CIBC World Markets Inc. Invests $946,000 in Navient Corp. (NAVI)
CIBC World Markets Inc. bought a new position in shares of Navient Corp. (NASDAQ:NAVI) during the second quarter, Holdings Channel reports. The firm bought 79,198 shares of the company’s stock, valued at approximately $946,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Balasa Dinverno & Foltz LLC purchased a new position in Navient Corp. during the second quarter worth about $122,000. BB&T Securities LLC purchased a new position in Navient Corp. during the first quarter worth about $124,000. LPL Financial LLC purchased a new position in Navient Corp. during the first quarter worth about $147,000. Fox Run Management L.L.C. purchased a new position in Navient Corp. during the second quarter worth about $172,000. Finally, Pacad Investment Ltd. purchased a new position in Navient Corp. during the first quarter worth about $313,000. 95.32% of the stock is owned by hedge funds and other institutional investors.
Navient Corp. (NASDAQ:NAVI) traded down 1.81% during mid-day trading on Friday, hitting $13.58. 5,876,480 shares of the company were exchanged. Navient Corp. has a 12-month low of $8.20 and a 12-month high of $14.82. The company has a 50 day moving average of $14.20 and a 200 day moving average of $12.99. The stock has a market cap of $4.31 billion, a P/E ratio of 5.77 and a beta of 2.32.
Navient Corp. (NASDAQ:NAVI) last announced its quarterly earnings data on Tuesday, July 19th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Navient Corp. had a net margin of 16.75% and a return on equity of 16.77%. On average, equities research analysts expect that Navient Corp. will post $1.87 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, September 2nd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.71%. The ex-dividend date was Wednesday, August 31st. Navient Corp.’s dividend payout ratio is 27.47%.
A number of research analysts have issued reports on NAVI shares. Credit Suisse Group AG reissued a “buy” rating on shares of Navient Corp. in a research note on Wednesday, June 8th. Zacks Investment Research upgraded shares of Navient Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets set a $17.00 price target on shares of Navient Corp. and gave the stock a “hold” rating in a research report on Thursday, July 21st. Finally, Goldman Sachs Group Inc. downgraded shares of Navient Corp. from a “buy” rating to a “neutral” rating and set a $15.00 price target on the stock. in a research report on Wednesday, July 20th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $15.57.
In other news, Director William M. Diefenderfer III sold 16,300 shares of the company’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $14.20, for a total value of $231,460.00. Following the sale, the director now owns 88,737 shares of the company’s stock, valued at approximately $1,260,065.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Bates Ann Torre sold 9,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $14.23, for a total transaction of $128,070.00. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by insiders.
About Navient Corp.
Navient Corporation is a loan management, servicing and asset recovery company. The Company holds the portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (FFELP), as well as the portfolio of Private Education Loans. FFELP Loans are insured or guaranteed by state based on guaranty agreements among the United States Department of Education (ED) and these agencies.
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