Bank of New York Mellon Corp lessened its position in NIC Inc. (NASDAQ:EGOV) by 0.3% in the 2nd quarter, Holdings Channel reports. The fund owned 2,051,418 shares of the software maker’s stock after selling 6,030 shares during the period. Bank of New York Mellon Corp’s holdings in NIC were worth $31,899,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its holdings in shares of NIC by 2.5% in the 2nd quarter. Rhumbline Advisers now owns 160,935 shares of the software maker’s stock worth $2,503,000 after acquiring an additional 3,880 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of NIC by 4.2% in the 2nd quarter. BlackRock Inc. now owns 9,754,378 shares of the software maker’s stock worth $151,681,000 after acquiring an additional 396,537 shares during the last quarter. Bridges Investment Management Inc. lifted its holdings in shares of NIC by 2.0% in the 2nd quarter. Bridges Investment Management Inc. now owns 243,224 shares of the software maker’s stock worth $3,782,000 after acquiring an additional 4,683 shares during the last quarter. Aperio Group LLC lifted its holdings in shares of NIC by 15.3% in the 2nd quarter. Aperio Group LLC now owns 35,609 shares of the software maker’s stock worth $554,000 after acquiring an additional 4,719 shares during the last quarter. Finally, Vident Investment Advisory LLC lifted its holdings in shares of NIC by 21.9% in the 2nd quarter. Vident Investment Advisory LLC now owns 57,997 shares of the software maker’s stock worth $902,000 after acquiring an additional 10,424 shares during the last quarter. Hedge funds and other institutional investors own 88.42% of the company’s stock.
Several research firms have recently issued reports on EGOV. BidaskClub lowered shares of NIC from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. ValuEngine lowered shares of NIC from a “hold” rating to a “sell” rating in a report on Thursday, September 6th. Loop Capital set a $15.00 target price on shares of NIC and gave the stock a “hold” rating in a report on Monday, November 5th. Barrington Research restated a “hold” rating on shares of NIC in a report on Monday, November 5th. Finally, TheStreet lowered shares of NIC from a “b-” rating to a “c+” rating in a report on Monday, October 1st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $16.00.
NIC (NASDAQ:EGOV) last announced its quarterly earnings data on Thursday, November 1st. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.07. NIC had a net margin of 16.94% and a return on equity of 32.21%. The company had revenue of $87.03 million during the quarter, compared to analyst estimates of $83.06 million. During the same quarter last year, the business posted $0.21 EPS. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, equities analysts forecast that NIC Inc. will post 0.85 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 18th. Investors of record on Tuesday, December 4th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 2.48%. NIC’s payout ratio is 41.56%.
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NIC Company Profile
NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.
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