Migdal Insurance & Financial Holdings Ltd. Trims Position in Navient Corporation (NAVI)
Migdal Insurance & Financial Holdings Ltd. lowered its holdings in Navient Corporation (NASDAQ:NAVI) by 45.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,763 shares of the credit services provider’s stock after selling 8,210 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Navient Corporation were worth $162,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew 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 valued at $579,995,000 after purchasing an additional 1,606,973 shares during the period. BlackRock Inc. grew 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 valued at $315,797,000 after purchasing an additional 20,607,439 shares during the period. Dimensional Fund Advisors LP grew its position in Navient Corporation by 1.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,130,065 shares of the credit services provider’s stock valued at $152,017,000 after purchasing an additional 113,420 shares during the period. Prudential Financial Inc. grew 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 valued at $94,845,000 after purchasing an additional 4,653,171 shares during the period. Finally, LSV Asset Management grew its position in Navient Corporation by 6.3% in the 2nd quarter. LSV Asset Management now owns 5,429,642 shares of the credit services provider’s stock valued at $90,403,000 after purchasing an additional 319,939 shares during the period. 93.02% of the stock is owned by institutional investors and hedge funds.
Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $20.00 price target on shares of Navient Corporation in a research report on Friday, July 14th. BidaskClub downgraded shares of Navient Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Jefferies Group LLC reissued a “hold” rating and issued a $16.00 price target on shares of Navient Corporation in a research report on Friday, July 21st. Zacks Investment Research raised shares of Navient Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Finally, Compass Point downgraded shares of Navient Corporation from a “buy” rating to a “neutral” rating and reduced their price target for the company from $16.50 to $15.50 in a research report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $18.30.
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Shares of Navient Corporation (NASDAQ:NAVI) traded down 3.21% during trading on Wednesday, reaching $12.07. The company’s stock had a trading volume of 795,332 shares. The firm has a market cap of $3.31 billion, a P/E ratio of 6.26 and a beta of 2.48. Navient Corporation has a one year low of $12.00 and a one year high of $17.95. The stock’s 50 day moving average is $13.93 and its 200 day moving average is $14.76.
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 analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $331.67 million. During the same period in the prior year, the firm posted $0.47 earnings per share. The company’s quarterly revenue was down 15.9% on a year-over-year basis. On average, equities analysts forecast that Navient Corporation will post $1.75 EPS for the current fiscal year.
Navient Corporation announced that its board has approved a share repurchase program on Wednesday, October 4th that authorizes the company to repurchase outstanding shares. This repurchase authorization authorizes the credit services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The business 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 was Wednesday, August 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 5.13%. Navient Corporation’s dividend payout ratio is currently 33.68%.
In other news, EVP John M. Kane sold 28,886 shares of the stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $15.00, for a total value of $433,290.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.68% of the company’s stock.
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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