Summit Securities Group LLC purchased a new position in Navient Corporation (NASDAQ:NAVI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 19,097 shares of the credit services provider’s stock, valued at approximately $318,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Schwab Charles Investment Management Inc. boosted its position in Navient Corporation by 4.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,585,621 shares of the credit services provider’s stock worth $26,401,000 after buying an additional 61,144 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Navient Corporation by 85.1% in the second quarter. Canada Pension Plan Investment Board now owns 109,200 shares of the credit services provider’s stock worth $1,818,000 after buying an additional 50,200 shares in the last quarter. JFS Wealth Advisors LLC bought a new position in Navient Corporation during the second quarter worth about $197,000. Grove Bank & Trust boosted its position in Navient Corporation by 33.3% in the second quarter. Grove Bank & Trust now owns 9,280 shares of the credit services provider’s stock worth $154,000 after buying an additional 2,320 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Navient Corporation during the second quarter worth about $232,000. 95.45% of the stock is owned by institutional investors and hedge funds.

Shares of Navient Corporation (NAVI) opened at 13.68 on Friday. The stock has a 50 day moving average of $15.48 and a 200-day moving average of $15.10. Navient Corporation has a 1-year low of $12.66 and a 1-year high of $17.95. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 7.09 and a beta of 2.43.

Navient Corporation (NASDAQ:NAVI) last released its quarterly earnings results on Tuesday, July 18th. The credit services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. Navient Corporation had a net margin of 11.50% and a return on equity of 14.05%. The firm had revenue of $343 million during the quarter, compared to the consensus estimate of $331.67 million. During the same quarter in the prior year, the firm earned $0.47 EPS. Navient Corporation’s revenue for the quarter was down 15.9% on a year-over-year basis. Equities analysts anticipate that Navient Corporation will post $1.76 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a $0.16 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.64 annualized dividend and a yield of 4.68%. Navient Corporation’s dividend payout ratio (DPR) is 33.68%.

COPYRIGHT VIOLATION NOTICE: This story was first reported by Watch List News and is the property of of Watch List News. If you are viewing this story on another website, it was illegally copied and reposted in violation of international trademark and copyright legislation. The correct version of this story can be viewed at https://www.watchlistnews.com/summit-securities-group-llc-purchases-shares-of-19097-navient-corporation-nasdaqnavi/1477771.html.

A number of research firms have recently weighed in on NAVI. BidaskClub lowered shares of Navient Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Jefferies Group LLC reiterated a “hold” rating and issued a $16.00 price objective on shares of Navient Corporation in a research note on Friday, July 21st. BMO Capital Markets reiterated a “hold” rating and issued a $16.00 price objective (down previously from $17.00) on shares of Navient Corporation in a research note on Thursday, July 20th. Zacks Investment Research lowered shares of Navient Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $20.00 price objective on shares of Navient Corporation in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Navient Corporation presently has an average rating of “Hold” and an average target price of $18.55.

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).

Institutional Ownership by Quarter 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.