Navient Corporation (NAVI) to Buyback Outstanding Shares
Navient Corporation (NASDAQ:NAVI) announced that its Board of Directors has approved a stock buyback plan, which permits the company to repurchase shares on Wednesday, October 4th, EventVestor reports. This repurchase authorization permits the credit services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Navient Corporation (NAVI) traded down 11.3571% during midday trading on Thursday, hitting $13.0305. The stock had a trading volume of 6,449,677 shares. Navient Corporation has a 1-year low of $12.55 and a 1-year high of $17.95. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 6.7551 and a beta of 2.48. The firm has a 50-day moving average price of $14.07 and a 200-day moving average price of $14.80.
Navient Corporation (NASDAQ:NAVI) last issued its earnings results on Tuesday, July 18th. The credit services provider reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Navient Corporation had a return on equity of 14.05% and a net margin of 11.50%. The company had revenue of $343.00 million during the quarter, compared to the consensus estimate of $331.67 million. During the same period in the previous year, the company posted $0.47 EPS. The firm’s revenue for the quarter was down 15.9% compared to the same quarter last year. On average, equities research analysts anticipate that Navient Corporation will post $1.76 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.64 annualized dividend and a dividend yield of 4.35%. Navient Corporation’s dividend payout ratio is currently 33.68%.
NAVI has been the subject of several recent research reports. Zacks Investment Research raised Navient Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, September 13th. BidaskClub raised Navient Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Jefferies Group LLC reaffirmed a “hold” rating and set a $16.00 target price on shares of Navient Corporation in a research report on Friday, July 21st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $20.00 target price on shares of Navient Corporation in a research report on Friday, July 14th. Finally, Compass Point cut Navient Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $16.50 to $15.50 in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $18.30.
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In other news, EVP John M. Kane sold 28,886 shares of Navient Corporation stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $15.00, for a total transaction of $433,290.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.68% of the company’s stock.
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).
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