Short Interest in Navient Corporation (NAVI) Rises By 18.9%

Navient Corporation (NASDAQ:NAVI) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 13,548,694 shares, an increase of 18.9% from the October 13th total of 11,391,148 shares. Based on an average daily trading volume, of 4,774,331 shares, the short-interest ratio is currently 2.8 days. Approximately 5.0% of the company’s shares are short sold.

Shares of Navient Corporation (NASDAQ:NAVI) opened at $12.08 on Tuesday. The company has a debt-to-equity ratio of 30.58, a quick ratio of 33.10 and a current ratio of 33.10. Navient Corporation has a 1-year low of $11.48 and a 1-year high of $17.95. The firm has a market cap of $3,211.38, a PE ratio of 6.90 and a beta of 2.39.

Navient Corporation (NASDAQ:NAVI) last issued its quarterly earnings data on Tuesday, October 17th. The credit services provider reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.05. Navient Corporation had a net margin of 10.88% and a return on equity of 14.09%. The business had revenue of $343.00 million during the quarter, compared to analyst estimates of $361.33 million. During the same period last year, the business posted $0.50 earnings per share. Navient Corporation’s quarterly revenue was down 15.3% compared to the same quarter last year. research analysts predict that Navient Corporation will post 1.76 EPS for the current year.

Navient Corporation announced that its Board of Directors has approved a stock buyback program on Wednesday, October 4th that authorizes the company to repurchase shares. This repurchase authorization authorizes the credit services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Several analysts have issued reports on the stock. BidaskClub lowered shares of Navient Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and set a $16.00 target price on shares of Navient Corporation in a report on Friday, July 21st. Compass Point lowered shares of Navient Corporation from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $16.50 to $15.50 in a report on Thursday, October 5th. Zacks Investment Research upgraded shares of Navient Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $16.00 target price (down from $17.00) on shares of Navient Corporation in a report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Navient Corporation has an average rating of “Hold” and a consensus price target of $18.27.

In other Navient Corporation news, CFO Christian M. Lown purchased 6,000 shares of the business’s stock in a transaction on Friday, October 20th. The stock was acquired at an average cost of $12.35 per share, for a total transaction of $74,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John M. Kane sold 28,886 shares of the company’s stock in a transaction dated 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. Corporate insiders own 1.68% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of NAVI. Creative Planning lifted its holdings in Navient Corporation by 7.2% in the second quarter. Creative Planning now owns 7,066 shares of the credit services provider’s stock worth $118,000 after buying an additional 472 shares during the period. Ffcm LLC lifted its holdings in Navient Corporation by 144.5% in the second quarter. Ffcm LLC now owns 7,071 shares of the credit services provider’s stock worth $119,000 after buying an additional 4,179 shares during the period. Quantbot Technologies LP purchased a new stake in Navient Corporation in the third quarter worth about $121,000. Bronfman E.L. Rothschild L.P. lifted its holdings in Navient Corporation by 8.8% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 7,564 shares of the credit services provider’s stock worth $126,000 after buying an additional 612 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in Navient Corporation by 84.0% in the third quarter. Advisors Asset Management Inc. now owns 10,168 shares of the credit services provider’s stock worth $153,000 after buying an additional 4,642 shares during the period. Institutional investors and hedge funds own 95.76% of the company’s stock.

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Navient Corporation Company Profile

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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