Rockefeller Financial Services Inc. Boosts Position in NIC Inc. (NASDAQ:EGOV)
Rockefeller Financial Services Inc. increased its stake in shares of NIC Inc. (NASDAQ:EGOV) by 3.2% during the second quarter, Holdings Channel reports. The institutional investor owned 613,973 shares of the software maker’s stock after buying an additional 18,850 shares during the period. Rockefeller Financial Services Inc.’s holdings in NIC were worth $11,635,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. bought a new position in shares of NIC during the fourth quarter valued at approximately $1,400,000. State Street Corp raised its position in shares of NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock valued at $34,504,000 after buying an additional 82,935 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock valued at $249,000 after buying an additional 814 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of NIC by 6.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 33,760 shares of the software maker’s stock valued at $807,000 after buying an additional 2,120 shares in the last quarter. Finally, Norges Bank bought a new position in shares of NIC during the fourth quarter valued at approximately $37,781,000. Institutional investors own 92.19% of the company’s stock.
NIC Inc. (EGOV) traded up 1.82% during trading on Wednesday, hitting $19.55. The stock had a trading volume of 43,588 shares. NIC Inc. has a 12-month low of $18.00 and a 12-month high of $25.90. The company has a 50 day moving average of $19.50 and a 200-day moving average of $21.21. The company has a market cap of $1.29 billion, a P/E ratio of 22.87 and a beta of 0.45.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. The business had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 EPS. On average, equities analysts predict that NIC Inc. will post $0.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 20th. Investors of record on Tuesday, June 6th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 2nd. This represents a $0.32 annualized dividend and a yield of 1.67%. NIC’s payout ratio is 37.65%.
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EGOV has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Thursday, May 4th. DA Davidson initiated coverage on shares of NIC in a research report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 target price on the stock. BidaskClub lowered shares of NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. Finally, Imperial Capital upgraded shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price on the stock in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $22.29.
In related news, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total transaction of $509,500.00. Following the completion of the sale, the chief operating officer now owns 197,531 shares in the company, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.10% of the stock is owned by corporate insiders.
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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