Texas Permanent School Fund Lowers Stake in NIC Inc. (EGOV)
Texas Permanent School Fund lowered its position in shares of NIC Inc. (NASDAQ:EGOV) by 0.7% during the first quarter, Holdings Channel reports. The fund owned 44,916 shares of the software maker’s stock after selling 320 shares during the period. Texas Permanent School Fund’s holdings in NIC were worth $907,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. State of Alaska Department of Revenue boosted its position in NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock worth $138,000 after buying an additional 140 shares during the last quarter. Advisors Asset Management Inc. boosted its position in NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock worth $180,000 after buying an additional 7,647 shares during the last quarter. Capstone Investment Advisors LLC acquired a new position in NIC during the fourth quarter worth about $219,000. Envestnet Asset Management Inc. boosted its position in NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock worth $249,000 after buying an additional 814 shares during the last quarter. Finally, First Allied Advisory Services Inc. boosted its position in NIC by 2.6% in the fourth quarter. First Allied Advisory Services Inc. now owns 10,473 shares of the software maker’s stock worth $250,000 after buying an additional 264 shares during the last quarter. Institutional investors own 92.93% of the company’s stock.
NIC Inc. (EGOV) opened at 19.80 on Tuesday. The company’s 50-day moving average price is $20.73 and its 200-day moving average price is $22.24. NIC Inc. has a 12-month low of $19.50 and a 12-month high of $25.90. The stock has a market cap of $1.31 billion, a PE ratio of 23.16 and a beta of 0.53.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $83.20 million during 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% compared to the same quarter last year. During the same period in the prior year, the business posted $0.19 earnings per share. On average, equities analysts expect that NIC Inc. will post $0.74 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Stockholders of record on Tuesday, June 6th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 1.62%. NIC’s dividend payout ratio is currently 37.65%.
A number of research firms recently issued reports on EGOV. Loop Capital began coverage on NIC in a report on Tuesday, February 14th. They set a “hold” rating and a $22.00 price objective for the company. Zacks Investment Research upgraded NIC from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Thursday, May 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $22.83.
In other news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction 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 transaction, the chief operating officer now directly owns 197,531 shares in the company, valued at $4,025,681.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Alexander C. Kemper sold 7,000 shares of the firm’s stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $20.85, for a total value of $145,950.00. Following the transaction, the director now owns 32,232 shares of the company’s stock, valued at $672,037.20. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.
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.
Want to see what other hedge funds are holding EGOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NIC Inc. (NASDAQ:EGOV).
Receive News & Ratings for NIC Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIC Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.