Navient Corporation (NAVI) Holdings Cut by State Treasurer State of Michigan
State Treasurer State of Michigan cut its holdings in Navient Corporation (NASDAQ:NAVI) by 11.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 83,133 shares of the credit services provider’s stock after selling 10,500 shares during the quarter. State Treasurer State of Michigan’s holdings in Navient Corporation were worth $1,249,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Creative Planning lifted its stake in Navient Corporation by 7.2% in 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 during the period. Ffcm LLC lifted its stake in Navient Corporation by 144.5% in the second quarter. Ffcm LLC now owns 7,071 shares of the credit services provider’s stock valued at $119,000 after buying an additional 4,179 shares during the period. Bronfman E.L. Rothschild L.P. lifted its stake in Navient Corporation by 8.8% in 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 during the period. Jane Street Group LLC acquired a new position in Navient Corporation in the first quarter valued at approximately $153,000. Finally, Grove Bank & Trust lifted its stake in Navient Corporation by 33.3% in the second quarter. Grove Bank & Trust now owns 9,280 shares of the credit services provider’s stock valued at $154,000 after buying an additional 2,320 shares during the period. 97.07% of the stock is currently owned by hedge funds and other institutional investors.
Navient Corporation (NAVI) opened at $12.09 on Wednesday. The company has a current ratio of 33.10, a quick ratio of 33.10 and a debt-to-equity ratio of 30.58. Navient Corporation has a 12-month low of $11.48 and a 12-month high of $17.95. The firm has a market capitalization of $3,256.09, a P/E ratio of 6.99 and a beta of 2.39.
Navient Corporation (NASDAQ:NAVI) last issued its earnings results on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. Navient Corporation had a return on equity of 14.09% and a net margin of 10.88%. The company had revenue of $343.00 million for the quarter, compared to analyst estimates of $361.33 million. During the same period in the prior year, the firm earned $0.50 earnings per share. Navient Corporation’s revenue for the quarter was down 15.3% on a year-over-year basis. research analysts predict that Navient Corporation will post 1.76 EPS for the current fiscal year.
Navient Corporation announced that its board has approved a share repurchase plan on Wednesday, October 4th that authorizes the company to repurchase shares. This repurchase authorization authorizes the credit services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Several brokerages have issued reports on NAVI. Zacks Investment Research lowered Navient Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $20.00 price target on shares of Navient Corporation in a research note on Friday, July 14th. BMO Capital Markets reissued a “hold” rating and issued a $16.00 price target (down from $17.00) on shares of Navient Corporation in a research note on Thursday, July 20th. Credit Suisse Group dropped their price target on Navient Corporation from $16.50 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 4th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $16.00 price target on shares of Navient Corporation in a research note on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $18.27.
In related news, CFO Christian M. Lown purchased 6,000 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was acquired at an average cost of $12.35 per share, with a total value of $74,100.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP John M. Kane sold 28,886 shares of the stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total value of $433,290.00. The disclosure for this sale can be found here. 1.68% of the stock is owned by corporate insiders.
Navient Corporation 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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