Bank of Montreal Can Buys 729,149 Shares of Navient Corp (NAVI)
Bank of Montreal Can increased its stake in shares of Navient Corp (NASDAQ:NAVI) by 56.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,021,051 shares of the credit services provider’s stock after purchasing an additional 729,149 shares during the period. Bank of Montreal Can’s holdings in Navient were worth $26,921,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of NAVI. W. E. Donoghue & Co. LLC purchased a new stake in Navient during the 2nd quarter worth about $17,303,000. Parametric Portfolio Associates LLC lifted its holdings in Navient by 56.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,304,386 shares of the credit services provider’s stock worth $38,368,000 after purchasing an additional 831,209 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Navient by 27.5% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 2,022,265 shares of the credit services provider’s stock worth $30,375,000 after purchasing an additional 436,644 shares in the last quarter. Koch Industries Inc. purchased a new stake in Navient during the 2nd quarter worth about $407,000. Finally, Alps Advisors Inc. lifted its holdings in Navient by 9.4% during the 3rd quarter. Alps Advisors Inc. now owns 3,353,227 shares of the credit services provider’s stock worth $50,365,000 after purchasing an additional 287,007 shares in the last quarter. 92.64% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently issued reports on NAVI shares. Citigroup started coverage on Navient in a report on Monday, October 16th. They set a “buy” rating and a $20.00 price objective on the stock. ValuEngine raised Navient from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research raised Navient from a “sell” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Friday, January 12th. Jefferies Group reissued a “hold” rating and set a $16.00 price objective on shares of Navient in a report on Monday, October 16th. Finally, Oppenheimer initiated coverage on Navient in a research note on Monday, January 8th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $17.36.
Navient declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 4th that allows the company to repurchase outstanding shares. This repurchase authorization allows the credit services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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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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