Schwab Charles Investment Management Inc. grew its holdings in shares of Navient Corporation (NASDAQ:NAVI) by 27.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,022,265 shares of the credit services provider’s stock after purchasing an additional 436,644 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.77% of Navient worth $30,375,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in NAVI. Twin Capital Management Inc. grew its stake in shares of Navient by 46.9% during the 3rd quarter. Twin Capital Management Inc. now owns 195,699 shares of the credit services provider’s stock valued at $2,939,000 after acquiring an additional 62,450 shares during the period. Trexquant Investment LP bought a new position in shares of Navient during the 3rd quarter valued at approximately $299,000. Achmea Investment Management B.V. bought a new position in shares of Navient during the 3rd quarter valued at approximately $261,000. Nordea Investment Management AB grew its stake in shares of Navient by 6.8% during the 3rd quarter. Nordea Investment Management AB now owns 70,598 shares of the credit services provider’s stock valued at $1,060,000 after acquiring an additional 4,476 shares during the period. Finally, ING Groep NV grew its stake in shares of Navient by 62.5% during the 3rd quarter. ING Groep NV now owns 23,688 shares of the credit services provider’s stock valued at $356,000 after acquiring an additional 9,108 shares during the period. 92.91% of the stock is owned by hedge funds and other institutional investors.
Navient Corporation (NASDAQ:NAVI) opened at $12.76 on Tuesday. Navient Corporation has a 52 week low of $11.48 and a 52 week high of $17.31. The company has a quick ratio of 33.10, a current ratio of 33.10 and a debt-to-equity ratio of 30.58. The firm has a market capitalization of $3,356.03, a P/E ratio of 7.21 and a beta of 2.37.
Navient (NASDAQ:NAVI) last posted its quarterly earnings results on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.05. Navient had a return on equity of 14.09% and a net margin of 10.88%. The business had revenue of $343.00 million during the quarter, compared to the consensus estimate of $361.33 million. During the same period in the prior year, the company posted $0.50 EPS. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. equities analysts anticipate that Navient Corporation will post 1.76 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.16 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.64 annualized dividend and a yield of 5.02%. Navient’s payout ratio is 35.36%.
Navient declared that its board has approved a share repurchase plan on Wednesday, October 4th that permits the company to buyback shares. This buyback authorization permits the credit services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
A number of research analysts recently issued reports on NAVI shares. Compass Point upgraded Navient from a “neutral” rating to a “buy” rating and set a $16.50 price objective for the company in a research note on Tuesday, September 5th. Credit Suisse Group upgraded Navient from a “neutral” rating to an “outperform” rating and set a $16.50 price objective for the company in a research note on Friday, September 8th. Zacks Investment Research upgraded Navient from a “sell” rating to a “hold” rating in a research note on Wednesday, September 13th. Citigroup started coverage on Navient in a research note on Monday, October 16th. They set a “buy” rating and a $20.00 price objective for the company. Finally, Jefferies Group reiterated a “hold” rating and set a $16.00 price objective on shares of Navient in a research note on Monday, October 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $18.00.
In other Navient news, CFO Christian M. Lown purchased 6,000 shares of the company’s stock in a transaction on Friday, October 20th. The stock was acquired at an average cost of $12.35 per share, for a total transaction of $74,100.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John M. Kane sold 28,886 shares of the company’s stock in a transaction that occurred on Tuesday, September 26th. The stock was 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. Corporate insiders own 1.68% of the company’s stock.
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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