Nelnet (NYSE:NNI) Shares Gap Down – Should You Sell?

Shares of Nelnet, Inc. (NYSE:NNI) gapped down prior to trading on Friday . The stock had previously closed at $122.72, but opened at $111.15. Nelnet shares last traded at $112.23, with a volume of 10,937 shares trading hands.

Analyst Ratings Changes

Several research analysts have issued reports on NNI shares. TD Cowen increased their price objective on Nelnet from $96.00 to $98.00 and gave the stock a “hold” rating in a research note on Monday, August 12th. StockNews.com cut shares of Nelnet from a “buy” rating to a “hold” rating in a research report on Monday, August 12th.

Nelnet Stock Down 8.3 %

The company has a market cap of $4.08 billion, a P/E ratio of 26.92 and a beta of 0.92. The company has a debt-to-equity ratio of 2.97, a current ratio of 33.51 and a quick ratio of 33.51. The business’s 50 day moving average price is $113.18 and its 200-day moving average price is $107.81.

Nelnet (NYSE:NNI) last released 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 net margin of 7.44% and a return on equity of 4.71%. On average, analysts anticipate that Nelnet, Inc. will post 5.82 earnings per share for the current fiscal year.

Nelnet Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Monday, December 2nd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.00%. Nelnet’s dividend payout ratio is 26.79%.

Hedge Funds Weigh In On Nelnet

A number of institutional investors have recently modified their holdings of the stock. Covestor Ltd raised its position in shares of Nelnet by 139.2% during the first quarter. Covestor Ltd now owns 806 shares of the credit services provider’s stock worth $76,000 after acquiring an additional 469 shares during the last quarter. Quest Partners LLC increased its position in Nelnet by 34,283.3% in the third quarter. Quest Partners LLC now owns 2,063 shares of the credit services provider’s stock worth $234,000 after purchasing an additional 2,057 shares during the period. Security National Bank of Sioux City Iowa IA bought a new stake in Nelnet during the 2nd quarter worth about $212,000. SG Americas Securities LLC acquired a new position in Nelnet during the 1st quarter valued at about $209,000. Finally, ProShare Advisors LLC acquired a new position in Nelnet during the 1st quarter valued at about $220,000. 33.51% of the stock is owned by institutional investors.

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.