Navient Corporation (NAVI) Shares Sold by Ameriprise Financial Inc.
Ameriprise Financial Inc. cut its stake in shares of Navient Corporation (NASDAQ:NAVI) by 34.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,500,473 shares of the credit services provider’s stock after selling 779,429 shares during the period. Ameriprise Financial Inc. owned about 0.57% of Navient worth $22,535,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Creative Planning grew its position in Navient by 7.2% in the second quarter. Creative Planning now owns 7,066 shares of the credit services provider’s stock worth $118,000 after acquiring an additional 472 shares in the last quarter. Russell Investments Group Ltd. grew its position in Navient by 9.9% in the second quarter. Russell Investments Group Ltd. now owns 154,716 shares of the credit services provider’s stock worth $2,577,000 after acquiring an additional 13,995 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its position in Navient by 176.0% in the second quarter. Municipal Employees Retirement System of Michigan now owns 27,600 shares of the credit services provider’s stock worth $460,000 after acquiring an additional 17,600 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Navient in the second quarter worth approximately $232,000. Finally, Canada Pension Plan Investment Board grew its position in Navient by 85.1% in the second quarter. Canada Pension Plan Investment Board now owns 109,200 shares of the credit services provider’s stock worth $1,818,000 after acquiring an additional 50,200 shares in the last quarter. 92.91% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Navient Corporation (NAVI) opened at $12.76 on Friday. The company has a debt-to-equity ratio of 30.58, a current ratio of 33.10 and a quick ratio of 33.10. Navient Corporation has a one year low of $11.48 and a one year high of $17.43. The firm has a market cap of $3,348.15, a price-to-earnings ratio of 7.19 and a beta of 2.37.
Navient (NASDAQ:NAVI) last issued its quarterly earnings data on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.05. Navient had a net margin of 10.88% and a return on equity of 14.09%. The business had revenue of $343.00 million during the quarter, compared to analysts’ expectations of $361.33 million. During the same period in the previous year, the company earned $0.50 earnings per share. Navient’s revenue for the quarter was down 15.3% on a year-over-year basis. research analysts anticipate that Navient Corporation will post 1.76 EPS for the current fiscal year.
Navient announced that its Board of Directors has authorized a share buyback program on Wednesday, October 4th that permits the company to repurchase shares. This repurchase authorization permits the credit services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date is Thursday, November 30th. Navient’s payout ratio is 35.36%.
In other news, CFO Christian M. Lown acquired 6,000 shares of Navient stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John M. Kane sold 28,886 shares of the business’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $15.00, for a total transaction of $433,290.00. The disclosure for this sale can be found here. 1.68% of the stock is currently owned by insiders.
NAVI has been the subject of several recent research reports. Credit Suisse Group decreased their target price on shares of Navient from $16.50 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, October 4th. Zacks Investment Research raised shares of Navient from a “strong sell” rating to a “hold” rating in a research report on Monday, October 23rd. Compass Point downgraded shares of Navient from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $16.50 to $15.50 in a research report on Thursday, October 5th. Barclays reissued an “overweight” rating and issued a $17.00 target price on shares of Navient in a research report on Tuesday, November 14th. Finally, BMO Capital Markets decreased their target price on shares of Navient from $16.00 to $14.00 and set a “market perform” rating for the company in a research report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, seven have given 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.
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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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