Cutler Capital Management LLC decreased its stake in shares of Navient Corp. (NASDAQ:NAVI) by 7.1% during the second quarter, Holdings Channel reports. The fund owned 26,000 shares of the company’s stock after selling 2,000 shares during the period. Cutler Capital Management LLC’s holdings in Navient Corp. were worth $311,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. Balasa Dinverno & Foltz LLC purchased a new position in shares of Navient Corp. during the second quarter worth $122,000. BB&T Securities LLC purchased a new position in shares of Navient Corp. during the first quarter worth $124,000. LPL Financial LLC purchased a new position in shares of Navient Corp. during the first quarter worth $147,000. Fox Run Management L.L.C. purchased a new position in shares of Navient Corp. during the second quarter worth $172,000. Finally, Oakbrook Investments LLC increased its position in shares of Navient Corp. by 12.2% in the second quarter. Oakbrook Investments LLC now owns 23,500 shares of the company’s stock worth $281,000 after buying an additional 2,550 shares in the last quarter. 95.21% of the stock is owned by hedge funds and other institutional investors.
Shares of Navient Corp. (NASDAQ:NAVI) remained flat at $13.88 on Monday. 2,431,891 shares of the stock traded hands. The stock has a 50 day moving average price of $14.12 and a 200-day moving average price of $13.11. Navient Corp. has a one year low of $8.20 and a one year high of $14.82. The firm has a market capitalization of $4.40 billion, a P/E ratio of 5.89 and a beta of 2.32.
Navient Corp. (NASDAQ:NAVI) last announced its earnings results on Tuesday, July 19th. The company reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. Navient Corp. had a net margin of 16.75% and a return on equity of 16.77%. Analysts anticipate that Navient Corp. will post $1.87 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were issued a $0.16 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.64 dividend on an annualized basis and a yield of 4.61%. Navient Corp.’s dividend payout ratio is presently 27.47%.
A number of brokerages recently weighed in on NAVI. Credit Suisse Group AG reissued a “buy” rating on shares of Navient Corp. in a research note on Wednesday, June 8th. Zacks Investment Research downgraded shares of Navient Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, June 21st. Goldman Sachs Group Inc. downgraded shares of Navient Corp. from a “buy” rating to a “neutral” rating and set a $15.00 target price for the company. in a research note on Wednesday, July 20th. Finally, BMO Capital Markets set a $17.00 target price on shares of Navient Corp. and gave the stock a “hold” rating in a research note on Thursday, July 21st. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $15.57.
In other news, Director William M. Diefenderfer III sold 16,300 shares of the company’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $14.20, for a total transaction of $231,460.00. Following the transaction, the director now owns 88,737 shares in the company, valued at $1,260,065.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bates Ann Torre sold 9,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $14.23, for a total transaction of $128,070.00. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by company insiders.
About Navient Corp.
Navient Corporation is a loan management, servicing and asset recovery company. The Company holds the portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (FFELP), as well as the portfolio of Private Education Loans. FFELP Loans are insured or guaranteed by state based on guaranty agreements among the United States Department of Education (ED) and these agencies.
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