Navient Corporation (NAVI) Holdings Boosted by Zurich Insurance Group Ltd FI
Zurich Insurance Group Ltd FI boosted its holdings in Navient Corporation (NASDAQ:NAVI) by 383.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 157,841 shares of the credit services provider’s stock after buying an additional 125,192 shares during the quarter. Zurich Insurance Group Ltd FI owned 0.06% of Navient Corporation worth $2,628,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of NAVI. BlackRock Inc. raised its position in Navient Corporation by 2,615.0% in the 1st quarter. BlackRock Inc. now owns 21,395,479 shares of the credit services provider’s stock worth $315,797,000 after buying an additional 20,607,439 shares during the last quarter. Prudential Financial Inc. raised its position in Navient Corporation by 446.1% in the 2nd quarter. Prudential Financial Inc. now owns 5,696,350 shares of the credit services provider’s stock worth $94,845,000 after buying an additional 4,653,171 shares during the last quarter. Vanguard Group Inc. raised its position in Navient Corporation by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 39,295,006 shares of the credit services provider’s stock worth $579,995,000 after buying an additional 1,606,973 shares during the last quarter. AJO LP raised its position in Navient Corporation by 7,682.8% in the 2nd quarter. AJO LP now owns 1,250,081 shares of the credit services provider’s stock worth $20,814,000 after buying an additional 1,234,019 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Navient Corporation by 75.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,443,684 shares of the credit services provider’s stock worth $40,687,000 after buying an additional 1,054,580 shares during the last quarter. 93.02% of the stock is owned by institutional investors and hedge funds.
In related news, EVP John M. Kane sold 28,886 shares of Navient Corporation stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $15.00, for a total transaction of $433,290.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.68% of the company’s stock.
A number of equities analysts have weighed in on the company. Compass Point lowered Navient Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $16.50 to $15.50 in a research report on Thursday. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $20.00 target price on shares of Navient Corporation in a research report on Friday, July 14th. Zacks Investment Research raised Navient Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, September 19th. BMO Capital Markets reissued a “hold” rating and issued a $16.00 target price (down previously from $17.00) on shares of Navient Corporation in a research report on Thursday, July 20th. Finally, BidaskClub lowered Navient Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Navient Corporation presently has a consensus rating of “Hold” and a consensus price target of $18.30.
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Shares of Navient Corporation (NASDAQ:NAVI) opened at 12.90 on Thursday. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 6.69 and a beta of 2.48. Navient Corporation has a 52-week low of $12.66 and a 52-week high of $17.95. The stock’s 50 day moving average is $14.07 and its 200 day moving average is $14.80.
Navient Corporation (NASDAQ:NAVI) last released its earnings results on Tuesday, July 18th. The credit services provider reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. Navient Corporation had a return on equity of 14.05% and a net margin of 11.50%. The firm had revenue of $343.00 million during the quarter, compared to the consensus estimate of $331.67 million. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue was down 15.9% compared to the same quarter last year. On average, equities analysts predict that Navient Corporation will post $1.76 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date was Wednesday, August 30th. Navient Corporation’s dividend payout ratio (DPR) is 33.68%.
About Navient Corporation
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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