Renaissance Technologies LLC Buys New Holdings in Nelnet, Inc. (NYSE:NNI)

Renaissance Technologies LLC bought a new stake in Nelnet, Inc. (NYSE:NNI) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 46,200 shares of the credit services provider’s stock, valued at approximately $4,660,000. Renaissance Technologies LLC owned about 0.13% of Nelnet at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in Nelnet by 3.4% in the fourth quarter. Principal Financial Group Inc. now owns 4,233 shares of the credit services provider’s stock valued at $373,000 after acquiring an additional 141 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in shares of Nelnet by 3.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 6,760 shares of the credit services provider’s stock worth $640,000 after purchasing an additional 222 shares in the last quarter. Anchor Capital Advisors LLC lifted its stake in shares of Nelnet by 3.1% during the first quarter. Anchor Capital Advisors LLC now owns 12,931 shares of the credit services provider’s stock worth $1,224,000 after purchasing an additional 383 shares in the last quarter. Covestor Ltd lifted its stake 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 purchasing an additional 469 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Nelnet by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,699 shares of the credit services provider’s stock worth $729,000 after purchasing an additional 497 shares in the last quarter. Institutional investors and hedge funds own 33.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NNI. TD Cowen boosted 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 Nelnet from a “buy” rating to a “hold” rating in a research note on Monday, August 12th.

Nelnet Stock Down 0.3 %

Shares of NYSE NNI opened at $111.94 on Friday. Nelnet, Inc. has a 1 year low of $81.67 and a 1 year high of $116.13. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 30.25 and a beta of 0.92. 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’s 50-day simple moving average is $111.08 and its 200-day simple moving average is $103.12.

Nelnet (NYSE:NNI) last announced its earnings results on Thursday, August 8th. The credit services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.13). Nelnet had a return on equity of 4.71% and a net margin of 7.44%. The business had revenue of $324.90 million for the quarter. As a group, equities analysts anticipate that Nelnet, Inc. will post 5.9 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. Stockholders of record on Friday, August 30th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Friday, August 30th. Nelnet’s payout ratio is 30.27%.

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.