First Republic Investment Management Inc. purchased a new position in shares of NIC Inc. (NASDAQ:EGOV) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 19,453 shares of the software maker’s stock, valued at approximately $447,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TD Asset Management Inc. boosted its position in shares of NIC by 125.0% during the second quarter. TD Asset Management Inc. now owns 70,200 shares of the software maker’s stock worth $1,612,000 after buying an additional 39,000 shares during the period. Marshall Wace North America L.P. boosted its position in shares of NIC by 49.9% during the second quarter. Marshall Wace North America L.P. now owns 76,704 shares of the software maker’s stock worth $1,761,000 after buying an additional 25,541 shares during the period. Marshall Wace LLP boosted its position in shares of NIC by 1,967.1% during the second quarter. Marshall Wace LLP now owns 84,770 shares of the software maker’s stock worth $1,946,000 after buying an additional 80,669 shares during the period. State of Tennessee Treasury Department boosted its position in shares of NIC by 7.4% during the second quarter. State of Tennessee Treasury Department now owns 42,547 shares of the software maker’s stock worth $977,000 after buying an additional 2,938 shares during the period. Finally, American International Group Inc. boosted its position in shares of NIC by 2.9% during the second quarter. American International Group Inc. now owns 46,653 shares of the software maker’s stock worth $1,071,000 after buying an additional 1,306 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.
EGOV opened at $20.85 on Wednesday. The business’s 50-day simple moving average is $21.78 and its 200-day simple moving average is $22.19. NIC Inc. has a one year low of $15.49 and a one year high of $25.94. The stock has a market capitalization of $1.40 billion, a P/E ratio of 28.18 and a beta of 0.31.
NIC (NASDAQ:EGOV) last posted its earnings results on Wednesday, July 29th. The software maker reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.03. The business had revenue of $93.59 million for the quarter, compared to analysts’ expectations of $91.22 million. NIC had a return on equity of 20.19% and a net margin of 13.84%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 earnings per share. As a group, equities research analysts forecast that NIC Inc. will post 0.76 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, September 4th. NIC’s payout ratio is currently 46.75%.
In related news, Director Venmal (Raji) Arasu sold 2,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $21.53, for a total transaction of $43,060.00. Following the completion of the sale, the director now directly owns 28,957 shares of the company’s stock, valued at $623,444.21. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.70% of the stock is owned by corporate insiders.
A number of research analysts recently issued reports on EGOV shares. Zacks Investment Research lowered NIC from a “hold” rating to a “sell” rating in a report on Thursday, June 25th. BidaskClub downgraded NIC from a “sell” rating to a “strong sell” rating in a report on Thursday, July 16th. Finally, Barrington Research reaffirmed a “buy” rating and set a $30.00 price target on shares of NIC in a report on Thursday, July 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $27.00.
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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