Vestcor Inc Lowers Stock Holdings in Nelnet, Inc. (NYSE:NNI)

Vestcor Inc lessened its holdings in shares of Nelnet, Inc. (NYSE:NNI - Free Report) by 32.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,361 shares of the credit services provider's stock after selling 3,967 shares during the quarter. Vestcor Inc's holdings in Nelnet were worth $893,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of NNI. Quest Partners LLC raised its holdings in Nelnet by 34,283.3% in the 3rd quarter. Quest Partners LLC now owns 2,063 shares of the credit services provider's stock valued at $234,000 after buying an additional 2,057 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Nelnet during the 3rd quarter worth approximately $306,000. Intech Investment Management LLC acquired a new stake in Nelnet in the 3rd quarter valued at approximately $323,000. Landscape Capital Management L.L.C. purchased a new stake in Nelnet in the third quarter valued at approximately $288,000. Finally, Kingsview Wealth Management LLC acquired a new position in Nelnet during the third quarter worth $2,613,000. 33.51% of the stock is currently owned by institutional investors and hedge funds.

Nelnet Stock Up 1.3 %

Nelnet stock traded up $1.52 during midday trading on Wednesday, reaching $115.38. The company's stock had a trading volume of 96,341 shares, compared to its average volume of 61,539. The company has a market cap of $4.19 billion, a P/E ratio of 37.95 and a beta of 0.89. The company has a quick ratio of 31.47, a current ratio of 31.47 and a debt-to-equity ratio of 2.78. The business has a 50-day simple moving average of $112.10 and a 200-day simple moving average of $111.15. Nelnet, Inc. has a fifty-two week low of $87.48 and a fifty-two week high of $127.32.

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Nelnet (NYSE:NNI - Get Free Report) last issued its earnings results on Thursday, February 27th. The credit services provider reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.21. Nelnet had a return on equity of 3.78% and a net margin of 5.54%. The business had revenue of $401.61 million for the quarter, compared to analyst estimates of $335.00 million. On average, research analysts expect that Nelnet, Inc. will post 4.52 earnings per share for the current fiscal year.

Nelnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.97%. The ex-dividend date was Friday, February 28th. Nelnet's dividend payout ratio (DPR) is 22.40%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Nelnet from a "hold" rating to a "buy" rating in a research note on Tuesday, March 4th.

Nelnet Profile

Nelnet, Inc engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services.