Two Sigma Investments LP lifted its position in NIC Inc. (NASDAQ:EGOV) by 13.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 428,106 shares of the software maker’s stock after purchasing an additional 49,134 shares during the quarter. Two Sigma Investments LP owned about 0.65% of NIC worth $7,107,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of EGOV. First Trust Advisors LP increased its holdings in shares of NIC by 27,438.5% in the fourth quarter. First Trust Advisors LP now owns 3,023,180 shares of the software maker’s stock worth $50,185,000 after purchasing an additional 3,012,202 shares during the last quarter. WCM Investment Management CA increased its holdings in shares of NIC by 467.4% in the fourth quarter. WCM Investment Management CA now owns 651,045 shares of the software maker’s stock worth $10,807,000 after purchasing an additional 536,295 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of NIC by 21.1% in the fourth quarter. Bank of New York Mellon Corp now owns 1,930,914 shares of the software maker’s stock worth $32,052,000 after purchasing an additional 336,644 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of NIC by 49.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 927,278 shares of the software maker’s stock worth $15,393,000 after purchasing an additional 306,928 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of NIC by 269.9% in the third quarter. JPMorgan Chase & Co. now owns 345,905 shares of the software maker’s stock worth $6,123,000 after purchasing an additional 252,383 shares during the last quarter. 98.66% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have weighed in on EGOV. Zacks Investment Research cut NIC from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. TheStreet cut NIC from a “b-” rating to a “c” rating in a research note on Thursday, March 8th. Loop Capital reduced their price objective on NIC to $14.00 and set a “hold” rating on the stock in a research note on Friday, February 2nd. BidaskClub raised NIC from a “sell” rating to a “hold” rating in a research note on Tuesday, March 6th. Finally, Barrington Research reissued a “hold” rating on shares of NIC in a research note on Friday, March 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $18.33.
Shares of NIC stock opened at $13.90 on Thursday. NIC Inc. has a 52 week low of $12.65 and a 52 week high of $22.40. The firm has a market capitalization of $932.97, a P/E ratio of 18.05, a price-to-earnings-growth ratio of 1.82 and a beta of 0.56.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Wednesday, January 31st. The software maker reported $0.16 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.16. NIC had a return on equity of 33.25% and a net margin of 15.34%. The company had revenue of $83.47 million for the quarter, compared to analysts’ expectations of $81.01 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. equities analysts anticipate that NIC Inc. will post 0.76 EPS for the current fiscal year.
NIC declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 8th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 20th. Shareholders of record on Tuesday, March 6th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 5th. This represents a $0.32 annualized dividend and a dividend yield of 2.30%. NIC’s dividend payout ratio (DPR) is presently 41.56%.
NIC Company Profile
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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