Navient Co. (NASDAQ:NAVI) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its position in shares of Navient Co. (NASDAQ:NAVI) by 4.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,193,958 shares of the credit services provider’s stock after selling 52,083 shares during the quarter. Bank of New York Mellon Corp’s holdings in Navient were worth $17,384,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Navient in the first quarter valued at $36,000. IAG Wealth Partners LLC purchased a new stake in shares of Navient in the 2nd quarter valued at about $50,000. Covestor Ltd boosted its holdings in shares of Navient by 23.1% in the first quarter. Covestor Ltd now owns 6,245 shares of the credit services provider’s stock valued at $109,000 after acquiring an additional 1,173 shares during the period. Boulder Hill Capital Management LP purchased a new position in Navient during the 4th quarter worth $188,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Navient by 83.8% during the second quarter. Nisa Investment Advisors LLC now owns 13,107 shares of the credit services provider’s stock worth $191,000 after buying an additional 5,977 shares during the last quarter. Institutional investors and hedge funds own 97.14% of the company’s stock.

Navient Stock Up 0.1 %

Shares of NASDAQ:NAVI opened at $15.84 on Friday. Navient Co. has a 1 year low of $13.95 and a 1 year high of $19.68. The stock has a 50-day simple moving average of $15.33 and a 200-day simple moving average of $15.64. The company has a debt-to-equity ratio of 17.30, a quick ratio of 9.99 and a current ratio of 9.99. The stock has a market capitalization of $1.77 billion, a P/E ratio of 10.15 and a beta of 1.39.

Navient (NASDAQ:NAVI) last released its quarterly earnings results on Wednesday, July 24th. The credit services provider reported $0.29 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.14). Navient had a return on equity of 11.06% and a net margin of 3.41%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $157.27 million. During the same quarter last year, the firm posted $0.70 EPS. Equities analysts forecast that Navient Co. will post 1.43 earnings per share for the current year.

Navient Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, September 6th. This represents a $0.64 annualized dividend and a yield of 4.04%. Navient’s payout ratio is 41.03%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Navient from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, July 8th. Keefe, Bruyette & Woods upped their target price on Navient from $15.00 to $16.00 and gave the company a “market perform” rating in a research note on Thursday, July 25th. Finally, Barclays lowered their price target on shares of Navient from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.56.

About Navient

Navient Corporation provides technology-enabled education finance and business processing solutions for education, health care, and government clients in the United States. It operates through three segments: Federal Education Loans, Consumer Lending, and Business Processing. The company owns Federal Family Education Loan Program (FFELP) loans that are insured or guaranteed by state or not-for-profit agencies; and performs servicing on its portfolios, as well as federal education loans held by other institutions.