Bandera Partners LLC purchased a new stake in shares of Nelnet, Inc. (NYSE:NNI – Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 23,841 shares of the credit services provider’s stock, valued at approximately $2,300,000. Nelnet makes up 1.0% of Bandera Partners LLC’s investment portfolio, making the stock its 16th biggest holding. Bandera Partners LLC owned about 0.06% of Nelnet at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Ameritas Advisory Services LLC purchased a new stake in Nelnet during the first quarter worth $28,000. Group One Trading L.P. acquired a new stake in Nelnet during the first quarter worth about $26,000. Lazard Asset Management LLC acquired a new stake in Nelnet during the fourth quarter worth about $29,000. US Bancorp DE increased its position in Nelnet by 31.1% during the second quarter. US Bancorp DE now owns 502 shares of the credit services provider’s stock worth $48,000 after purchasing an additional 119 shares during the last quarter. Finally, WealthPlan Investment Management LLC increased its position in Nelnet by 425.2% during the second quarter. WealthPlan Investment Management LLC now owns 709 shares of the credit services provider’s stock worth $87,000 after purchasing an additional 574 shares during the last quarter. Institutional investors and hedge funds own 33.51% of the company’s stock.
Analyst Ratings Changes
NNI has been the subject of several recent analyst reports. TD Cowen started coverage on shares of Nelnet in a research report on Wednesday, November 1st. They set a “market perform” rating and a $95.00 price objective for the company. TheStreet cut shares of Nelnet from a “b-” rating to a “c” rating in a research report on Thursday, November 9th. Finally, StockNews.com started coverage on shares of Nelnet in a research report on Thursday, October 5th. They set a “hold” rating for the company.
Insider Transactions at Nelnet
In other news, insider William J. Munn sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $91.30, for a total transaction of $228,250.00. Following the completion of the sale, the insider now owns 6,663 shares in the company, valued at approximately $608,331.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 50.30% of the company’s stock.
Nelnet Trading Down 0.5 %
Shares of NNI traded down $0.42 during trading on Monday, reaching $85.98. 2,032 shares of the company traded hands, compared to its average volume of 44,347. Nelnet, Inc. has a twelve month low of $81.67 and a twelve month high of $101.60. The stock has a 50-day simple moving average of $88.07 and a 200-day simple moving average of $93.05. The company has a quick ratio of 44.25, a current ratio of 44.25 and a debt-to-equity ratio of 3.82. The stock has a market cap of $3.21 billion, a PE ratio of 24.69 and a beta of 0.85.
Nelnet Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Thursday, November 30th. This is an increase from Nelnet’s previous quarterly dividend of $0.26. Nelnet’s payout ratio is currently 29.71%.
Nelnet, Inc engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. Its 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.
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