Navient Corporation (NASDAQ:NAVI) Price Target Lowered to $16.00 at Credit Suisse Group
Navient Corporation (NASDAQ:NAVI) had its price target lowered by Credit Suisse Group from $16.50 to $16.00 in a research note issued to investors on Wednesday, October 4th. The firm currently has an outperform rating on the credit services provider’s stock.
Several other research analysts have also commented on NAVI. Zacks Investment Research raised Navient Corporation from a sell rating to a hold rating in a report on Tuesday, September 19th. Compass Point raised Navient Corporation from a neutral rating to a buy rating and set a $16.50 price objective for the company in a report on Tuesday, September 5th. BidaskClub lowered Navient Corporation from a hold rating to a sell rating in a report on Saturday, August 5th. Jefferies Group LLC reaffirmed a hold rating and issued a $16.00 target price on shares of Navient Corporation in a research note on Friday, July 21st. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $16.00 target price (down previously from $17.00) on shares of Navient Corporation in a research note on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $18.30.
Navient Corporation (NAVI) traded down 1.53% during midday trading on Wednesday, reaching $11.62. 3,939,337 shares of the company’s stock were exchanged. The stock has a market cap of $3.19 billion, a P/E ratio of 6.02 and a beta of 2.48. The firm’s 50-day moving average is $13.77 and its 200 day moving average is $14.70. Navient Corporation has a 1-year low of $11.48 and a 1-year high of $17.95.
Navient Corporation (NASDAQ:NAVI) last announced its quarterly earnings results on Tuesday, July 18th. The credit services provider reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Navient Corporation had a return on equity of 14.05% and a net margin of 11.50%. The firm had revenue of $343.00 million for the quarter, compared to analysts’ expectations of $331.67 million. During the same period in the prior year, the business posted $0.47 earnings per share. The company’s revenue was down 15.9% on a year-over-year basis. Equities analysts anticipate that Navient Corporation will post $1.73 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were issued a dividend of $0.16 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 5.51%. Navient Corporation’s dividend payout ratio is presently 33.68%.
Navient Corporation declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 4th that allows the company to buyback shares. This buyback authorization allows the credit services provider to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP John M. Kane sold 28,886 shares of the company’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $15.00, for a total transaction of $433,290.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.68% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of NAVI. BlackRock Inc. raised its holdings in Navient Corporation by 2,615.0% in the first quarter. BlackRock Inc. now owns 21,395,479 shares of the credit services provider’s stock worth $315,797,000 after purchasing an additional 20,607,439 shares in the last quarter. Prudential Financial Inc. raised its holdings in Navient Corporation by 446.1% in 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 in the last quarter. Vanguard Group Inc. raised its holdings in Navient Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 39,295,006 shares of the credit services provider’s stock worth $579,995,000 after purchasing an additional 1,606,973 shares in the last quarter. AJO LP raised its holdings in Navient Corporation by 7,682.8% in the second quarter. AJO LP now owns 1,250,081 shares of the credit services provider’s stock worth $20,814,000 after purchasing an additional 1,234,019 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Navient Corporation by 75.9% in the second 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 last quarter. Institutional investors and hedge funds own 93.02% of the company’s stock.
Navient Corporation 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).
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