State Board of Administration of Florida Retirement System decreased its stake in shares of Navient Corporation (NASDAQ:NAVI) by 4.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 530,802 shares of the credit services provider’s stock after selling 24,420 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.19% of Navient Corporation worth $7,973,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in NAVI. Prudential Financial Inc. grew its position in shares of Navient Corporation by 446.1% during the 2nd quarter. Prudential Financial Inc. now owns 5,696,350 shares of the credit services provider’s stock worth $94,845,000 after buying an additional 4,653,171 shares during the period. AJO LP grew its position in shares of Navient Corporation by 7,682.8% during the 2nd quarter. AJO LP now owns 1,250,081 shares of the credit services provider’s stock worth $20,814,000 after buying an additional 1,234,019 shares during the period. JPMorgan Chase & Co. grew its position in shares of Navient Corporation by 75.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,443,684 shares of the credit services provider’s stock worth $40,687,000 after buying an additional 1,054,580 shares during the period. W. E. Donoghue & Co. LLC acquired a new stake in shares of Navient Corporation during the 2nd quarter worth approximately $17,303,000. Finally, Parametric Portfolio Associates LLC grew its position in shares of Navient Corporation by 56.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,304,386 shares of the credit services provider’s stock worth $38,368,000 after buying an additional 831,209 shares during the period. 95.76% of the stock is owned by institutional investors.
In related news, CFO Christian M. Lown acquired 6,000 shares of the company’s stock in a transaction on Friday, October 20th. The shares were acquired at an average cost of $12.35 per share, for a total transaction of $74,100.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John M. Kane sold 28,886 shares of the firm’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total value of $433,290.00. The disclosure for this sale can be found here. 1.68% of the stock is currently owned by company insiders.
Navient Corporation (NASDAQ NAVI) opened at $12.21 on Monday. The company has a debt-to-equity ratio of 30.58, a quick ratio of 33.10 and a current ratio of 33.10. Navient Corporation has a 52 week low of $11.48 and a 52 week high of $17.95. The firm has a market capitalization of $3,211.38, a price-to-earnings ratio of 6.90 and a beta of 2.39.
Navient Corporation (NASDAQ:NAVI) last issued its quarterly earnings data on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.05. Navient Corporation had a return on equity of 14.09% and a net margin of 10.88%. The business had revenue of $343.00 million for the quarter, compared to analysts’ expectations of $361.33 million. During the same period last year, the business earned $0.50 EPS. The business’s revenue was down 15.3% on a year-over-year basis. equities research analysts anticipate that Navient Corporation will post 1.76 earnings per share for the current year.
Navient Corporation declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 4th that authorizes the company to buyback outstanding shares. This buyback authorization authorizes the credit services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Several analysts recently issued reports on NAVI shares. BidaskClub downgraded shares of Navient Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Credit Suisse Group raised shares of Navient Corporation from a “neutral” rating to an “outperform” rating and set a $16.50 price target for the company in a research report on Friday, September 8th. BMO Capital Markets reduced their price target on shares of Navient Corporation from $16.00 to $14.00 and set a “market perform” rating for the company in a research report on Thursday, October 19th. Citigroup Inc. started coverage on shares of Navient Corporation in a research report on Monday, October 16th. They issued a “buy” rating and a $20.00 price target for the company. Finally, Compass Point raised shares of Navient Corporation from a “neutral” rating to a “buy” rating and set a $16.50 price target for the company in a research report on Tuesday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $18.27.
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Navient Corporation Company Profile
Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP).
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