Teachers Advisors LLC cut its stake in shares of NIC Inc. (NASDAQ:EGOV) by 6.0% during the first quarter, Holdings Channel reports. The fund owned 112,805 shares of the software maker’s stock after selling 7,158 shares during the period. Teachers Advisors LLC’s holdings in NIC were worth $2,279,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. purchased a new position in NIC during the first quarter valued at $111,000. SG Americas Securities LLC increased its position in NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock valued at $138,000 after buying an additional 482 shares during the last quarter. State of Alaska Department of Revenue increased its position in NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock valued at $138,000 after buying an additional 140 shares during the last quarter. Advisors Asset Management Inc. increased its position in NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock valued at $180,000 after buying an additional 7,647 shares during the last quarter. Finally, Creative Planning increased its position in NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock valued at $234,000 after buying an additional 127 shares during the last quarter. 92.55% of the stock is owned by hedge funds and other institutional investors.
Shares of NIC Inc. (NASDAQ:EGOV) traded up 1.447% during midday trading on Friday, reaching $15.775. The company’s stock had a trading volume of 103,111 shares. The stock has a market capitalization of $1.05 billion, a PE ratio of 18.559 and a beta of 0.42. The stock’s 50 day moving average is $17.28 and its 200 day moving average is $19.98. NIC Inc. has a 12 month low of $15.45 and a 12 month high of $25.90.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The company had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $83.57 million. NIC had a return on equity of 38.37% and a net margin of 17.31%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 earnings per share. On average, analysts forecast that NIC Inc. will post $0.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be issued a $0.08 dividend. The ex-dividend date is Friday, September 1st. This represents a $0.32 annualized dividend and a dividend yield of 2.06%. NIC’s dividend payout ratio is currently 38.10%.
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Several equities analysts recently weighed in on the company. TheStreet downgraded NIC from a “b-” rating to a “c+” rating in a research note on Monday. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Thursday, May 4th. Maxim Group set a $16.00 price objective on NIC and gave the company a “hold” rating in a research note on Thursday, August 3rd. Imperial Capital raised NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Monday, July 17th. Finally, Sidoti downgraded NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.00.
In other NIC news, COO Robert W. Knapp sold 25,000 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, the chief operating officer now owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is currently owned by corporate insiders.
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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