Concert Wealth Management Inc. lowered its stake in shares of Navient Corp. (NASDAQ:NAVI) by 21.3% during the second quarter, Holdings Channel reports. The firm owned 28,333 shares of the company’s stock after selling 7,655 shares during the period. Concert Wealth Management Inc.’s holdings in Navient Corp. were worth $342,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of NAVI. Balasa Dinverno & Foltz LLC acquired a new position in shares of Navient Corp. during the second quarter worth approximately $122,000. BB&T Securities LLC acquired a new position in shares of Navient Corp. during the first quarter worth approximately $124,000. ING Groep NV acquired a new position in shares of Navient Corp. during the second quarter worth approximately $140,000. Fox Run Management L.L.C. acquired a new position in shares of Navient Corp. during the second quarter worth approximately $172,000. Finally, Oakbrook Investments LLC boosted its position in shares of Navient Corp. by 12.2% in the second quarter. Oakbrook Investments LLC now owns 23,500 shares of the company’s stock worth $281,000 after buying an additional 2,550 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.
Shares of Navient Corp. (NASDAQ:NAVI) traded up 0.07% during midday trading on Friday, hitting $13.91. 2,940,383 shares of the stock were exchanged. The firm has a 50 day moving average of $14.21 and a 200-day moving average of $13.35. The stock has a market cap of $4.41 billion, a P/E ratio of 5.91 and a beta of 2.31. Navient Corp. has a 12 month low of $8.20 and a 12 month high of $14.92.
Navient Corp. (NASDAQ:NAVI) last issued its earnings results on Tuesday, July 19th. The company reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. Navient Corp. had a net margin of 16.75% and a return on equity of 16.77%. Equities research analysts anticipate that Navient Corp. will post $1.88 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, November 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.60%. Navient Corp.’s dividend payout ratio is 27.47%.
NAVI has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Navient Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, September 14th. BMO Capital Markets set a $17.00 target price on shares of Navient Corp. and gave the stock a “hold” rating in a research report on Thursday, July 21st. Finally, Goldman Sachs Group Inc. cut shares of Navient Corp. from a “buy” rating to a “neutral” rating and set a $15.00 target price on the stock. in a research report on Wednesday, July 20th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Navient Corp. presently has a consensus rating of “Buy” and an average target price of $15.57.
In other Navient Corp. news, Director William M. Diefenderfer III sold 16,300 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $14.20, for a total transaction of $231,460.00. Following the completion of the transaction, the director now owns 88,737 shares in the company, valued at $1,260,065.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bates Ann Torre sold 9,000 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $14.23, for a total transaction of $128,070.00. The disclosure for this sale can be found here. Company insiders own 1.05% of the company’s stock.
About Navient Corp.
Navient Corporation is a loan management, servicing and asset recovery company. The Company holds the portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (FFELP), as well as the portfolio of Private Education Loans. FFELP Loans are insured or guaranteed by state based on guaranty agreements among the United States Department of Education (ED) and these agencies.