Russell Investments Group Ltd. Raises Stake in NIC Inc. (EGOV)
Russell Investments Group Ltd. increased its stake in shares of NIC Inc. (NASDAQ:EGOV) by 183.5% during the first quarter, Holdings Channel reports. The fund owned 164,953 shares of the software maker’s stock after buying an additional 106,774 shares during the period. Russell Investments Group Ltd.’s holdings in NIC were worth $3,332,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. SECOR Capital Advisors LP boosted its position in shares of NIC by 14.6% in the third quarter. SECOR Capital Advisors LP now owns 136,484 shares of the software maker’s stock valued at $3,207,000 after buying an additional 17,346 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of NIC by 24.3% in the third quarter. Two Sigma Advisers LP now owns 168,584 shares of the software maker’s stock valued at $3,962,000 after buying an additional 32,903 shares during the last quarter. Comerica Bank boosted its position in shares of NIC by 6.0% in the fourth quarter. Comerica Bank now owns 66,026 shares of the software maker’s stock valued at $1,657,000 after buying an additional 3,713 shares during the last quarter. Turner Investments LLC bought a new position in shares of NIC during the fourth quarter valued at about $263,000. Finally, State Street Corp boosted its position in shares of NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock valued at $34,504,000 after buying an additional 82,935 shares during the last quarter. Institutional investors and hedge funds own 85.83% of the company’s stock.
Shares of NIC Inc. (NASDAQ EGOV) opened at 20.05 on Friday. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 23.45 and a beta of 0.61. NIC Inc. has a 52 week low of $19.50 and a 52 week high of $25.90. The firm’s 50-day moving average price is $20.82 and its 200 day moving average price is $22.35.
NIC (NASDAQ:EGOV) last announced its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 40.16% and a net margin of 16.81%. The business had revenue of $83.20 million during the quarter, compared to analyst estimates of $81.99 million. During the same period last year, the company earned $0.19 earnings per share. NIC’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, analysts anticipate that NIC Inc. will post $0.73 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Investors of record on Tuesday, June 6th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 1.60%.
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Several brokerages have recently weighed in on EGOV. Loop Capital began coverage on NIC in a research report on Tuesday, February 14th. They set a “hold” rating and a $22.00 target price on the stock. Zacks Investment Research raised NIC from a “sell” rating to a “hold” rating in a research report on Tuesday, February 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. NIC currently has a consensus rating of “Hold” and an average price target of $22.83.
In related news, Director Alexander C. Kemper sold 7,000 shares of the stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $20.85, for a total transaction of $145,950.00. Following the completion of the sale, the director now directly owns 32,232 shares in the company, valued at $672,037.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total value of $509,500.00. Following the sale, the chief operating officer now owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The disclosure for this sale can be found here. 4.80% of the stock is currently owned by company insiders.
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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