Navient Corporation (NAVI) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund cut its stake in Navient Corporation (NASDAQ:NAVI) by 8.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,531,178 shares of the credit services provider’s stock after selling 135,100 shares during the quarter. New York State Common Retirement Fund owned approximately 0.58% of Navient worth $22,998,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Prudential Financial Inc. grew its stake in shares of Navient by 3.4% in the third quarter. Prudential Financial Inc. now owns 5,888,964 shares of the credit services provider’s stock valued at $88,452,000 after acquiring an additional 192,614 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Navient in the second quarter valued at about $360,000. ARGI Investment Services LLC grew its stake in shares of Navient by 12.2% in the second quarter. ARGI Investment Services LLC now owns 95,127 shares of the credit services provider’s stock valued at $1,584,000 after acquiring an additional 10,363 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Navient by 16.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 74,114 shares of the credit services provider’s stock valued at $1,234,000 after acquiring an additional 10,395 shares in the last quarter. Finally, Chicago Equity Partners LLC grew its stake in shares of Navient by 109.8% in the second quarter. Chicago Equity Partners LLC now owns 150,025 shares of the credit services provider’s stock valued at $2,498,000 after acquiring an additional 78,520 shares in the last quarter. 92.91% of the stock is currently owned by institutional investors.

NAVI has been the topic of a number of analyst reports. ValuEngine upgraded shares of Navient from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Citigroup initiated coverage on shares of Navient in a research note on Monday, October 16th. They set a “buy” rating and a $20.00 price objective on the stock. Compass Point upgraded shares of Navient from a “neutral” rating to a “buy” rating and set a $16.50 price objective on the stock in a research note on Tuesday, September 5th. Jefferies Group reiterated a “hold” rating and set a $16.00 price objective on shares of Navient in a research note on Monday, October 16th. Finally, Zacks Investment Research upgraded shares of Navient from a “sell” rating to a “hold” rating in a research note on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. Navient presently has a consensus rating of “Hold” and an average price target of $18.00.

In related news, CFO Christian M. Lown purchased 6,000 shares of Navient stock in a transaction dated Friday, October 20th. The shares were bought at an average cost of $12.35 per share, for a total transaction of $74,100.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John M. Kane sold 28,886 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $15.00, for a total transaction of $433,290.00. The disclosure for this sale can be found here. Company insiders own 1.68% of the company’s stock.

Shares of Navient Corporation (NASDAQ:NAVI) opened at $12.96 on Wednesday. Navient Corporation has a one year low of $11.48 and a one year high of $17.05. The company has a quick ratio of 33.10, a current ratio of 33.10 and a debt-to-equity ratio of 30.58. The firm has a market cap of $3,356.03, a P/E ratio of 7.21 and a beta of 2.37.

Navient (NASDAQ:NAVI) last posted its quarterly earnings results on Tuesday, October 17th. The credit services provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.05. Navient had a net margin of 10.88% and a return on equity of 14.09%. The company had revenue of $343.00 million for the quarter, compared to the consensus estimate of $361.33 million. During the same period last year, the company posted $0.50 EPS. The firm’s quarterly revenue was down 15.3% compared to the same quarter last year. sell-side analysts anticipate that Navient Corporation will post 1.76 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.16 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.94%. Navient’s payout ratio is currently 35.36%.

Navient declared that its Board of Directors has initiated a share repurchase plan on Wednesday, October 4th that allows the company to repurchase shares. This repurchase authorization allows the credit services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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About Navient

Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP).

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Institutional Ownership by Quarter for Navient (NASDAQ:NAVI)

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