Pinebridge Investments L.P. Grows Position in NIC Inc. (NASDAQ:EGOV)

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Pinebridge Investments L.P. lifted its holdings in shares of NIC Inc. (NASDAQ:EGOV) by 10.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,021 shares of the software maker’s stock after buying an additional 6,805 shares during the period. Pinebridge Investments L.P. owned approximately 0.11% of NIC worth $1,155,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in shares of NIC by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,257,494 shares of the software maker’s stock valued at $28,173,000 after buying an additional 56,159 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of NIC by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 1,868,476 shares of the software maker’s stock valued at $29,969,000 after buying an additional 14,151 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of NIC by 65.5% during the second quarter. Renaissance Technologies LLC now owns 1,387,732 shares of the software maker’s stock valued at $22,259,000 after buying an additional 549,000 shares during the last quarter. BTIM Corp. boosted its position in shares of NIC by 0.5% during the second quarter. BTIM Corp. now owns 1,164,700 shares of the software maker’s stock valued at $18,682,000 after buying an additional 5,927 shares during the last quarter. Finally, APG Asset Management N.V. boosted its position in shares of NIC by 137.6% during the second quarter. APG Asset Management N.V. now owns 797,400 shares of the software maker’s stock valued at $11,231,000 after buying an additional 461,800 shares during the last quarter. 86.57% of the stock is currently owned by institutional investors.

EGOV stock traded down $0.12 during trading on Thursday, reaching $20.93. The stock had a trading volume of 5,202 shares, compared to its average volume of 396,787. NIC Inc. has a 52 week low of $11.76 and a 52 week high of $23.45. The stock’s 50 day moving average is $20.80 and its two-hundred day moving average is $17.73. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.04. The firm has a market cap of $1.46 billion, a PE ratio of 23.86, a PEG ratio of 2.13 and a beta of 0.90.

NIC (NASDAQ:EGOV) last posted its earnings results on Wednesday, July 31st. The software maker reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. NIC had a return on equity of 24.45% and a net margin of 15.10%. The company had revenue of $91.60 million for the quarter, compared to the consensus estimate of $86.45 million. During the same quarter in the prior year, the company earned $0.25 earnings per share. NIC’s revenue was down 1.0% on a year-over-year basis. On average, research analysts anticipate that NIC Inc. will post 0.73 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Thursday, September 5th. NIC’s dividend payout ratio (DPR) is currently 36.36%.

In other news, Director William M. Lyons sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $20.96, for a total value of $209,600.00. Following the transaction, the director now owns 61,786 shares of the company’s stock, valued at $1,295,034.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by company insiders.

EGOV has been the topic of a number of recent research reports. BidaskClub raised NIC from a “hold” rating to a “buy” rating in a report on Friday, July 26th. ValuEngine downgraded NIC from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Barrington Research reissued a “buy” rating on shares of NIC in a report on Wednesday, July 3rd. DA Davidson downgraded NIC from a “buy” rating to a “neutral” rating and set a $21.00 target price on the stock. in a report on Tuesday. Finally, Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Tuesday, June 4th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $20.25.

NIC 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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Institutional Ownership by Quarter for NIC (NASDAQ:EGOV)

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