The Manufacturers Life Insurance Company Sells 294 Shares of Nelnet, Inc. (NYSE:NNI)

The Manufacturers Life Insurance Company reduced its holdings in Nelnet, Inc. (NYSE:NNI) by 3.2% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,018 shares of the credit services provider’s stock after selling 294 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Nelnet were worth $1,022,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Security National Bank of Sioux City Iowa IA bought a new position in shares of Nelnet during the second quarter valued at about $212,000. Quest Partners LLC increased its holdings in shares of Nelnet by 34,283.3% during the third quarter. Quest Partners LLC now owns 2,063 shares of the credit services provider’s stock valued at $234,000 after acquiring an additional 2,057 shares in the last quarter. Landscape Capital Management L.L.C. bought a new stake in Nelnet during the 3rd quarter valued at about $288,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Nelnet in the 3rd quarter valued at approximately $306,000. Finally, Intech Investment Management LLC bought a new position in Nelnet during the 3rd quarter valued at about $323,000. Hedge funds and other institutional investors own 33.51% of the company’s stock.

Insider Activity at Nelnet

In other news, insider William J. Munn sold 2,500 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were 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 in the company, valued at approximately $1,018,557.06. This trade represents a 21.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 50.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Nelnet from a “hold” rating to a “buy” rating in a research report on Friday, December 6th.

Nelnet Trading Up 0.3 %

Shares of NNI opened at $109.26 on Friday. The company has a current ratio of 31.47, a quick ratio of 31.47 and a debt-to-equity ratio of 2.78. The company’s fifty day simple moving average is $111.47 and its 200-day simple moving average is $108.93. Nelnet, Inc. has a twelve month low of $82.22 and a twelve month high of $127.32. The company has a market cap of $3.96 billion, a P/E ratio of 35.94 and a beta of 0.90.

Nelnet Announces Dividend

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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Monday, December 2nd. Nelnet’s dividend payout ratio (DPR) is presently 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.