Bank of New York Mellon Corp grew its position in shares of NIC Inc. (NASDAQ:EGOV) by 53.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,351,186 shares of the software maker’s stock after acquiring an additional 470,181 shares during the quarter. Bank of New York Mellon Corp owned about 2.04% of NIC worth $25,604,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in EGOV. Ameritas Investment Partners Inc. acquired a new position in shares of NIC during the first quarter valued at $111,000. SG Americas Securities LLC boosted its holdings in shares of NIC by 7.6% during the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock valued at $138,000 after acquiring an additional 482 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of NIC by 595.1% during the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock valued at $180,000 after acquiring an additional 7,647 shares during the period. Wrapmanager Inc. acquired a new position in shares of NIC during the second quarter valued at $214,000. Finally, State of Alaska Department of Revenue boosted its holdings in shares of NIC by 79.4% during the second quarter. State of Alaska Department of Revenue now owns 12,292 shares of the software maker’s stock valued at $232,000 after acquiring an additional 5,442 shares during the period. 92.93% of the stock is owned by institutional investors.
Shares of NIC Inc. (EGOV) opened at 16.75 on Thursday. The company has a market capitalization of $1.11 billion, a PE ratio of 19.71 and a beta of 0.40. NIC Inc. has a 52 week low of $15.45 and a 52 week high of $25.90. The company’s 50 day moving average is $16.22 and its 200-day moving average is $19.23.
NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. NIC had a return on equity of 38.37% and a net margin of 17.31%. The firm had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $83.57 million. During the same period in the prior year, the business posted $0.20 earnings per share. The business’s revenue was up 5.6% compared to the same quarter last year. On average, analysts expect 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 given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Friday, September 1st. NIC’s dividend payout ratio (DPR) is 38.10%.
EGOV has been the subject of several analyst reports. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Tuesday, July 18th. TheStreet downgraded shares of NIC from a “b-” rating to a “c+” rating in a report on Monday, August 14th. Maxim Group reduced their price target on shares of NIC from $21.00 to $16.00 and set a “hold” rating for the company in a report on Friday, July 21st. Sidoti downgraded shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price target for the company. in a report on Friday, July 21st. Finally, DA Davidson initiated coverage on shares of NIC in a report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $20.00.
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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