HighTower Advisors LLC Sells 10,953 Shares of Nelnet, Inc. $NNI

HighTower Advisors LLC lessened its holdings in Nelnet, Inc. (NYSE:NNI) by 23.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 36,689 shares of the credit services provider’s stock after selling 10,953 shares during the period. HighTower Advisors LLC’s holdings in Nelnet were worth $4,600,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Osaic Holdings Inc. increased its holdings in Nelnet by 170.3% during the second quarter. Osaic Holdings Inc. now owns 373 shares of the credit services provider’s stock valued at $45,000 after buying an additional 235 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Nelnet by 189.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 368 shares of the credit services provider’s stock valued at $46,000 after acquiring an additional 241 shares during the period. State of Wyoming purchased a new stake in shares of Nelnet in the 2nd quarter worth $62,000. EverSource Wealth Advisors LLC increased its stake in shares of Nelnet by 137.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 541 shares of the credit services provider’s stock worth $66,000 after purchasing an additional 313 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Nelnet in the 3rd quarter worth $86,000. 33.51% of the stock is currently owned by institutional investors.

Nelnet Price Performance

Shares of Nelnet stock opened at $128.68 on Wednesday. The company has a market capitalization of $4.62 billion, a price-to-earnings ratio of 10.81 and a beta of 0.82. The company has a quick ratio of 28.98, a current ratio of 28.98 and a debt-to-equity ratio of 2.18. The stock’s 50-day simple moving average is $133.30 and its 200-day simple moving average is $130.23. Nelnet, Inc. has a 52 week low of $98.15 and a 52 week high of $142.87.

Nelnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.32 dividend on an annualized basis and a yield of 1.0%. Nelnet’s payout ratio is currently 11.09%.

Insiders Place Their Bets

In other Nelnet news, Director Deun Jona M. Van sold 400 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $128.95, for a total transaction of $51,580.00. Following the completion of the sale, the director directly owned 704 shares of the company’s stock, valued at $90,780.80. This trade represents a 36.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 50.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NNI. TD Cowen reissued a “hold” rating on shares of Nelnet in a report on Thursday, January 8th. Zacks Research upgraded Nelnet from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. Finally, Wall Street Zen lowered shares of Nelnet from a “strong-buy” rating to a “hold” rating in a report on Saturday, November 15th. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $140.00.

Nelnet Company Profile

Nelnet, Inc (NYSE: NNI) is a diversified education services company founded in 1978 and headquartered in Lincoln, Nebraska. Originally established as the National Education Loan Network by Michael S. Dunlap, the company has grown into a prominent provider of student loan servicing and education finance solutions in the United States.

At the core of Nelnet’s business is student loan servicing, where it administers and manages federal and private education loans on behalf of borrowers and lending partners.