Wells Fargo & Company MN boosted its holdings in Nelnet, Inc. (NYSE:NNI) by 27.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,552 shares of the credit services provider’s stock after purchasing an additional 7,219 shares during the quarter. Wells Fargo & Company MN’s holdings in Nelnet were worth $1,695,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in Nelnet by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,301,119 shares of the credit services provider’s stock valued at $108,174,000 after purchasing an additional 66,040 shares in the last quarter. Vanguard Group Inc. lifted its stake in Nelnet by 3.5% in the second quarter. Vanguard Group Inc. now owns 2,087,767 shares of the credit services provider’s stock valued at $98,146,000 after buying an additional 69,695 shares during the last quarter. Boston Partners lifted its stake in Nelnet by 2.2% in the third quarter. Boston Partners now owns 1,069,640 shares of the credit services provider’s stock valued at $54,017,000 after buying an additional 23,092 shares during the last quarter. Northern Trust Corp lifted its stake in Nelnet by 1.0% in the second quarter. Northern Trust Corp now owns 1,055,113 shares of the credit services provider’s stock valued at $49,601,000 after buying an additional 10,349 shares during the last quarter. Finally, State Street Corp lifted its stake in Nelnet by 5.2% in the second quarter. State Street Corp now owns 409,931 shares of the credit services provider’s stock valued at $19,275,000 after buying an additional 20,103 shares during the last quarter. 39.63% of the stock is owned by hedge funds and other institutional investors.
In other news, major shareholder Angie Muhleisen sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $52.75, for a total transaction of $105,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael D. Reardon sold 5,748 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $50.84, for a total value of $292,228.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,748 shares of company stock valued at $504,228. 46.10% of the stock is owned by company insiders.
Nelnet (NYSE:NNI) last issued its quarterly earnings data on Tuesday, November 7th. The credit services provider reported $1.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.10 by ($0.10). Nelnet had a net margin of 17.51% and a return on equity of 8.70%. The firm had revenue of $194.43 million during the quarter, compared to analysts’ expectations of $191.00 million. During the same quarter in the prior year, the firm posted $1.36 EPS. Nelnet’s quarterly revenue was down 18.6% compared to the same quarter last year.
A number of equities research analysts have weighed in on NNI shares. Credit Suisse Group boosted their price objective on Nelnet from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Friday, October 20th. Compass Point upgraded Nelnet from a “neutral” rating to a “buy” rating in a research note on Thursday, October 19th.
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Nelnet Company Profile
Nelnet, Inc focuses on delivering education-related products and services and student loan asset management. The Company is engaged in student loan servicing, tuition payment processing and school information systems, and communications. The Company’s segments include Loan Systems and Servicing, Tuition Payment Processing and Campus Commerce, Communications, Asset Generation and Management, and Corporate and Other Activities.
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