State Board of Administration of Florida Retirement System Has $1,068,000 Position in NIC Inc. (EGOV)
State Board of Administration of Florida Retirement System held its stake in NIC Inc. (NASDAQ:EGOV) during the first quarter, according to its most recent disclosure with the SEC. The fund owned 52,860 shares of the software maker’s stock at the end of the first quarter. State Board of Administration of Florida Retirement System’s holdings in NIC were worth $1,068,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of EGOV. Two Sigma Investments LP increased its stake in NIC by 1.4% in the fourth quarter. Two Sigma Investments LP now owns 156,006 shares of the software maker’s stock worth $3,729,000 after buying an additional 2,141 shares in the last quarter. Fred Alger Management Inc. increased its stake in NIC by 15.6% in the fourth quarter. Fred Alger Management Inc. now owns 506,882 shares of the software maker’s stock worth $12,114,000 after buying an additional 68,356 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock worth $249,000 after buying an additional 814 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in NIC during the fourth quarter worth $219,000. Finally, Menta Capital LLC increased its stake in NIC by 8.7% in the fourth quarter. Menta Capital LLC now owns 88,550 shares of the software maker’s stock worth $2,116,000 after buying an additional 7,086 shares in the last quarter. 92.93% of the stock is owned by institutional investors.
NIC Inc. (NASDAQ EGOV) opened at 20.50 on Wednesday. The firm has a market cap of $1.36 billion, a P/E ratio of 23.98 and a beta of 0.53. NIC Inc. has a 1-year low of $19.50 and a 1-year high of $25.90. The company has a 50-day moving average price of $20.71 and a 200-day moving average price of $22.20.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 EPS. On average, equities research analysts forecast that NIC Inc. will post $0.73 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Stockholders of record on Tuesday, June 6th will be paid 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 1.56%. NIC’s payout ratio is 37.65%.
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A number of equities research analysts have recently weighed in on the company. Loop Capital assumed coverage on NIC in a report on Tuesday, February 14th. They set a “hold” rating and a $22.00 target price for the company. Zacks Investment Research raised NIC from a “sell” rating to a “hold” rating in a report on Tuesday, February 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. NIC presently has a consensus rating of “Hold” and a consensus target price of $22.83.
In related news, Director Alexander C. Kemper sold 7,000 shares of the stock in a transaction dated Wednesday, March 22nd. The stock was sold at an average price of $20.85, for a total transaction of $145,950.00. Following the sale, the director now owns 32,232 shares of the company’s stock, valued at approximately $672,037.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction dated 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 directly owns 197,531 shares in the company, valued at approximately $4,025,681.78. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by corporate insiders.
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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