Bar Harbor Wealth Management Decreases Stock Position in Nelnet, Inc. (NYSE:NNI)

Bar Harbor Wealth Management cut its stake in Nelnet, Inc. (NYSE:NNI) by 0.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 109,231 shares of the credit services provider’s stock after selling 435 shares during the period. Bar Harbor Wealth Management’s holdings in Nelnet were worth $12,117,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NNI. Sterling Capital Management LLC raised its stake in Nelnet by 796.0% in the fourth quarter. Sterling Capital Management LLC now owns 448 shares of the credit services provider’s stock valued at $48,000 after buying an additional 398 shares in the last quarter. Man Group plc acquired a new stake in Nelnet in the fourth quarter valued at $202,000. Venator Management LLC acquired a new stake in Nelnet in the fourth quarter valued at $214,000. EntryPoint Capital LLC acquired a new stake in Nelnet in the fourth quarter valued at $223,000. Finally, Dark Forest Capital Management LP acquired a new stake in Nelnet in the fourth quarter valued at $228,000. 33.51% of the stock is currently owned by hedge funds and other institutional investors.

Nelnet Stock Down 0.6%

Nelnet stock opened at $115.18 on Friday. Nelnet, Inc. has a 1-year low of $97.13 and a 1-year high of $127.32. The company has a debt-to-equity ratio of 2.78, a current ratio of 31.47 and a quick ratio of 31.47. The stock has a market cap of $4.18 billion, a PE ratio of 37.89 and a beta of 0.95. The stock’s fifty day moving average is $110.80 and its two-hundred day moving average is $110.49.

Nelnet (NYSE:NNI) last posted its quarterly earnings results on Thursday, May 8th. The credit services provider reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.47. Nelnet had a return on equity of 3.78% and a net margin of 5.54%. The company had revenue of $398.49 million for the quarter, compared to analysts’ expectations of $393.00 million. On average, sell-side analysts expect that Nelnet, Inc. will post 4.52 EPS for the current fiscal year.

Nelnet announced that its board has approved a share buyback program on Thursday, May 8th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the credit services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Nelnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend is Monday, June 2nd. Nelnet’s dividend payout ratio (DPR) is currently 21.17%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Nelnet from a “hold” rating to a “buy” rating in a research note on Tuesday, March 4th.

About Nelnet

Nelnet, Inc engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services.