Nelnet, Inc. (NYSE:NNI) Sees Significant Decline in Short Interest

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

Insider Activity

In other news, insider William J. Munn sold 2,500 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $108.89, for a total transaction of $272,225.00. Following the transaction, the insider now directly owns 9,354 shares of the company’s stock, valued at approximately $1,018,557.06. This represents a 21.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 50.10% of the company’s stock.

Institutional Investors Weigh In On Nelnet

A number of hedge funds have recently added to or reduced their stakes in NNI. Renaissance Technologies LLC acquired a new stake in Nelnet in the 2nd quarter valued at about $4,660,000. Kingsview Wealth Management LLC purchased a new position in shares of Nelnet during the 3rd quarter worth $2,613,000. Barclays PLC lifted its stake in shares of Nelnet by 127.4% during the 3rd quarter. Barclays PLC now owns 28,996 shares of the credit services provider’s stock worth $3,285,000 after purchasing an additional 16,245 shares during the period. Denali Advisors LLC boosted its holdings 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 worth $6,506,000 after purchasing an additional 16,000 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC purchased a new stake in shares of Nelnet in the third quarter valued at $865,000. Institutional investors and hedge funds own 33.51% of the company’s stock.

Analyst Ratings Changes

NNI has been the topic of several analyst reports. StockNews.com downgraded Nelnet from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. TD Cowen raised their price objective on shares of Nelnet from $96.00 to $98.00 and gave the stock a “hold” rating in a research report on Monday, August 12th.

Nelnet Stock Down 0.3 %

Shares of Nelnet stock traded down $0.30 during trading on Friday, hitting $109.34. 43,347 shares of the stock were exchanged, compared to its average volume of 53,520. The stock has a market cap 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 current ratio of 31.47 and a quick ratio of 31.47. The firm’s 50-day moving average price is $112.95 and its 200 day moving average price is $108.35. Nelnet has a 12-month low of $82.22 and a 12-month high of $127.32.

Nelnet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend is Monday, December 2nd. Nelnet’s payout ratio is currently 36.84%.

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.