Teacher Retirement System of Texas Takes $561,000 Position in Navient Corporation (NAVI)
Teacher Retirement System of Texas purchased a new stake in Navient Corporation (NASDAQ:NAVI) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 37,372 shares of the credit services provider’s stock, valued at approximately $561,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Prudential Financial Inc. raised its holdings in Navient Corporation by 3.4% during the 3rd quarter. Prudential Financial Inc. now owns 5,888,964 shares of the credit services provider’s stock worth $88,452,000 after buying an additional 192,614 shares during the period. Nomura Holdings Inc. acquired a new stake in Navient Corporation during the 2nd quarter worth about $360,000. ARGI Investment Services LLC raised its holdings in Navient Corporation by 12.2% during the 2nd quarter. ARGI Investment Services LLC now owns 95,127 shares of the credit services provider’s stock worth $1,584,000 after buying an additional 10,363 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Navient Corporation by 16.3% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 74,114 shares of the credit services provider’s stock worth $1,234,000 after buying an additional 10,395 shares during the period. Finally, Chicago Equity Partners LLC raised its holdings in Navient Corporation by 109.8% during the 2nd quarter. Chicago Equity Partners LLC now owns 150,025 shares of the credit services provider’s stock worth $2,498,000 after buying an additional 78,520 shares during the period. 95.12% of the stock is owned by institutional investors.
Navient Corporation (NASDAQ NAVI) opened at $12.45 on Thursday. The firm has a market capitalization of $3,311.32, a PE ratio of 7.11 and a beta of 2.39. Navient Corporation has a twelve month low of $11.48 and a twelve month high of $17.91. The company has a quick ratio of 33.10, a current ratio of 33.10 and a debt-to-equity ratio of 30.58.
Navient Corporation (NASDAQ:NAVI) last released its quarterly earnings data on Tuesday, October 17th. The credit services provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. Navient Corporation had a return on equity of 14.09% and a net margin of 10.88%. The firm had revenue of $343.00 million for the quarter, compared to the consensus estimate of $361.33 million. During the same quarter in the prior year, the company posted $0.50 earnings per share. The firm’s revenue was down 15.3% on a year-over-year basis. sell-side analysts forecast that Navient Corporation will post 1.76 earnings per share for the current fiscal year.
Navient Corporation declared that its board has approved a share repurchase program on Wednesday, October 4th that permits the company to repurchase outstanding shares. This repurchase authorization permits the credit services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.64 dividend on an annualized basis and a yield of 5.14%. Navient Corporation’s dividend payout ratio is currently 35.36%.
NAVI has been the topic of several recent analyst reports. Zacks Investment Research downgraded Navient Corporation from a “hold” rating to a “sell” rating in a report on Thursday, October 12th. Barclays PLC reiterated an “overweight” rating and issued a $17.00 target price on shares of Navient Corporation in a report on Tuesday, November 14th. Jefferies Group LLC reiterated a “hold” rating and issued a $16.00 target price on shares of Navient Corporation in a report on Monday, October 16th. Compass Point downgraded Navient Corporation from a “buy” rating to a “neutral” rating and dropped their target price for the company from $16.50 to $15.50 in a report on Thursday, October 5th. Finally, Credit Suisse Group dropped their target price on Navient Corporation from $16.50 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $18.00.
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In other news, CFO Christian M. Lown acquired 6,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The shares were purchased at an average price of $12.35 per share, for a total transaction of $74,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John M. Kane sold 28,886 shares of the stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $15.00, for a total value of $433,290.00. The disclosure for this sale can be found here. Corporate insiders own 1.68% of the company’s stock.
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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