Metropolitan Life Insurance Co. NY reduced its stake in NIC Inc. (NASDAQ:EGOV) by 51.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,825 shares of the software maker’s stock after selling 22,085 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in NIC were worth $346,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in shares of NIC by 0.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,099,245 shares of the software maker’s stock valued at $36,003,000 after purchasing an additional 13,274 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of NIC in the 4th quarter valued at approximately $758,000. Schwab Charles Investment Management Inc. boosted its stake in shares of NIC by 15.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 309,507 shares of the software maker’s stock valued at $5,138,000 after purchasing an additional 41,887 shares in the last quarter. Spark Investment Management LLC boosted its stake in shares of NIC by 104.0% in the 4th quarter. Spark Investment Management LLC now owns 208,700 shares of the software maker’s stock valued at $3,464,000 after purchasing an additional 106,400 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of NIC by 49.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 927,278 shares of the software maker’s stock valued at $15,393,000 after purchasing an additional 306,928 shares in the last quarter. Institutional investors own 97.53% of the company’s stock.
A number of equities research analysts have recently weighed in on EGOV shares. Barrington Research restated a “hold” rating on shares of NIC in a research note on Friday, March 9th. Zacks Investment Research upgraded shares of NIC from a “sell” rating to a “hold” rating in a research note on Tuesday, January 30th. BidaskClub downgraded shares of NIC from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. ValuEngine downgraded shares of NIC from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. Finally, Loop Capital reduced their price target on shares of NIC to $14.00 and set a “hold” rating on the stock in a research note on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $18.33.
Shares of NASDAQ EGOV opened at $14.55 on Thursday. The company has a market capitalization of $963.18, a P/E ratio of 18.90, a price-to-earnings-growth ratio of 1.88 and a beta of 0.51. NIC Inc. has a 1 year low of $12.65 and a 1 year high of $22.40.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Wednesday, January 31st. The software maker reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. The business had revenue of $83.47 million during the quarter, compared to analyst estimates of $81.01 million. NIC had a net margin of 15.34% and a return on equity of 33.25%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business earned $0.20 EPS. equities analysts expect that NIC Inc. will post 0.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 20th. Investors of record on Tuesday, March 6th were issued a $0.08 dividend. The ex-dividend date was Monday, March 5th. This represents a $0.32 dividend on an annualized basis and a yield of 2.20%. NIC’s dividend payout ratio (DPR) is presently 41.56%.
NIC declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 8th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the software maker to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.
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