Hillsdale Investment Management Inc. Invests $524,000 in Navient Corp (NASDAQ:NAVI)
Hillsdale Investment Management Inc. acquired a new position in Navient Corp (NASDAQ:NAVI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 38,400 shares of the credit services provider’s stock, valued at approximately $524,000.
Several other institutional investors also recently made changes to their positions in NAVI. Envestnet Asset Management Inc. increased its position in Navient by 3.7% in the second quarter. Envestnet Asset Management Inc. now owns 62,093 shares of the credit services provider’s stock worth $848,000 after purchasing an additional 2,229 shares during the period. Coastal Investment Advisors Inc. acquired a new stake in Navient in the second quarter worth about $81,000. Aperio Group LLC increased its position in Navient by 26.5% in the second quarter. Aperio Group LLC now owns 325,739 shares of the credit services provider’s stock worth $4,446,000 after purchasing an additional 68,243 shares during the period. KBC Group NV increased its position in Navient by 100.7% in the second quarter. KBC Group NV now owns 267,125 shares of the credit services provider’s stock worth $3,646,000 after purchasing an additional 134,042 shares during the period. Finally, First Trust Advisors LP increased its position in Navient by 42.0% in the second quarter. First Trust Advisors LP now owns 1,081,474 shares of the credit services provider’s stock worth $14,762,000 after purchasing an additional 319,787 shares during the period. Institutional investors and hedge funds own 96.83% of the company’s stock.
Shares of Navient stock traded down $0.10 during trading on Tuesday, hitting $13.21. 1,469 shares of the company were exchanged, compared to its average volume of 2,422,242. The firm has a market capitalization of $3.03 billion, a P/E ratio of 6.31, a price-to-earnings-growth ratio of 1.79 and a beta of 2.12. Navient Corp has a 1-year low of $8.23 and a 1-year high of $15.67. The firm’s fifty day moving average price is $13.66 and its 200 day moving average price is $12.84. The company has a debt-to-equity ratio of 26.20, a current ratio of 13.85 and a quick ratio of 13.85.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be given a $0.16 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.64 annualized dividend and a dividend yield of 4.84%. Navient’s dividend payout ratio is presently 30.62%.
In related news, major shareholder Canyon Capital Advisors Llc sold 3,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $14.95, for a total value of $52,325,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.85% of the stock is currently owned by insiders.
NAVI has been the subject of a number of research reports. ValuEngine lowered Navient from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Credit Suisse Group lowered Navient from an “outperform” rating to a “neutral” rating and set a $14.50 price objective for the company. in a research report on Thursday, July 25th. They noted that the move was a valuation call. JPMorgan Chase & Co. upgraded Navient from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $12.50 to $14.50 in a research report on Thursday, April 25th. BMO Capital Markets set a $17.00 price objective on Navient and gave the stock a “hold” rating in a research report on Friday, July 26th. Finally, Barclays lifted their price objective on Navient from $14.00 to $17.00 and gave the stock a “positive” rating in a research report on Thursday, July 25th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Navient presently has an average rating of “Hold” and an average target price of $15.67.
Navient Corporation provides education loan management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels in the United States. It operates in three segments: Federal Education Loans, Consumer Lending, and Business Processing. The company holds and acquires Federal Family Education Loan Program loans that are insured or guaranteed by state or not-for-profit agencies; and performs servicing and asset recovery services on its own loan portfolio, and federal education loans owned by the United States Department of Education and other institutions.
Further Reading: Hold Rating
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