Nelnet, Inc. (NYSE:NNI) Sees Significant Decrease in Short Interest

Nelnet, Inc. (NYSE:NNI) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 250,200 shares, a decrease of 21.3% from the October 15th total of 318,000 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average daily volume of 52,700 shares, the days-to-cover ratio is currently 4.7 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NNI shares. TD Cowen increased their price target on shares of Nelnet from $96.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, August 12th. StockNews.com downgraded Nelnet from a “buy” rating to a “hold” rating in a research report on Monday, August 12th.

Nelnet Stock Down 0.3 %

Shares of NNI opened at $109.34 on Friday. The firm has a market cap of $3.96 billion, a P/E ratio of 35.97 and a beta of 0.92. Nelnet has a 1 year low of $82.22 and a 1 year high of $127.32. The stock has a 50 day simple moving average of $112.95 and a two-hundred day simple moving average of $108.25. The company has a debt-to-equity ratio of 2.78, a current ratio of 31.47 and a quick ratio of 31.47.

Nelnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Monday, December 2nd. Nelnet’s payout ratio is presently 36.84%.

Insider Transactions at Nelnet

In other news, insider William J. Munn sold 2,500 shares of Nelnet stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $108.89, for a total transaction of $272,225.00. Following the completion of the sale, the insider now owns 9,354 shares in the company, valued at approximately $1,018,557.06. This trade represents a 21.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 50.10% of the company’s stock.

Institutional Trading of Nelnet

Several hedge funds have recently added to or reduced their stakes in NNI. FMR LLC increased its holdings in shares of Nelnet by 20.3% in the third quarter. FMR LLC now owns 556 shares of the credit services provider’s stock worth $63,000 after buying an additional 94 shares during the period. Covestor Ltd lifted its position in Nelnet by 139.2% in the first quarter. Covestor Ltd now owns 806 shares of the credit services provider’s stock valued at $76,000 after purchasing an additional 469 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Nelnet during the first quarter valued at approximately $209,000. Security National Bank of Sioux City Iowa IA bought a new position in shares of Nelnet in the second quarter worth approximately $212,000. Finally, ProShare Advisors LLC purchased a new position in shares of Nelnet in the first quarter worth $220,000. 33.51% of the stock is owned by institutional investors.

About Nelnet

Nelnet, Inc engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services.