Nelnet (NYSE:NNI) Hits New 12-Month High Following Strong Earnings

Nelnet, Inc. (NYSE:NNI) reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $107.18 and last traded at $106.28, with a volume of 40614 shares. The stock had previously closed at $98.55.

The credit services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.44. The business had revenue of $579.96 million during the quarter. Nelnet had a return on equity of 3.81% and a net margin of 4.43%. During the same quarter in the prior year, the firm earned $1.47 EPS.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Nelnet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in Nelnet in the third quarter valued at about $381,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Nelnet by 31.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,013 shares of the credit services provider’s stock valued at $269,000 after purchasing an additional 723 shares in the last quarter. Inspire Investing LLC grew its stake in Nelnet by 6.0% in the third quarter. Inspire Investing LLC now owns 3,449 shares of the credit services provider’s stock valued at $308,000 after purchasing an additional 194 shares in the last quarter. Principal Financial Group Inc. grew its stake in Nelnet by 46.3% in the third quarter. Principal Financial Group Inc. now owns 4,092 shares of the credit services provider’s stock valued at $365,000 after purchasing an additional 1,295 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Nelnet by 49.9% in the third quarter. Victory Capital Management Inc. now owns 9,797 shares of the credit services provider’s stock worth $875,000 after buying an additional 3,263 shares during the last quarter. Hedge funds and other institutional investors own 33.51% of the company’s stock.

Nelnet Stock Up 6.3 %

The business has a 50-day simple moving average of $92.59 and a two-hundred day simple moving average of $88.72. The company has a market cap of $3.88 billion, a price-to-earnings ratio of 40.39 and a beta of 0.84. The company has a quick ratio of 35.15, a current ratio of 35.15 and a debt-to-equity ratio of 3.67.

Nelnet Company Profile

Nelnet, Inc engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services.