Weybosset Research & Management LLC purchased a new position in NIC Inc. (NASDAQ:EGOV) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 357,500 shares of the software maker’s stock, valued at approximately $6,110,000. NIC comprises approximately 3.6% of Weybosset Research & Management LLC’s holdings, making the stock its 14th largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Thrivent Financial for Lutherans raised its holdings in shares of NIC by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 47,449 shares of the software maker’s stock worth $592,000 after buying an additional 1,043 shares during the last quarter. Mondrian Investment Partners LTD raised its holdings in shares of NIC by 0.4% in the fourth quarter. Mondrian Investment Partners LTD now owns 311,357 shares of the software maker’s stock worth $3,886,000 after buying an additional 1,112 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of NIC by 2.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 49,630 shares of the software maker’s stock worth $619,000 after buying an additional 1,318 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of NIC by 45.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,965 shares of the software maker’s stock worth $62,000 after buying an additional 1,543 shares during the last quarter. Finally, Texas Permanent School Fund raised its holdings in shares of NIC by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 43,562 shares of the software maker’s stock worth $544,000 after buying an additional 1,682 shares during the last quarter. 87.81% of the stock is owned by institutional investors and hedge funds.

Shares of NIC stock traded up $0.02 during trading on Monday, hitting $17.02. 4,888 shares of the company’s stock were exchanged, compared to its average volume of 335,166. NIC Inc. has a 52-week low of $11.76 and a 52-week high of $17.55. The stock has a market cap of $1.15 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 2.33 and a beta of 0.97.

NIC (NASDAQ:EGOV) last issued its earnings results on Wednesday, January 30th. The software maker reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. NIC had a net margin of 16.89% and a return on equity of 29.79%. The firm had revenue of $78.65 million during the quarter, compared to analysts’ expectations of $74.44 million. During the same quarter last year, the company posted $0.16 earnings per share. The firm’s revenue was down 5.8% compared to the same quarter last year. On average, analysts predict that NIC Inc. will post 0.73 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Tuesday, March 5th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.32 annualized dividend and a dividend yield of 1.88%. NIC’s dividend payout ratio (DPR) is presently 36.36%.

A number of research analysts have issued reports on EGOV shares. BidaskClub raised shares of NIC from a “buy” rating to a “strong-buy” rating in a report on Monday, February 4th. Barrington Research raised shares of NIC from a “market perform” rating to an “outperform” rating and set a $26.00 target price for the company in a report on Thursday, January 31st. Zacks Investment Research cut shares of NIC from a “hold” rating to a “sell” rating in a report on Thursday, January 31st. ValuEngine raised shares of NIC from a “sell” rating to a “hold” rating in a report on Thursday, January 31st. Finally, Loop Capital raised their target price on shares of NIC to $16.00 and gave the stock a “hold” rating in a report on Thursday, January 31st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. NIC presently has a consensus rating of “Hold” and a consensus target price of $19.75.

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About NIC

NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.

Further Reading: Why are percentage decliners important?

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Institutional Ownership by Quarter for NIC (NASDAQ:EGOV)

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