Point72 Asset Management L.P. Decreases Stock Holdings in Navient Co. (NASDAQ:NAVI)

Point72 Asset Management L.P. decreased its position in Navient Co. (NASDAQ:NAVI) by 96.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,050 shares of the credit services provider’s stock after selling 502,960 shares during the quarter. Point72 Asset Management L.P.’s holdings in Navient were worth $277,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Creative Planning boosted its stake in shares of Navient by 250.9% during the 2nd quarter. Creative Planning now owns 41,890 shares of the credit services provider’s stock valued at $610,000 after purchasing an additional 29,951 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Navient by 1.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,534 shares of the credit services provider’s stock valued at $678,000 after purchasing an additional 722 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Navient by 15.4% during the 2nd quarter. AQR Capital Management LLC now owns 240,209 shares of the credit services provider’s stock valued at $3,466,000 after purchasing an additional 31,983 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Navient during the 2nd quarter valued at about $324,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Navient during the 2nd quarter valued at about $121,000. Hedge funds and other institutional investors own 97.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NAVI. JPMorgan Chase & Co. cut their target price on shares of Navient from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, July 8th. Barclays cut their target price on shares of Navient from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Bank of America began coverage on shares of Navient in a research note on Monday, September 30th. They set a “neutral” rating and a $17.00 target price on the stock. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Navient from $15.00 to $16.00 and gave the stock a “market perform” rating in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Navient currently has a consensus rating of “Hold” and an average price target of $15.56.

Navient Stock Performance

Shares of NASDAQ:NAVI opened at $15.60 on Friday. Navient Co. has a 52 week low of $13.95 and a 52 week high of $19.68. The stock has a market capitalization of $1.74 billion, a P/E ratio of 10.00 and a beta of 1.39. The firm has a fifty day simple moving average of $15.56 and a two-hundred day simple moving average of $15.51. The company has a quick ratio of 9.99, a current ratio of 9.99 and a debt-to-equity ratio of 17.30.

Navient (NASDAQ:NAVI) last released its quarterly earnings results on Wednesday, July 24th. The credit services provider reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14). Navient had a return on equity of 11.06% and a net margin of 3.41%. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $157.27 million. During the same period in the prior year, the firm posted $0.70 earnings per share. On average, analysts expect that Navient Co. will post 1.43 earnings per share for the current fiscal year.

Navient Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.64 dividend on an annualized basis and a yield of 4.10%. Navient’s payout ratio is 41.03%.

About Navient

Navient Corporation provides technology-enabled education finance and business processing solutions for education, health care, and government clients in the United States. It operates through three segments: Federal Education Loans, Consumer Lending, and Business Processing. The company owns Federal Family Education Loan Program (FFELP) loans that are insured or guaranteed by state or not-for-profit agencies; and performs servicing on its portfolios, as well as federal education loans held by other institutions.