Navient Corporation (NAVI) Short Interest Update
Navient Corporation (NASDAQ:NAVI) was the recipient of a large growth in short interest in September. As of September 29th, there was short interest totalling 9,435,701 shares, a growth of 14.1% from the September 15th total of 8,266,843 shares. Currently, 3.5% of the company’s stock are sold short. Based on an average daily trading volume, of 2,702,750 shares, the days-to-cover ratio is presently 3.5 days.
In other Navient Corporation news, EVP John M. Kane sold 28,886 shares of the business’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total value of $433,290.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.68% of the company’s stock.
Several institutional investors have recently made changes to their positions in NAVI. Ameritas Investment Partners Inc. acquired a new stake in shares of Navient Corporation during the 1st quarter worth about $112,000. Creative Planning increased its position in shares of Navient Corporation by 7.2% during the 2nd quarter. Creative Planning now owns 7,066 shares of the credit services provider’s stock worth $118,000 after purchasing an additional 472 shares in the last quarter. Ffcm LLC increased its position in shares of Navient Corporation by 144.5% during the 2nd quarter. Ffcm LLC now owns 7,071 shares of the credit services provider’s stock worth $119,000 after purchasing an additional 4,179 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of Navient Corporation by 8.8% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 7,564 shares of the credit services provider’s stock worth $126,000 after purchasing an additional 612 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Navient Corporation during the 1st quarter worth about $153,000. Institutional investors and hedge funds own 93.02% of the company’s stock.
Shares of Navient Corporation (NASDAQ:NAVI) opened at 11.79 on Thursday. The company has a market cap of $3.23 billion, a P/E ratio of 6.11 and a beta of 2.48. Navient Corporation has a 12 month low of $11.71 and a 12 month high of $17.95. The company’s 50 day moving average is $13.88 and its 200-day moving average is $14.73.
Navient Corporation (NASDAQ:NAVI) last announced its earnings results on Tuesday, July 18th. The credit services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $343.00 million during the quarter, compared to analysts’ expectations of $331.67 million. Navient Corporation had a net margin of 11.50% and a return on equity of 14.05%. The firm’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter last year, the company posted $0.47 EPS. Analysts expect that Navient Corporation will post $1.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 5.43%. The ex-dividend date was Wednesday, August 30th. Navient Corporation’s dividend payout ratio (DPR) is currently 33.68%.
Navient Corporation announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 4th that permits the company to buyback shares. This buyback authorization permits the credit services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
Several equities research analysts have recently weighed in on NAVI shares. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $20.00 target price on shares of Navient Corporation in a research report on Friday, July 14th. BidaskClub raised shares of Navient Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Compass Point raised shares of Navient Corporation from a “neutral” rating to a “buy” rating and set a $16.50 target price for the company in a research report on Tuesday, September 5th. Jefferies Group LLC reissued a “hold” rating and issued a $16.00 target price on shares of Navient Corporation in a research report on Friday, July 21st. Finally, BMO Capital Markets reissued a “hold” rating and issued a $16.00 target price (down previously from $17.00) on shares of Navient Corporation in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Navient Corporation currently has a consensus rating of “Hold” and an average price target of $18.30.
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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