State Board of Administration of Florida Retirement System Holds Stake in NIC Inc. (EGOV)
State Board of Administration of Florida Retirement System maintained its stake in shares of NIC Inc. (NASDAQ:EGOV) during the fourth quarter, Holdings Channel reports. The firm owned 52,860 shares of the company’s stock at the end of the fourth quarter. State Board of Administration of Florida Retirement System’s holdings in NIC were worth $1,263,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of EGOV. Neuberger Berman Group LLC increased its stake in shares of NIC by 60.5% in the third quarter. Neuberger Berman Group LLC now owns 843,950 shares of the company’s stock worth $19,833,000 after buying an additional 318,174 shares during the period. Aperio Group LLC increased its stake in shares of NIC by 8.4% in the third quarter. Aperio Group LLC now owns 31,651 shares of the company’s stock worth $744,000 after buying an additional 2,455 shares during the period. Arizona State Retirement System increased its stake in shares of NIC by 0.9% in the third quarter. Arizona State Retirement System now owns 32,087 shares of the company’s stock worth $754,000 after buying an additional 300 shares during the period. First Trust Advisors LP increased its stake in shares of NIC by 255.0% in the third quarter. First Trust Advisors LP now owns 65,517 shares of the company’s stock worth $1,540,000 after buying an additional 47,063 shares during the period. Finally, WCM Investment Management CA purchased a new stake in shares of NIC during the third quarter worth approximately $782,000. Institutional investors and hedge funds own 85.83% of the company’s stock.
Shares of NIC Inc. (NASDAQ:EGOV) opened at 21.65 on Tuesday. The stock has a market capitalization of $1.43 billion, a P/E ratio of 25.77 and a beta of 0.61. NIC Inc. has a 12-month low of $16.86 and a 12-month high of $25.90. The company has a 50-day moving average of $21.79 and a 200-day moving average of $23.35.
NIC (NASDAQ:EGOV) last announced its earnings results on Wednesday, February 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.05. The firm earned $78.30 million during the quarter, compared to analyst estimates of $76.41 million. NIC had a net margin of 17.56% and a return on equity of 39.21%. NIC’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 EPS. Equities analysts expect that NIC Inc. will post $0.71 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 21st. Investors of record on Tuesday, March 7th will be given a $0.08 dividend. The ex-dividend date is Friday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 1.48%.
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A number of equities research analysts have recently commented on the stock. Sidoti downgraded shares of NIC from a “buy” rating to a “neutral” rating in a report on Monday, December 19th. Avondale Partners downgraded shares of NIC from a “market perform” rating to an “underperform” rating and set a $18.00 price target for the company. in a report on Thursday, February 2nd. They noted that the move was a valuation call. Barrington Research downgraded shares of NIC from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 3rd. Zacks Investment Research downgraded shares of NIC from a “strong-buy” rating to a “hold” rating in a report on Friday, February 3rd. Finally, Loop Capital assumed coverage on shares of NIC in a report on Tuesday, February 14th. They set a “hold” rating and a $22.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. NIC currently has a consensus rating of “Hold” and an average price target of $23.33.
In other NIC news, Director Ross C. Hartley sold 69,800 shares of the company’s stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $24.21, for a total value of $1,689,858.00. Following the completion of the sale, the director now directly owns 71,506 shares of the company’s stock, valued at approximately $1,731,160.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ross C. Hartley sold 95,026 shares of the company’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $24.13, for a total transaction of $2,292,977.38. Following the completion of the sale, the director now directly owns 71,506 shares of the company’s stock, valued at $1,725,439.78. The disclosure for this sale can be found here. Insiders sold a total of 250,000 shares of company stock valued at $6,061,933 in the last quarter. 4.80% of the stock is currently owned by insiders.
NIC Company Profile
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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