The Manufacturers Life Insurance Company Grows Holdings in Nelnet, Inc. (NYSE:NNI)

The Manufacturers Life Insurance Company raised its holdings in shares of Nelnet, Inc. (NYSE:NNI) by 20.7% in the 2nd quarter, Holdings Channel reports. The firm owned 9,312 shares of the credit services provider’s stock after purchasing an additional 1,595 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Nelnet were worth $939,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Covestor Ltd lifted its holdings in Nelnet by 139.2% during the 1st quarter. Covestor Ltd now owns 806 shares of the credit services provider’s stock valued at $76,000 after buying an additional 469 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Nelnet during the first quarter worth $209,000. ProShare Advisors LLC bought a new stake in Nelnet during the first quarter valued at about $220,000. Dark Forest Capital Management LP purchased a new position in shares of Nelnet in the 2nd quarter worth approximately $331,000. Finally, Hsbc Holdings PLC grew its holdings in Nelnet by 34.9% in the second quarter. Hsbc Holdings PLC now owns 3,443 shares of the credit services provider’s stock worth $348,000 after purchasing an additional 890 shares during the last quarter. 33.51% of the stock is owned by hedge funds and other institutional investors.

Nelnet Trading Up 1.2 %

NNI stock opened at $112.66 on Monday. The business’s 50-day moving average is $111.22 and its 200 day moving average is $104.94. Nelnet, Inc. has a 12-month low of $81.67 and a 12-month high of $116.13. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 30.45 and a beta of 0.92. The company has a current ratio of 33.51, a quick ratio of 33.51 and a debt-to-equity ratio of 2.97.

Nelnet (NYSE:NNI) last posted its quarterly earnings results on Thursday, August 8th. The credit services provider reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.13). The business had revenue of $324.90 million for the quarter. Nelnet had a return on equity of 4.71% and a net margin of 7.44%. On average, sell-side analysts anticipate that Nelnet, Inc. will post 5.82 EPS for the current fiscal year.

Nelnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Friday, August 30th. Nelnet’s dividend payout ratio (DPR) is presently 30.27%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NNI shares. TD Cowen upped their price target on shares of Nelnet from $96.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, August 12th. StockNews.com lowered shares of Nelnet from a “buy” rating to 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.