Short Interest in Nelnet, Inc. (NYSE:NNI) Decreases By 21.3%

Nelnet, Inc. (NYSE:NNI) was the target of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 250,200 shares, a decline of 21.3% from the October 15th total of 318,000 shares. Approximately 1.6% of the shares of the company are short sold. Based on an average trading volume of 52,700 shares, the days-to-cover ratio is presently 4.7 days.

Nelnet Stock Down 0.3 %

Shares of Nelnet stock traded down $0.30 on Friday, hitting $109.34. The company had a trading volume of 43,347 shares, compared to its average volume of 75,367. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 35.97 and a beta of 0.92. The company has a debt-to-equity ratio of 2.78, a quick ratio of 31.47 and a current ratio of 31.47. Nelnet has a 1 year low of $82.22 and a 1 year high of $127.32. The stock has a 50 day moving average of $112.97 and a 200-day moving average of $108.15.

Nelnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.02%. The ex-dividend date is Monday, December 2nd. Nelnet’s dividend payout ratio (DPR) is presently 36.84%.

Insider Buying and Selling

In other news, insider William J. Munn sold 2,500 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $108.89, for a total value of $272,225.00. Following the completion of the sale, the insider now owns 9,354 shares of the company’s stock, valued at approximately $1,018,557.06. The trade was a 21.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 50.10% of the stock is owned by insiders.

Institutional Trading of Nelnet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new stake in Nelnet during the second quarter worth about $4,660,000. Kingsview Wealth Management LLC purchased a new position in Nelnet in the 3rd quarter worth approximately $2,613,000. Barclays PLC grew its holdings in Nelnet by 127.4% in the 3rd quarter. Barclays PLC now owns 28,996 shares of the credit services provider’s stock worth $3,285,000 after acquiring an additional 16,245 shares during the last quarter. Denali Advisors LLC increased its stake in shares of Nelnet by 33.0% during the second quarter. Denali Advisors LLC now owns 64,510 shares of the credit services provider’s stock valued at $6,506,000 after buying an additional 16,000 shares during the period. Finally, NorthCrest Asset Manangement LLC bought a new position in shares of Nelnet in the 3rd quarter worth approximately $865,000. 33.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. StockNews.com downgraded Nelnet from a “buy” rating to a “hold” rating in a report on Monday, August 12th. TD Cowen lifted their target price on Nelnet from $96.00 to $98.00 and gave the company a “hold” rating in a research report on Monday, August 12th.

About Nelnet

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.