Corebridge Financial Inc. Reduces Holdings in Nelnet, Inc. (NYSE:NNI)

Corebridge Financial Inc. reduced its stake in Nelnet, Inc. (NYSE:NNI) by 7.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 7,069 shares of the credit services provider’s stock after selling 534 shares during the period. Corebridge Financial Inc.’s holdings in Nelnet were worth $755,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of NNI. HighTower Advisors LLC lifted its holdings in shares of Nelnet by 25.1% during the fourth quarter. HighTower Advisors LLC now owns 76,896 shares of the credit services provider’s stock worth $8,213,000 after purchasing an additional 15,445 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Nelnet by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 201,969 shares of the credit services provider’s stock valued at $21,572,000 after acquiring an additional 2,778 shares during the last quarter. Proficio Capital Partners LLC increased its stake in shares of Nelnet by 16,773.6% in the fourth quarter. Proficio Capital Partners LLC now owns 482,247 shares of the credit services provider’s stock worth $482,000 after acquiring an additional 479,389 shares during the period. Edgestream Partners L.P. raised its holdings in shares of Nelnet by 230.1% during the fourth quarter. Edgestream Partners L.P. now owns 24,797 shares of the credit services provider’s stock worth $2,649,000 after purchasing an additional 17,285 shares during the last quarter. Finally, MML Investors Services LLC lifted its position in Nelnet by 7.4% during the third quarter. MML Investors Services LLC now owns 2,279 shares of the credit services provider’s stock valued at $258,000 after purchasing an additional 157 shares during the period. 33.51% of the stock is currently owned by institutional investors and hedge funds.

Nelnet Stock Down 3.6 %

Shares of NNI stock opened at $102.89 on Monday. Nelnet, Inc. has a twelve month low of $92.24 and a twelve month high of $127.32. The stock has a market cap of $3.73 billion, a P/E ratio of 33.85 and a beta of 0.88. The stock has a 50 day moving average of $113.08 and a 200 day moving average of $111.08. The company has a current ratio of 31.47, a quick ratio of 31.47 and a debt-to-equity ratio of 2.78.

Nelnet (NYSE:NNI) last released its quarterly earnings data on Thursday, February 27th. The credit services provider reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.21. The company had revenue of $401.61 million during the quarter, compared to analysts’ expectations of $335.00 million. Nelnet had a net margin of 5.54% and a return on equity of 3.78%. As a group, sell-side analysts expect that Nelnet, Inc. will post 4.52 EPS for the current year.

Nelnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 1.09%. Nelnet’s payout ratio is 22.40%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Nelnet from a “hold” rating to a “buy” rating in a research report on Tuesday, March 4th.

About Nelnet

Nelnet, Inc engages in loan servicing, communications, education technology, services, and payment processing businesses worldwide. The Loan Servicing and Systems segment provides loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing services.