Wells Fargo & Company MN increased its position in shares of NIC Inc. (NASDAQ:EGOV) by 26.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 128,659 shares of the software maker’s stock after acquiring an additional 27,065 shares during the period. Wells Fargo & Company MN’s holdings in NIC were worth $2,207,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in EGOV. BlackRock Inc. grew its holdings in NIC by 8.9% during the second quarter. BlackRock Inc. now owns 8,145,068 shares of the software maker’s stock worth $154,348,000 after acquiring an additional 665,492 shares during the period. FMR LLC grew its holdings in NIC by 43.0% during the second quarter. FMR LLC now owns 1,062,500 shares of the software maker’s stock worth $20,134,000 after acquiring an additional 319,300 shares during the period. Conestoga Capital Advisors LLC grew its holdings in NIC by 18.5% during the third quarter. Conestoga Capital Advisors LLC now owns 2,015,893 shares of the software maker’s stock worth $34,573,000 after acquiring an additional 314,905 shares during the period. JPMorgan Chase & Co. grew its holdings in NIC by 269.9% during the third quarter. JPMorgan Chase & Co. now owns 345,905 shares of the software maker’s stock worth $6,123,000 after acquiring an additional 252,383 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in NIC by 18.0% during the third quarter. Bank of New York Mellon Corp now owns 1,594,270 shares of the software maker’s stock worth $27,341,000 after acquiring an additional 243,084 shares during the period. 93.23% of the stock is currently owned by hedge funds and other institutional investors.
EGOV has been the topic of a number of research analyst reports. DA Davidson reaffirmed a “neutral” rating and set a $18.00 target price on shares of NIC in a report on Wednesday, September 20th. Zacks Investment Research lowered NIC from a “buy” rating to a “hold” rating in a report on Monday, October 9th. BidaskClub lowered NIC from a “hold” rating to a “sell” rating in a report on Friday, December 29th. Finally, Maxim Group reissued a “hold” rating and issued a $16.00 price target on shares of NIC in a research note on Thursday, November 2nd. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $19.43.
NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Wednesday, November 1st. The software maker reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. The firm had revenue of $84.53 million for the quarter, compared to analysts’ expectations of $83.55 million. NIC had a return on equity of 36.89% and a net margin of 16.42%. NIC’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $0.24 EPS. sell-side analysts anticipate that NIC Inc. will post 0.79 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 19th. Investors of record on Tuesday, December 5th were paid a $0.08 dividend. The ex-dividend date was Monday, December 4th. This represents a $0.32 dividend on an annualized basis and a yield of 1.83%. NIC’s dividend payout ratio is currently 39.51%.
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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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