Nelnet (NYSE:NNI) Sets New 52-Week High – Here’s Why

Nelnet, Inc. (NYSE:NNI)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $116.25 and last traded at $116.25, with a volume of 4376 shares changing hands. The stock had previously closed at $114.89.

Analysts Set New Price Targets

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

Nelnet Stock Performance

The company has a debt-to-equity ratio of 2.97, a quick ratio of 33.51 and a current ratio of 33.51. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 27.49 and a beta of 0.92. The firm’s 50 day moving average is $112.80 and its 200-day moving average is $107.21.

Nelnet (NYSE:NNI) last announced its quarterly earnings results on Thursday, August 8th. The credit services provider reported $1.20 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.13). The business had revenue of $324.90 million during the quarter. Nelnet had a net margin of 7.44% and a return on equity of 4.71%. Analysts forecast that Nelnet, Inc. will post 5.82 earnings per share for the current fiscal year.

Nelnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 0.96%. Nelnet’s dividend payout ratio (DPR) is presently 26.79%.

Institutional Trading of Nelnet

A number of large investors have recently made changes to their positions in the company. Covestor Ltd lifted its position in Nelnet by 139.2% in the first quarter. Covestor Ltd now owns 806 shares of the credit services provider’s stock valued at $76,000 after acquiring an additional 469 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Nelnet during the 1st quarter worth approximately $209,000. Security National Bank of Sioux City Iowa IA purchased a new stake in shares of Nelnet during the 2nd quarter worth $212,000. ProShare Advisors LLC acquired a new position in Nelnet during the first quarter worth about $220,000. Finally, Dark Forest Capital Management LP purchased a new position in Nelnet in the 2nd quarter valued at approximately $331,000. 33.51% of the stock is currently owned by hedge funds and other institutional investors.

Nelnet Company 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.