Citigroup Inc. Cuts Holdings in NIC Inc. (EGOV)
Citigroup Inc. trimmed its position in shares of NIC Inc. (NASDAQ:EGOV) by 6.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 64,343 shares of the software maker’s stock after selling 4,785 shares during the quarter. Citigroup Inc. owned approximately 0.10% of NIC worth $1,219,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of EGOV. Russell Investments Group Ltd. boosted its position in NIC by 183.5% during the 1st quarter. Russell Investments Group Ltd. now owns 164,953 shares of the software maker’s stock valued at $3,332,000 after acquiring an additional 106,774 shares in the last quarter. US Bancorp DE boosted its position in shares of NIC by 25.2% in the 1st quarter. US Bancorp DE now owns 14,391 shares of the software maker’s stock worth $290,000 after purchasing an additional 2,900 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of NIC by 15.5% in the 1st quarter. Bank of New York Mellon Corp now owns 881,005 shares of the software maker’s stock worth $17,795,000 after purchasing an additional 118,114 shares in the last quarter. Comerica Bank boosted its position in shares of NIC by 4.3% in the 1st quarter. Comerica Bank now owns 68,839 shares of the software maker’s stock worth $1,490,000 after purchasing an additional 2,813 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of NIC by 96.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 22,160 shares of the software maker’s stock worth $448,000 after purchasing an additional 10,862 shares in the last quarter. 92.93% of the stock is currently owned by institutional investors and hedge funds.
Shares of NIC Inc. (NASDAQ:EGOV) opened at 17.35 on Thursday. The company has a market capitalization of $1.15 billion, a PE ratio of 20.41 and a beta of 0.41. The stock has a 50 day moving average price of $16.63 and a 200-day moving average price of $18.78. NIC Inc. has a 12 month low of $15.45 and a 12 month high of $25.90.
NIC (NASDAQ:EGOV) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.01. NIC had a net margin of 17.31% and a return on equity of 38.37%. The firm had revenue of $85.30 million for the quarter, compared to the consensus estimate of $83.57 million. During the same period last year, the firm earned $0.20 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. Analysts forecast that NIC Inc. will post $0.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.84%. NIC’s dividend payout ratio is presently 38.10%.
A number of analysts have recently commented on EGOV shares. Zacks Investment Research cut NIC from a “buy” rating to a “hold” rating in a research report on Monday, July 3rd. BidaskClub cut NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. TheStreet cut NIC from a “b-” rating to a “c+” rating in a research report on Monday, August 14th. DA Davidson started coverage on NIC in a research report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 price target on the stock. Finally, Maxim Group dropped their price target on NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $19.29.
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NIC Company Profile
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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