Navient Corp. (NAVI) Sees Significant Decrease in Short Interest
Navient Corp. (NASDAQ:NAVI) was the recipient of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 15,636,222 shares, a decrease of 12.1% from the September 15th total of 17,793,922 shares. Based on an average daily trading volume, of 3,698,247 shares, the days-to-cover ratio is currently 4.2 days. Currently, 5.0% of the company’s stock are sold short.
NAVI has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of Navient Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, June 21st. Goldman Sachs Group Inc. cut shares of Navient Corp. from a “buy” rating to a “neutral” rating and set a $15.00 price target for the company. in a report on Wednesday, July 20th. Finally, BMO Capital Markets set a $17.00 price target on shares of Navient Corp. and gave the company a “hold” rating in a report on Thursday, July 21st. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $15.57.
Shares of Navient Corp. (NASDAQ:NAVI) opened at 13.90 on Friday. The stock’s 50 day moving average is $14.21 and its 200-day moving average is $13.35. The company has a market cap of $4.41 billion, a P/E ratio of 5.90 and a beta of 2.31. Navient Corp. has a one year low of $8.20 and a one year high of $14.92.
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Navient Corp. (NASDAQ:NAVI) last released its quarterly earnings results on Tuesday, July 19th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Navient Corp. had a net margin of 16.75% and a return on equity of 16.77%. Equities research analysts forecast that Navient Corp. will post $1.88 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend is Wednesday, November 30th. Navient Corp.’s payout ratio is currently 27.47%.
In other Navient Corp. news, Director Bates Ann Torre sold 9,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $14.23, for a total transaction of $128,070.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William M. Diefenderfer III sold 16,300 shares of the company’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $14.20, for a total transaction of $231,460.00. Following the sale, the director now owns 88,737 shares of the company’s stock, valued at $1,260,065.40. The disclosure for this sale can be found here. Company insiders own 1.05% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC raised its position in Navient Corp. by 2.9% in the third quarter. Nisa Investment Advisors LLC now owns 104,543 shares of the company’s stock worth $1,513,000 after buying an additional 2,900 shares during the last quarter. Atria Investments LLC increased its stake in Navient Corp. by 33.8% in the third quarter. Atria Investments LLC now owns 63,110 shares of the company’s stock worth $913,000 after buying an additional 15,951 shares during the period. North Star Asset Management Inc. increased its stake in Navient Corp. by 0.3% in the third quarter. North Star Asset Management Inc. now owns 430,913 shares of the company’s stock worth $6,235,000 after buying an additional 1,200 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Navient Corp. during the second quarter worth about $159,000. Finally, Kentucky Retirement Systems bought a new stake in Navient Corp. during the second quarter worth about $336,000. 95.21% of the stock is currently owned by institutional investors.
About Navient Corp.
Navient Corporation is a loan management, servicing and asset recovery company. The Company holds the portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (FFELP), as well as the portfolio of Private Education Loans. FFELP Loans are insured or guaranteed by state based on guaranty agreements among the United States Department of Education (ED) and these agencies.
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