Gotham Asset Management LLC boosted its stake in NIC Inc. (NASDAQ:EGOV) by 10.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 421,570 shares of the software maker’s stock after acquiring an additional 40,813 shares during the quarter. Gotham Asset Management LLC owned 0.64% of NIC worth $6,998,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in NIC by 0.3% in the 4th quarter. BlackRock Inc. now owns 10,061,040 shares of the software maker’s stock valued at $167,014,000 after acquiring an additional 34,993 shares during the period. First Trust Advisors LP grew its stake in NIC by 27,438.5% in the 4th quarter. First Trust Advisors LP now owns 3,023,180 shares of the software maker’s stock valued at $50,185,000 after acquiring an additional 3,012,202 shares during the period. Dimensional Fund Advisors LP grew its stake in NIC by 0.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,099,245 shares of the software maker’s stock valued at $36,003,000 after acquiring an additional 13,274 shares during the period. Bank of New York Mellon Corp grew its stake in NIC by 21.1% in the 4th quarter. Bank of New York Mellon Corp now owns 1,930,914 shares of the software maker’s stock valued at $32,052,000 after acquiring an additional 336,644 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in NIC by 49.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 927,278 shares of the software maker’s stock valued at $15,393,000 after acquiring an additional 306,928 shares during the period. 98.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NIC stock opened at $13.35 on Friday. NIC Inc. has a one year low of $12.65 and a one year high of $22.40. The stock has a market cap of $896.05, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 1.75 and a beta of 0.56.
NIC announced that its Board of Directors has initiated a stock repurchase program on Thursday, March 8th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 20th. Shareholders of record on Tuesday, March 6th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 5th. This represents a $0.32 annualized dividend and a yield of 2.40%. NIC’s dividend payout ratio (DPR) is presently 41.56%.
EGOV has been the topic of a number of research analyst reports. Barrington Research reissued a “hold” rating on shares of NIC in a research note on Friday, March 9th. Zacks Investment Research raised shares of NIC from a “sell” rating to a “hold” rating in a research note on Tuesday, January 30th. BidaskClub cut shares of NIC from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. Loop Capital dropped their price target on shares of NIC to $14.00 and set a “hold” rating on the stock in a research note on Friday, February 2nd. Finally, TheStreet cut shares of NIC from a “b-” rating to a “c” rating in a research note on Thursday, March 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. NIC presently has a consensus rating of “Hold” and an average price target of $18.33.
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NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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