Navient Corporation (NAVI) Given New $16.00 Price Target at Credit Suisse Group
Navient Corporation (NASDAQ:NAVI) had its price objective trimmed by Credit Suisse Group from $16.50 to $16.00 in a report released on Wednesday morning. The firm currently has an outperform rating on the credit services provider’s stock.
Several other brokerages also recently commented on NAVI. Zacks Investment Research upgraded shares of Navient Corporation from a sell rating to a hold rating in a report on Tuesday, September 19th. Stifel Nicolaus raised their price target on shares of Navient Corporation from $24.00 to $26.00 and gave the stock a hold rating in a research report on Monday, June 12th. BidaskClub upgraded shares of Navient Corporation from a sell rating to a hold rating in a research report on Saturday, June 10th. ValuEngine upgraded shares of Navient Corporation from a buy rating to a strong-buy rating in a research report on Friday, June 16th. Finally, Jefferies Group LLC reiterated a buy rating on shares of Navient Corporation in a research report on Monday, June 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $18.30.
Navient Corporation (NASDAQ:NAVI) traded down 14.252% during mid-day trading on Wednesday, hitting $12.605. The stock had a trading volume of 15,144,725 shares. The firm’s 50-day moving average is $14.07 and its 200 day moving average is $14.80. The stock has a market cap of $3.46 billion, a PE ratio of 6.534 and a beta of 2.48. Navient Corporation has a one year low of $12.55 and a one year high of $17.95.
Navient Corporation (NASDAQ:NAVI) last released its earnings results on Tuesday, July 18th. The credit services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $343.00 million during the quarter, compared to the consensus estimate of $331.67 million. Navient Corporation had a net margin of 11.50% and a return on equity of 14.05%. The company’s revenue was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 EPS. Equities research analysts expect that Navient Corporation will post $1.76 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 5.08%. The ex-dividend date of this dividend was Wednesday, August 30th. Navient Corporation’s dividend payout ratio (DPR) is currently 33.68%.
Navient Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, October 4th that authorizes the company to repurchase outstanding shares. This repurchase authorization authorizes the credit services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, 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 value of $433,290.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.68% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of NAVI. Ameritas Investment Partners Inc. bought a new position in shares of Navient Corporation in the first quarter valued at about $112,000. Creative Planning raised its position in shares of Navient Corporation by 7.2% in the second 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 period. Ffcm LLC raised its position in shares of Navient Corporation by 144.5% in the second quarter. Ffcm LLC now owns 7,071 shares of the credit services provider’s stock valued at $119,000 after purchasing an additional 4,179 shares during the period. Bronfman E.L. Rothschild L.P. raised its position in shares of Navient Corporation by 8.8% in the second 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 period. Finally, Jane Street Group LLC bought a new position in shares of Navient Corporation in the first quarter valued at about $153,000. 93.02% of the stock is currently owned by institutional investors.
Navient Corporation Company Profile
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).
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