Alberta Investment Management Corp boosted its position in NIC Inc. (NASDAQ:EGOV) by 14.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 113,400 shares of the software maker’s stock after buying an additional 14,100 shares during the quarter. Alberta Investment Management Corp’s holdings in NIC were worth $2,608,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. UBS Group AG grew its stake in NIC by 55.2% in the fourth quarter. UBS Group AG now owns 115,842 shares of the software maker’s stock valued at $2,589,000 after purchasing an additional 41,187 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in NIC in the first quarter valued at approximately $2,075,000. Norges Bank bought a new position in NIC in the fourth quarter valued at approximately $43,552,000. Kornitzer Capital Management Inc. KS bought a new position in NIC in the first quarter valued at approximately $1,242,000. Finally, Janus Henderson Group PLC bought a new position in NIC in the fourth quarter valued at approximately $258,000. 85.86% of the stock is currently owned by institutional investors and hedge funds.
EGOV has been the subject of a number of analyst reports. Barrington Research raised their price target on NIC from $26.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. BidaskClub downgraded NIC from a “buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Sidoti initiated coverage on NIC in a research note on Monday, April 6th. They set a “neutral” rating for the company. Raymond James lifted their target price on NIC from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, April 28th. Finally, DA Davidson downgraded NIC from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $22.00 to $23.00 in a research note on Thursday, April 9th. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $27.00.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Monday, April 27th. The software maker reported $0.18 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. The business had revenue of $91.10 million during the quarter, compared to analysts’ expectations of $92.46 million. NIC had a return on equity of 21.07% and a net margin of 14.10%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.17 EPS. As a group, sell-side analysts forecast that NIC Inc. will post 0.76 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be issued a dividend of $0.09 per share. The ex-dividend date is Wednesday, June 10th. This represents a $0.36 annualized dividend and a yield of 1.51%. NIC’s payout ratio is currently 46.75%.
NIC Company Profile
NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.
Recommended Story: What is the role of the G-20?
Want to see what other hedge funds are holding EGOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NIC Inc. (NASDAQ:EGOV).
Receive News & Ratings for NIC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIC and related companies with MarketBeat.com's FREE daily email newsletter.