847,742 Nelnet, Inc. $NNI Shares Sold by Magnolia Group LLC

Magnolia Group LLC decreased its holdings in Nelnet, Inc. (NYSE:NNI) by 66.8% during the third quarter, HoldingsChannel.com reports. The firm owned 421,981 shares of the credit services provider’s stock after selling 847,742 shares during the quarter. Nelnet makes up about 17.8% of Magnolia Group LLC’s holdings, making the stock its 2nd biggest holding. Magnolia Group LLC’s holdings in Nelnet were worth $51,937,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Ameritas Advisory Services LLC purchased a new stake in Nelnet in the 2nd quarter valued at about $33,000. Integrated Wealth Concepts LLC purchased a new position in shares of Nelnet during the second quarter worth approximately $38,000. EverSource Wealth Advisors LLC increased its position in shares of Nelnet by 51.4% during the first quarter. EverSource Wealth Advisors LLC now owns 445 shares of the credit services provider’s stock worth $57,000 after acquiring an additional 151 shares during the period. Versant Capital Management Inc increased its position in shares of Nelnet by 144.2% during the second quarter. Versant Capital Management Inc now owns 591 shares of the credit services provider’s stock worth $79,000 after acquiring an additional 349 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Nelnet by 424.6% during the third quarter. Signaturefd LLC now owns 960 shares of the credit services provider’s stock valued at $118,000 after acquiring an additional 777 shares in the last quarter. 33.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NNI. Weiss Ratings lowered Nelnet from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, November 4th. TD Cowen dropped their price objective on Nelnet from $135.00 to $125.00 and set a “hold” rating on the stock in a research note on Monday. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $125.00.

Nelnet Trading Down 1.5%

NYSE:NNI opened at $126.37 on Thursday. The firm has a 50-day simple moving average of $125.63 and a 200-day simple moving average of $129.92. Nelnet, Inc. has a one year low of $116.62 and a one year high of $144.38. The firm has a market cap of $4.52 billion, a P/E ratio of 17.92 and a beta of 0.78. The company has a debt-to-equity ratio of 1.87, a quick ratio of 15.89 and a current ratio of 25.84.

Nelnet (NYSE:NNI) last released its quarterly earnings data on Thursday, November 5th. The credit services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.06. The firm had revenue of $436.59 million for the quarter, compared to the consensus estimate of $427.37 million. Nelnet had a net margin of 12.93% and a return on equity of 7.15%. Equities analysts anticipate that Nelnet, Inc. will post 7.42 EPS for the current fiscal year.

Nelnet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a dividend of $0.36 per share. This is an increase from Nelnet’s previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Tuesday, December 1st. Nelnet’s dividend payout ratio (DPR) is currently 17.48%.

About Nelnet

Nelnet, Inc. is a diversified financial services and education technology company headquartered in Lincoln, Nebraska. Founded in 1978, it initially focused on student loan servicing and has since expanded into services for borrowers, schools, and other organizations. The company provides student loan servicing and related technology, as well as education services such as tuition and payment processing, school administration tools, and online learning resources. Its other businesses include banking and renewable energy services.