NIC (EGOV) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of NIC (NASDAQ:EGOV) from a sell rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “NIC Inc. provides digital government services that enable governments to use technology to provide various services to businesses. Its Outsourced Portals business enters into long-term contracts with state and local governments to design, build, and operate Internet-based, enterprise-wide portals on their behalf. These portals consist of Websites and applications that enable businesses and citizens to access government information online and complete transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report. Its portal service offerings include motor vehicle driver history record retrieval; hunting/ fishing licenses; health professional license services; professional license renewal; business registrations and renewals; secretary of state business searches; Uniform Commercial Code searches and filings; limited criminal history searches; court services; vital records; income and property tax payments; and payment processing products and services. “
Several other equities research analysts have also recently issued reports on the stock. BidaskClub cut shares of NIC from a hold rating to a sell rating in a research note on Friday, December 29th. Maxim Group reaffirmed a hold rating and set a $16.00 target price on shares of NIC in a research note on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. NIC has an average rating of Hold and an average target price of $18.33.
NIC (NASDAQ:EGOV) last announced its earnings results on Wednesday, January 31st. The software maker reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. NIC had a net margin of 15.34% and a return on equity of 33.25%. The company had revenue of $83.47 million for the quarter, compared to analysts’ expectations of $81.01 million. During the same quarter in the previous year, the company posted $0.20 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. research analysts predict that NIC will post 0.82 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 20th. Stockholders of record on Tuesday, March 6th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 5th. This represents a $0.32 annualized dividend and a dividend yield of 2.47%. NIC’s dividend payout ratio is presently 39.02%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rockefeller Financial Services Inc. raised its holdings in shares of NIC by 20.9% during the 4th quarter. Rockefeller Financial Services Inc. now owns 743,915 shares of the software maker’s stock worth $12,349,000 after acquiring an additional 128,703 shares during the period. Comerica Bank raised its holdings in shares of NIC by 7.7% during the 4th quarter. Comerica Bank now owns 94,405 shares of the software maker’s stock worth $1,643,000 after acquiring an additional 6,731 shares during the period. Dupont Capital Management Corp purchased a new position in shares of NIC during the 4th quarter worth $435,000. Sumitomo Mitsui Asset Management Company LTD purchased a new position in shares of NIC during the 4th quarter worth $1,071,000. Finally, American Capital Management Inc. purchased a new position in shares of NIC during the 4th quarter worth $205,000. Institutional investors and hedge funds own 92.55% of the company’s stock.
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NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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