Envestnet Asset Management Inc. increased its stake in NIC Inc. (NASDAQ:EGOV) by 24.8% during the first quarter, Holdings Channel reports. The institutional investor owned 12,992 shares of the software maker’s stock after buying an additional 2,580 shares during the period. Envestnet Asset Management Inc.’s holdings in NIC were worth $262,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the company. Creative Planning raised its stake in shares of NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock valued at $234,000 after buying an additional 127 shares in the last quarter. State of Alaska Department of Revenue increased its position in NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock valued at $138,000 after buying an additional 140 shares during the last quarter. Louisiana State Employees Retirement System increased its position in NIC by 1.6% in the first quarter. Louisiana State Employees Retirement System now owns 25,300 shares of the software maker’s stock valued at $511,000 after buying an additional 400 shares during the last quarter. Capstone Asset Management Co. increased its position in NIC by 3.3% in the first quarter. Capstone Asset Management Co. now owns 18,505 shares of the software maker’s stock valued at $374,000 after buying an additional 585 shares during the last quarter. Finally, Mason Street Advisors LLC increased its position in NIC by 7.0% in the first quarter. Mason Street Advisors LLC now owns 14,507 shares of the software maker’s stock valued at $293,000 after buying an additional 954 shares during the last quarter. 92.93% of the stock is currently owned by institutional investors and hedge funds.
NIC Inc. (EGOV) opened at 19.00 on Wednesday. The stock has a 50 day moving average of $20.48 and a 200 day moving average of $22.02. The stock has a market cap of $1.26 billion, a P/E ratio of 22.22 and a beta of 0.53. NIC Inc. has a 1-year low of $18.90 and a 1-year high of $25.90.
NIC (NASDAQ:EGOV) last posted its earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The business had revenue of $83.20 million for the quarter, compared to analysts’ expectations of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. Equities analysts anticipate that NIC Inc. will post $0.73 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Stockholders of record on Tuesday, June 6th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Friday, June 2nd. NIC’s dividend payout ratio (DPR) is presently 37.65%.
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Separately, Zacks Investment Research upgraded shares of NIC from a “sell” rating to a “hold” rating in a research note on Tuesday, February 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. NIC presently has a consensus rating of “Hold” and a consensus target price of $22.83.
In other news, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, the chief operating officer now owns 197,531 shares in the company, valued at approximately $4,025,681.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is owned by corporate insiders.
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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