Nelnet (NYSE:NNI) Cut to “Neutral” at Credit Suisse Group

Nelnet (NYSE:NNI) was downgraded by equities researchers at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a report issued on Thursday, Analyst Ratings Network reports. They presently have a $96.00 target price on the credit services provider’s stock. Credit Suisse Group’s price objective would suggest a potential upside of 5.36% from the stock’s current price.

NNI stock traded down $1.16 during mid-day trading on Thursday, reaching $91.12. The company had a trading volume of 56,902 shares, compared to its average volume of 53,600. The company has a debt-to-equity ratio of 6.51, a current ratio of 61.31 and a quick ratio of 61.31. The stock has a market cap of $3.48 billion, a P/E ratio of 7.13 and a beta of 0.64. The business has a 50 day moving average of $92.83. Nelnet has a 12 month low of $67.93 and a 12 month high of $99.79.

Nelnet (NYSE:NNI) last released its quarterly earnings data on Monday, November 8th. The credit services provider reported $1.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.68 by ($0.45). Nelnet had a net margin of 30.22% and a return on equity of 16.89%. The business had revenue of $286.66 million for the quarter.

In other news, insider William J. Munn sold 500 shares of the stock in a transaction that occurred on Monday, January 10th. The shares were sold at an average price of $96.44, for a total transaction of $48,220.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William J. Munn sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 16th. The shares were sold at an average price of $98.08, for a total transaction of $490,400.00. The disclosure for this sale can be found here. 45.90% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in NNI. Magnolia Group LLC boosted its stake in Nelnet by 4.7% in the third quarter. Magnolia Group LLC now owns 1,900,000 shares of the credit services provider’s stock valued at $150,556,000 after acquiring an additional 85,973 shares in the last quarter. QVT Financial LP acquired a new stake in Nelnet in the third quarter valued at approximately $6,296,000. Amundi acquired a new stake in Nelnet in the second quarter valued at approximately $3,653,000. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of Nelnet by 439.6% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 46,408 shares of the credit services provider’s stock worth $3,677,000 after buying an additional 37,808 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Nelnet by 31.8% in the second quarter. Bank of Montreal Can now owns 150,247 shares of the credit services provider’s stock worth $11,505,000 after buying an additional 36,239 shares during the last quarter. Institutional investors own 39.29% of the company’s stock.

Nelnet Company Profile

Nelnet, Inc engages in the provision of education-related products and services, as well as loan asset management. It operates through the business following segments: Loan Systems & Servicing, Education Technology, Services and Payment Processing, Communications, and Asset Generation and Management.

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