Gabelli Funds LLC Trims Holdings in Navient Corporation (NAVI)
Gabelli Funds LLC trimmed its holdings in shares of Navient Corporation (NASDAQ:NAVI) by 7.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 557,000 shares of the credit services provider’s stock after selling 43,000 shares during the quarter. Gabelli Funds LLC owned 0.20% of Navient Corporation worth $8,366,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Thrivent Financial For Lutherans grew its holdings in Navient Corporation by 1.0% during the 2nd quarter. Thrivent Financial For Lutherans now owns 10,770 shares of the credit services provider’s stock worth $179,000 after acquiring an additional 110 shares during the last quarter. Contravisory Investment Management Inc. boosted its stake in shares of Navient Corporation by 1.3% in the 2nd quarter. Contravisory Investment Management Inc. now owns 15,150 shares of the credit services provider’s stock valued at $252,000 after purchasing an additional 200 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Navient Corporation by 1.2% in the 2nd quarter. Advisor Group Inc. now owns 37,355 shares of the credit services provider’s stock valued at $621,000 after purchasing an additional 440 shares during the last quarter. Creative Planning boosted its stake in shares of Navient Corporation by 7.2% in the 2nd quarter. Creative Planning now owns 7,066 shares of the credit services provider’s stock valued at $118,000 after purchasing an additional 472 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. boosted its stake in shares of Navient Corporation by 8.8% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 7,564 shares of the credit services provider’s stock valued at $126,000 after purchasing an additional 612 shares during the last quarter. 97.07% of the stock is currently owned by hedge funds and other institutional investors.
Navient Corporation (NASDAQ:NAVI) opened at $12.21 on Friday. The company has a debt-to-equity ratio of 30.58, a quick ratio of 33.10 and a current ratio of 33.10. Navient Corporation has a 1-year low of $11.48 and a 1-year high of $17.95. The firm has a market cap of $3,192.97, a price-to-earnings ratio of 6.86 and a beta of 2.39.
Navient Corporation (NASDAQ:NAVI) last released its quarterly earnings data on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.05. Navient Corporation had a net margin of 10.88% and a return on equity of 14.09%. The firm had revenue of $343.00 million for the quarter, compared to the consensus estimate of $361.33 million. During the same quarter in the prior year, the company posted $0.50 earnings per share. The business’s revenue was down 15.3% on a year-over-year basis. equities analysts forecast that Navient Corporation will post 1.76 EPS for the current year.
Navient Corporation announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 4th that permits the company to repurchase shares. This repurchase authorization permits the credit services provider to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
WARNING: “Gabelli Funds LLC Trims Holdings in Navient Corporation (NAVI)” was originally posted by Watch List News and is the sole property of of Watch List News. If you are viewing this report on another website, it was illegally stolen and reposted in violation of U.S. and international trademark and copyright law. The correct version of this report can be read at https://www.watchlistnews.com/gabelli-funds-llc-trims-holdings-in-navient-corporation-navi/1695746.html.
In other news, CFO Christian M. Lown bought 6,000 shares of the stock in a transaction dated Friday, October 20th. The stock was bought at an average price of $12.35 per share, for a total transaction of $74,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John M. Kane sold 28,886 shares of the stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total transaction of $433,290.00. The disclosure for this sale can be found here. Corporate insiders own 1.68% of the company’s stock.
NAVI has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of Navient Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, October 12th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Navient Corporation in a research note on Friday, July 21st. BidaskClub lowered shares of Navient Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Navient Corporation in a research note on Friday, July 14th. Finally, Compass Point lowered shares of Navient Corporation from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $16.50 to $15.50 in a research note on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $18.27.
About Navient Corporation
Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP).
Want to see what other hedge funds are holding NAVI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Navient Corporation (NASDAQ:NAVI).
Receive News & Ratings for Navient Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Navient Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.