Allworth Financial LP Boosts Holdings in Nelnet, Inc. $NNI

Allworth Financial LP increased its position in Nelnet, Inc. (NYSE:NNI) by 50,400.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,010 shares of the credit services provider’s stock after purchasing an additional 1,008 shares during the period. Allworth Financial LP’s holdings in Nelnet were worth $122,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Allianz Asset Management GmbH lifted its stake in shares of Nelnet by 84.7% in the first quarter. Allianz Asset Management GmbH now owns 8,553 shares of the credit services provider’s stock worth $949,000 after buying an additional 3,921 shares in the last quarter. Guardian Wealth Management Inc. raised its holdings in Nelnet by 4.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 46,343 shares of the credit services provider’s stock worth $5,141,000 after acquiring an additional 2,183 shares during the last quarter. LPL Financial LLC raised its holdings in Nelnet by 8.5% in the 1st quarter. LPL Financial LLC now owns 29,122 shares of the credit services provider’s stock worth $3,230,000 after acquiring an additional 2,278 shares during the last quarter. Mackenzie Financial Corp bought a new position in Nelnet in the 1st quarter valued at approximately $304,000. Finally, Picton Mahoney Asset Management purchased a new stake in Nelnet during the 1st quarter valued at $401,000. 33.51% of the stock is currently owned by institutional investors.

Insider Activity at Nelnet

In other news, Director Thomas Edward Henning sold 5,094 shares of Nelnet stock in a transaction on Friday, September 5th. The shares were sold at an average price of $128.87, for a total transaction of $656,463.78. Following the transaction, the director owned 11,058 shares in the company, valued at $1,425,044.46. This trade represents a 31.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Shelby J. Butterfield sold 41,929 shares of the firm’s stock in a transaction dated 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 transaction, the insider directly owned 510 shares in the company, valued at $60,817.50. This trade represents a 98.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 50,125 shares of company stock worth $6,056,252 over the last quarter. Insiders own 50.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. TD Cowen boosted their price target on Nelnet from $130.00 to $135.00 and gave the stock a “hold” rating in a research note on Monday, November 10th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Nelnet in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered Nelnet from a “strong-buy” rating to a “hold” rating in a research report on Saturday, November 15th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $135.00.

Nelnet Stock Up 1.4%

NNI stock opened at $126.55 on Thursday. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 14.01 and a beta of 0.85. The company has a debt-to-equity ratio of 2.27, a quick ratio of 29.41 and a current ratio of 29.42. The business’s 50-day moving average is $128.37 and its two-hundred day moving average is $123.29. Nelnet, Inc. has a fifty-two week low of $98.15 and a fifty-two week high of $136.68.

Nelnet (NYSE:NNI) last released its quarterly earnings results on Thursday, November 6th. The credit services provider reported $2.95 EPS for the quarter, beating the consensus estimate of $1.52 by $1.43. Nelnet had a net margin of 14.86% and a return on equity of 10.09%. The firm had revenue of $427.76 million during the quarter, compared to analyst estimates of $372.00 million. As a group, analysts forecast that Nelnet, Inc. will post 4.52 earnings per share for the current year.

Nelnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.33 per share. This is an increase from Nelnet’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Monday, December 1st. Nelnet’s dividend payout ratio is currently 11.09%.

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.