Allianz Asset Management GmbH grew its holdings in shares of Navient Corporation (NASDAQ:NAVI) by 0.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 592,542 shares of the credit services provider’s stock after purchasing an additional 4,290 shares during the period. Allianz Asset Management GmbH owned 0.23% of Navient worth $8,900,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of NAVI. Prudential Financial Inc. raised its holdings in shares of Navient by 446.1% during the second quarter. Prudential Financial Inc. now owns 5,696,350 shares of the credit services provider’s stock worth $94,845,000 after purchasing an additional 4,653,171 shares during the period. AJO LP increased its holdings in shares of Navient by 7,682.8% in the 2nd quarter. AJO LP now owns 1,250,081 shares of the credit services provider’s stock worth $20,814,000 after acquiring an additional 1,234,019 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Navient by 75.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,443,684 shares of the credit services provider’s stock worth $40,687,000 after acquiring an additional 1,054,580 shares during the period. W. E. Donoghue & Co. LLC acquired a new stake in shares of Navient in the 2nd quarter worth about $17,303,000. Finally, Parametric Portfolio Associates LLC increased its holdings in shares of Navient by 56.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,304,386 shares of the credit services provider’s stock worth $38,368,000 after acquiring an additional 831,209 shares during the period. 92.91% of the stock is currently owned by institutional investors.
A number of analysts recently weighed in on the stock. ValuEngine raised shares of Navient from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Jefferies Group reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Navient in a report on Monday, October 16th. Zacks Investment Research raised shares of Navient from a “sell” rating to a “hold” rating in a report on Tuesday, September 19th. Citigroup assumed coverage on shares of Navient in a report on Monday, October 16th. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, BMO Capital Markets dropped their price objective on shares of Navient from $16.00 to $14.00 and set a “market perform” rating on the stock in a report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $18.00.
Navient (NASDAQ:NAVI) last announced its earnings results on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.05. The firm had revenue of $343.00 million during the quarter, compared to analyst estimates of $361.33 million. Navient had a net margin of 10.88% and a return on equity of 14.09%. Navient’s revenue was down 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. equities analysts forecast that Navient Corporation will post 1.76 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.64 dividend on an annualized basis and a yield of 4.85%. Navient’s dividend payout ratio is presently 35.16%.
Navient declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 4th that authorizes the company to repurchase shares. This repurchase authorization authorizes the credit services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, EVP John M. Kane sold 28,886 shares of the stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total value of $433,290.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Christian M. Lown bought 6,000 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The stock was bought at an average price of $12.35 per share, with a total value of $74,100.00. The disclosure for this purchase can be found here. Corporate insiders own 1.68% of the company’s stock.
Navient Company Profile
Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP).
Want to see what other hedge funds are holding NAVI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Navient Corporation (NASDAQ:NAVI).
What are top analysts saying about Navient? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Navient and related companies.