Nelnet (NYSE:NNI) Shares Gap Down – What’s Next?

Nelnet, Inc. (NYSE:NNI)’s share price 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.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NNI. StockNews.com downgraded Nelnet from a “buy” rating to a “hold” rating in a research note on Monday, August 12th. TD Cowen increased their price objective on Nelnet from $96.00 to $98.00 and gave the company a “hold” rating in a research report on Monday, August 12th.

Nelnet Stock Down 8.3 %

The firm’s 50-day simple moving average is $113.18 and its 200-day simple moving average is $107.81. 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 company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 26.92 and a beta of 0.92.

Nelnet (NYSE:NNI) last released its 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 firm 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%. Sell-side analysts forecast that Nelnet, Inc. will post 5.82 earnings per share for the current year.

Nelnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, December 2nd. Nelnet’s payout ratio is presently 26.79%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in Nelnet during the second quarter worth $4,660,000. Denali Advisors LLC lifted its holdings in shares of Nelnet by 33.0% during the 2nd quarter. Denali Advisors LLC now owns 64,510 shares of the credit services provider’s stock worth $6,506,000 after acquiring an additional 16,000 shares during the period. NorthCrest Asset Manangement LLC acquired a new stake in shares of Nelnet during the 3rd quarter valued at about $865,000. Bank of Montreal Can bought a new stake in Nelnet in the second quarter valued at about $637,000. Finally, American Century Companies Inc. raised its position in Nelnet by 4.9% in the second quarter. American Century Companies Inc. now owns 122,055 shares of the credit services provider’s stock worth $12,310,000 after purchasing an additional 5,752 shares in the last quarter. 33.51% of the stock is currently owned by institutional investors and hedge funds.

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.