Magnolia Group LLC raised its holdings in shares of Nelnet, Inc. (NYSE:NNI) by 29.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 212,050 shares of the credit services provider’s stock after buying an additional 48,700 shares during the quarter. Nelnet comprises about 2.8% of Magnolia Group LLC’s portfolio, making the stock its 6th biggest holding. Magnolia Group LLC’s holdings in Nelnet were worth $11,616,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in NNI. Public Employees Retirement System of Ohio boosted its position in shares of Nelnet by 6.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,156 shares of the credit services provider’s stock valued at $101,000 after acquiring an additional 123 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Nelnet during the 3rd quarter valued at about $174,000. Cubist Systematic Strategies LLC acquired a new position in shares of Nelnet during the 2nd quarter valued at about $239,000. Creative Planning acquired a new position in shares of Nelnet during the 4th quarter valued at about $304,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Nelnet during the 4th quarter valued at about $396,000. 39.97% of the stock is owned by institutional investors and hedge funds.
In other news, major shareholder Angie Muhleisen sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $52.75, for a total transaction of $105,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 6,000 shares of company stock worth $317,120. Corporate insiders own 46.10% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.64 annualized dividend and a dividend yield of 1.25%. Nelnet’s payout ratio is 12.10%.
Several brokerages have recently weighed in on NNI. Compass Point raised shares of Nelnet from a “neutral” rating to a “buy” rating in a research report on Thursday, October 19th. Credit Suisse Group boosted their price target on shares of Nelnet from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Friday, October 20th.
Nelnet Company Profile
Nelnet, Inc focuses on delivering education-related products and services and student loan asset management. The Company is engaged in student loan servicing, tuition payment processing and school information systems, and communications. The Company’s segments include Loan Systems and Servicing, Tuition Payment Processing and Campus Commerce, Communications, Asset Generation and Management, and Corporate and Other Activities.
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