Rhumbline Advisers Cuts Stock Position in Nelnet, Inc. $NNI

Rhumbline Advisers cut its holdings in Nelnet, Inc. (NYSE:NNI) by 1.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,927 shares of the credit services provider’s stock after selling 527 shares during the quarter. Rhumbline Advisers owned 0.08% of Nelnet worth $3,209,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Nelnet by 13.9% in the 1st quarter. Vanguard Group Inc. now owns 1,535,569 shares of the credit services provider’s stock valued at $170,341,000 after purchasing an additional 187,813 shares during the last quarter. Farmers & Merchants Investments Inc. raised its position in shares of Nelnet by 1.5% during 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 acquiring an additional 17,271 shares in the last quarter. American Century Companies Inc. raised its position in shares of Nelnet by 3.2% during the 1st quarter. American Century Companies Inc. now owns 121,232 shares of the credit services provider’s stock worth $13,448,000 after acquiring an additional 3,754 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Nelnet by 7.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 58,415 shares of the credit services provider’s stock worth $6,480,000 after acquiring an additional 3,923 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Nelnet by 11.9% during 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 acquiring an additional 5,778 shares in the last quarter. 33.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Nelnet

In other news, major shareholder Shelby J. Butterfield sold 41,929 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $119.25, for a total value 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 trade represents a 98.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Edward Henning sold 3,102 shares of Nelnet stock in a transaction on Friday, September 5th. The stock was sold at an average price of $128.87, for a total value of $399,754.74. The disclosure for this sale can be found here. Insiders sold a total of 50,125 shares of company stock valued at $6,056,252 over the last three months. Insiders own 50.90% of the company’s stock.

Analyst Ratings Changes

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

Nelnet Trading Up 0.9%

Shares of NNI stock opened at $124.36 on Tuesday. The business’s 50 day moving average is $125.13 and its two-hundred day moving average is $117.14. Nelnet, Inc. has a twelve month low of $98.15 and a twelve month high of $136.17. The company has a market capitalization of $4.50 billion, a P/E ratio of 13.77 and a beta of 0.87. The company has a current ratio of 29.42, a quick ratio of 29.41 and a debt-to-equity ratio of 2.27.

Nelnet (NYSE:NNI) last announced its earnings results on Wednesday, August 6th. The credit services provider reported $5.05 earnings per share for the quarter, beating the consensus estimate of $1.91 by $3.14. Nelnet had a return on equity of 10.09% and a net margin of 14.86%.The company had revenue of $540.61 million for the quarter, compared to the consensus estimate of $376.40 million. Equities analysts forecast that Nelnet, Inc. will post 4.52 EPS for the current year.

Nelnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. This is an increase from Nelnet’s previous quarterly dividend of $0.28. Nelnet’s payout ratio is 13.29%.

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.