Principal Financial Group Inc. Reduces Position in Navient Corporation (NAVI)
Principal Financial Group Inc. decreased its stake in Navient Corporation (NASDAQ:NAVI) by 6.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 423,292 shares of the credit services provider’s stock after selling 27,927 shares during the period. Principal Financial Group Inc. owned about 0.15% of Navient worth $6,358,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Creative Planning lifted its stake in Navient 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. Ffcm LLC lifted its stake in Navient by 144.5% in the 2nd 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 last quarter. Bronfman E.L. Rothschild L.P. lifted its stake in Navient 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. First Midwest Bank Trust Division bought a new position in Navient in the 3rd quarter valued at approximately $175,000. Finally, Thrivent Financial For Lutherans lifted its stake in Navient by 1.0% in the 2nd quarter. Thrivent Financial For Lutherans now owns 10,770 shares of the credit services provider’s stock valued at $179,000 after purchasing an additional 110 shares during the last quarter. 92.91% of the stock is owned by institutional investors and hedge funds.
In related news, EVP John M. Kane sold 28,886 shares of Navient stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total transaction of $433,290.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Christian M. Lown bought 6,000 shares of the stock in a transaction that occurred on Friday, October 20th. The shares were purchased at an average cost of $12.35 per share, with a total value of $74,100.00. The disclosure for this purchase can be found here. 1.68% of the stock is owned by company insiders.
Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of Navient from a “sell” rating to a “hold” rating in a research note on Wednesday, September 13th. Compass Point downgraded shares of Navient from a “buy” rating to a “neutral” rating and dropped their price target for the company from $16.50 to $15.50 in a research note on Thursday, October 5th. ValuEngine raised shares of Navient from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. BMO Capital Markets dropped their price target on shares of Navient from $16.00 to $14.00 and set a “market perform” rating for the company in a research note on Thursday, October 19th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $16.00 price target on shares of Navient in a research note on Monday, October 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Navient currently has an average rating of “Hold” and an average target price of $18.00.
Navient Corporation (NAVI) opened at $12.76 on Friday. The stock has a market cap of $3,395.49, a price-to-earnings ratio of 7.29 and a beta of 2.37. Navient Corporation has a 52 week low of $11.48 and a 52 week high of $17.43. 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 (NASDAQ:NAVI) last announced its earnings results on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. Navient had a net margin of 10.88% and a return on equity of 14.09%. The business had revenue of $343.00 million during the quarter, compared to the consensus estimate of $361.33 million. During the same quarter last year, the firm earned $0.50 earnings per share. Navient’s quarterly revenue was down 15.3% on a year-over-year basis. sell-side analysts forecast that Navient Corporation will post 1.76 EPS for the current fiscal year.
Navient declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 4th that permits the company to buyback shares. This buyback authorization permits the credit services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date of this dividend is Thursday, November 30th. Navient’s dividend payout ratio is presently 35.36%.
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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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