Nelnet (NYSE:NNI) Sets New 12-Month High After Earnings Beat

Nelnet, Inc. (NYSE:NNI)’s share price reached a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $107.18 and last traded at $106.28, with a volume of 40614 shares changing hands. The stock had previously closed at $98.55.

The credit services provider reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.44. Nelnet had a net margin of 4.43% and a return on equity of 3.81%. The company had revenue of $579.96 million during the quarter. During the same period in the previous year, the company earned $1.47 earnings per share.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Nelnet from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th.

Institutional Investors Weigh In On Nelnet

A number of institutional investors have recently made changes to their positions in NNI. CWM LLC boosted its holdings in Nelnet by 176.5% in the fourth quarter. CWM LLC now owns 412 shares of the credit services provider’s stock worth $36,000 after purchasing an additional 263 shares during the last quarter. TFO Wealth Partners LLC raised its position in Nelnet by 49,900.0% in the fourth quarter. TFO Wealth Partners LLC now owns 500 shares of the credit services provider’s stock worth $44,000 after acquiring an additional 499 shares during the period. SG Americas Securities LLC bought a new position in Nelnet in the first quarter worth approximately $209,000. ProShare Advisors LLC bought a new position in Nelnet in the first quarter worth approximately $220,000. Finally, Graham Capital Management L.P. bought a new stake in shares of Nelnet during the 3rd quarter valued at $238,000. Hedge funds and other institutional investors own 33.51% of the company’s stock.

Nelnet Stock Up 6.3 %

The stock has a market capitalization of $3.88 billion, a P/E ratio of 40.39 and a beta of 0.84. The company’s 50-day moving average price is $92.59 and its 200 day moving average price is $88.72. The company has a debt-to-equity ratio of 3.67, a quick ratio of 35.15 and a current ratio of 35.15.

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.