LPL Financial LLC Buys 2,278 Shares of Nelnet, Inc. (NYSE:NNI)

LPL Financial LLC raised its stake in Nelnet, Inc. (NYSE:NNI) by 8.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,122 shares of the credit services provider’s stock after purchasing an additional 2,278 shares during the period. LPL Financial LLC owned approximately 0.08% of Nelnet worth $3,230,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. KBC Group NV bought a new position in shares of Nelnet during the 1st quarter worth about $32,000. Sterling Capital Management LLC lifted its holdings in shares of Nelnet by 796.0% during the 4th quarter. Sterling Capital Management LLC now owns 448 shares of the credit services provider’s stock worth $48,000 after acquiring an additional 398 shares during the period. Blue Trust Inc. lifted its holdings in shares of Nelnet by 292.1% during the 1st quarter. Blue Trust Inc. now owns 698 shares of the credit services provider’s stock worth $77,000 after acquiring an additional 520 shares during the period. Man Group plc bought a new position in shares of Nelnet during the 4th quarter worth about $202,000. Finally, Dark Forest Capital Management LP bought a new position in shares of Nelnet during the 4th quarter worth about $228,000. 33.51% of the stock is owned by institutional investors.

Nelnet Price Performance

NYSE:NNI opened at $126.99 on Friday. The company has a 50-day moving average of $121.12 and a 200-day moving average of $114.98. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 14.06 and a beta of 0.90. Nelnet, Inc. has a 52 week low of $98.15 and a 52 week high of $130.41. The company has a debt-to-equity ratio of 2.27, a quick ratio of 29.41 and a current ratio of 29.42.

Nelnet (NYSE:NNI) last released its quarterly earnings data on Wednesday, August 6th. The credit services provider reported $5.05 EPS for the quarter, topping analysts’ consensus estimates of $1.91 by $3.14. The company had revenue of $540.61 million during the quarter, compared to the consensus estimate of $376.40 million. Nelnet had a net margin of 14.86% and a return on equity of 10.09%. As a group, equities research analysts anticipate that Nelnet, Inc. will post 4.52 earnings per share for the current fiscal year.

Nelnet Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.20 annualized dividend and a yield of 0.9%. This is an increase from Nelnet’s previous quarterly dividend of $0.28. Nelnet’s payout ratio is 12.40%.

Nelnet announced that its board has authorized a stock repurchase plan on Thursday, May 8th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the credit services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Nelnet from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 9th.

Nelnet 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.