Rhumbline Advisers boosted its stake in NIC Inc. (NASDAQ:EGOV) by 2.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 201,302 shares of the software maker’s stock after acquiring an additional 5,482 shares during the period. Rhumbline Advisers owned 0.30% of NIC worth $4,157,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Bridges Investment Management Inc. raised its position in NIC by 1.7% in the second quarter. Bridges Investment Management Inc. now owns 247,302 shares of the software maker’s stock worth $3,967,000 after acquiring an additional 4,078 shares during the period. Hikari Power Ltd bought a new stake in NIC in the second quarter worth about $186,000. Creative Planning raised its position in NIC by 13.9% in the second quarter. Creative Planning now owns 14,982 shares of the software maker’s stock worth $240,000 after acquiring an additional 1,831 shares during the period. Grantham Mayo Van Otterloo & Co. LLC bought a new stake in NIC in the second quarter worth about $1,309,000. Finally, Bank of New York Mellon Corp raised its position in NIC by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 1,868,476 shares of the software maker’s stock worth $29,969,000 after acquiring an additional 14,151 shares during the period. 87.50% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director William M. Lyons sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $20.96, for a total value of $209,600.00. Following the sale, the director now owns 61,786 shares of the company’s stock, valued at $1,295,034.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.
NASDAQ EGOV opened at $22.91 on Friday. The company’s 50 day moving average is $20.95 and its 200-day moving average is $18.75. NIC Inc. has a 12-month low of $11.76 and a 12-month high of $24.38. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.03. The firm has a market cap of $1.50 billion, a P/E ratio of 26.03, a price-to-earnings-growth ratio of 1.68 and a beta of 0.89.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Wednesday, October 30th. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. NIC had a net margin of 14.55% and a return on equity of 22.91%. The company had revenue of $90.39 million for the quarter, compared to analyst estimates of $88.49 million. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities analysts expect that NIC Inc. will post 0.74 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Tuesday, December 3rd. NIC’s dividend payout ratio (DPR) is currently 36.36%.
Several analysts have commented on EGOV shares. DA Davidson lifted their price objective on shares of NIC from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. BidaskClub lowered shares of NIC from a “buy” rating to a “hold” rating in a research report on Friday, September 20th. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Tuesday. TheStreet raised shares of NIC from a “c+” rating to a “b” rating in a research report on Thursday, August 1st. Finally, Barrington Research reaffirmed a “buy” rating and issued a $26.00 price objective on shares of NIC in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $22.25.
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.
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