Amalgamated Bank Lowers Stake in Nelnet, Inc. (NYSE:NNI)

Amalgamated Bank lessened its stake in Nelnet, Inc. (NYSE:NNI) by 10.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,278 shares of the credit services provider’s stock after selling 148 shares during the quarter. Amalgamated Bank’s holdings in Nelnet were worth $113,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Nelnet by 31.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,013 shares of the credit services provider’s stock worth $269,000 after buying an additional 723 shares during the period. Principal Financial Group Inc. grew its holdings in Nelnet by 46.3% during the 3rd quarter. Principal Financial Group Inc. now owns 4,092 shares of the credit services provider’s stock worth $365,000 after acquiring an additional 1,295 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Nelnet by 49.9% during the 3rd quarter. Victory Capital Management Inc. now owns 9,797 shares of the credit services provider’s stock worth $875,000 after acquiring an additional 3,263 shares in the last quarter. New York State Common Retirement Fund increased its position in Nelnet by 5.0% during the 3rd quarter. New York State Common Retirement Fund now owns 21,019 shares of the credit services provider’s stock valued at $1,877,000 after purchasing an additional 1,002 shares during the period. Finally, Swiss National Bank raised its holdings in shares of Nelnet by 0.9% in the 3rd quarter. Swiss National Bank now owns 32,200 shares of the credit services provider’s stock valued at $2,876,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 33.51% of the company’s stock.

Analysts Set New Price Targets

NNI has been the topic of several research reports. TD Cowen lifted their price objective on shares of Nelnet from $90.00 to $96.00 and gave the company a “hold” rating in a report on Tuesday, May 14th. StockNews.com upgraded Nelnet from a “hold” rating to a “buy” rating in a report on Monday, May 13th.

Nelnet Stock Performance

Shares of NNI stock opened at $105.69 on Friday. The business has a fifty day moving average of $96.73 and a 200 day moving average of $90.33. Nelnet, Inc. has a 1 year low of $81.67 and a 1 year high of $110.70. The company has a debt-to-equity ratio of 3.25, a current ratio of 48.33 and a quick ratio of 48.33. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of 28.96 and a beta of 0.84.

Nelnet (NYSE:NNI) last posted its earnings results on Thursday, May 9th. The credit services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.44. The company had revenue of $579.96 million during the quarter. Nelnet had a net margin of 6.54% and a return on equity of 4.17%. During the same quarter in the prior year, the firm earned $1.47 earnings per share. As a group, research analysts expect that Nelnet, Inc. will post 6 earnings per share for the current year.

Nelnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 1.06%. Nelnet’s dividend payout ratio is presently 30.27%.

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.