Nelnet, Inc. $NNI Holdings Reduced by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its position in Nelnet, Inc. (NYSE:NNI) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,965 shares of the credit services provider’s stock after selling 104 shares during the period. Corebridge Financial Inc.’s holdings in Nelnet were worth $773,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Nelnet by 13.9% in the 1st quarter. Vanguard Group Inc. now owns 1,535,569 shares of the credit services provider’s stock worth $170,341,000 after purchasing an additional 187,813 shares during the last quarter. Farmers & Merchants Investments Inc. grew its position in Nelnet by 1.5% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 1,204,798 shares of the credit services provider’s stock worth $133,648,000 after purchasing an additional 17,271 shares during the last quarter. Sycale Advisors NY LLC grew its position in Nelnet by 26.7% in the 4th quarter. Sycale Advisors NY LLC now owns 258,038 shares of the credit services provider’s stock worth $27,561,000 after purchasing an additional 54,380 shares during the last quarter. American Century Companies Inc. grew its position in Nelnet by 3.2% in the 1st quarter. American Century Companies Inc. now owns 121,232 shares of the credit services provider’s stock worth $13,448,000 after purchasing an additional 3,754 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Nelnet by 11.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 54,492 shares of the credit services provider’s stock worth $5,820,000 after purchasing an additional 5,778 shares during the last quarter. Institutional investors own 33.51% of the company’s stock.

Nelnet Trading Up 0.2%

Nelnet stock opened at $128.74 on Friday. The firm has a 50 day simple moving average of $124.83 and a 200-day simple moving average of $116.66. The company has a debt-to-equity ratio of 2.27, a current ratio of 29.42 and a quick ratio of 29.41. The stock has a market capitalization of $4.66 billion, a PE ratio of 14.26 and a beta of 0.87. Nelnet, Inc. has a 12-month low of $98.15 and a 12-month high of $131.06.

Nelnet (NYSE:NNI) last posted its quarterly earnings data on Wednesday, August 6th. The credit services provider reported $5.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $3.14. The business had revenue of $540.61 million during the quarter, compared to analysts’ expectations 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 expect that Nelnet, Inc. will post 4.52 EPS for the current fiscal year.

Nelnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.30 per share. This is a boost from Nelnet’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Nelnet’s dividend payout ratio (DPR) is currently 13.29%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, major shareholder Shelby J. Butterfield sold 41,929 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $119.25, for a total transaction of $5,000,033.25. Following the completion of the sale, the insider directly owned 510 shares of the company’s stock, valued at $60,817.50. This represents a 98.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 50.90% of the stock is currently owned by corporate insiders.

About Nelnet

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.