 shares in the last quarter. Contravisory Investment Management Inc. increased its holdings in Navient Corporation by 1.3% in the second quarter. Contravisory Investment Management Inc. now owns 15,150 shares of the credit services provider’s stock valued at $252,000 after buying an additional 200 shares during the last quarter. Advisor Group Inc. raised its stake in Navient Corporation by 1.2% during the second quarter. Advisor Group Inc. now owns 37,355 shares of the credit services provider’s stock valued at $621,000 after buying an additional 440 shares in the last quarter. Creative Planning raised its stake in Navient Corporation by 7.2% during the second quarter. Creative Planning now owns 7,066 shares of the credit services provider’s stock valued at $118,000 after buying an additional 472 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its stake in Navient Corporation by 8.8% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 7,564 shares of the credit services provider’s stock valued at $126,000 after buying an additional 612 shares in the last quarter. 93.02% of the stock is currently owned by institutional investors and hedge funds.
NAVI has been the topic of a number of research analyst reports. Zacks Investment Research raised Navient Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, September 19th. Credit Suisse Group upgraded Navient Corporation from a “neutral” rating to an “outperform” rating and set a $16.50 target price for the company in a research report on Friday, September 8th. Compass Point upgraded Navient Corporation from a “neutral” rating to a “buy” rating and set a $16.50 price target for the company in a report on Tuesday, September 5th. BidaskClub downgraded Navient Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $16.00 price target on shares of Navient Corporation in a research report on Friday, July 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Navient Corporation has an average rating of “Hold” and an average target price of $18.23.
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Shares of Navient Corporation (NASDAQ NAVI) traded down 1.53% during mid-day trading on Monday, hitting $14.79. The company had a trading volume of 432,580 shares. The firm has a market cap of $4.05 billion, a PE ratio of 7.67 and a beta of 2.48. The firm’s 50 day moving average is $13.88 and its 200-day moving average is $14.78. Navient Corporation has a 12-month low of $12.66 and a 12-month high of $17.95.
Navient Corporation (NASDAQ:NAVI) last released its quarterly earnings data on Tuesday, July 18th. The credit services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $343.00 million during the quarter, compared to analyst estimates of $331.67 million. Navient Corporation had a return on equity of 14.05% and a net margin of 11.50%. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.47 earnings per share. On average, equities analysts expect that Navient Corporation will post $1.76 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.64 annualized dividend and a dividend yield of 4.26%. Navient Corporation’s dividend payout ratio is presently 33.68%.
In other news, EVP John M. Kane sold 28,886 shares of the company’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total value of $433,290.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.68% of the stock is currently owned by insiders.
Navient Corporation Company Profile
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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