Mason Street Advisors LLC raised its position in NIC Inc. (NASDAQ:EGOV) by 7.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,507 shares of the software maker’s stock after buying an additional 954 shares during the period. Mason Street Advisors LLC’s holdings in NIC were worth $293,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of EGOV. Norges Bank acquired a new stake in NIC during the fourth quarter worth about $37,781,000. Copeland Capital Management LLC acquired a new stake in NIC during the first quarter worth about $10,900,000. Bank of New York Mellon Corp increased its stake in NIC by 15.5% in the first quarter. Bank of New York Mellon Corp now owns 881,005 shares of the software maker’s stock worth $17,795,000 after buying an additional 118,114 shares during the period. Russell Investments Group Ltd. increased its stake in NIC by 183.5% in the first quarter. Russell Investments Group Ltd. now owns 164,953 shares of the software maker’s stock worth $3,332,000 after buying an additional 106,774 shares during the period. Finally, State Street Corp increased its stake in NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock worth $34,504,000 after buying an additional 82,935 shares during the period. 92.93% of the stock is owned by hedge funds and other institutional investors.
NIC Inc. (NASDAQ:EGOV) opened at 19.60 on Thursday. The firm has a 50-day moving average price of $20.48 and a 200-day moving average price of $22.02. The stock has a market cap of $1.30 billion, a PE ratio of 22.92 and a beta of 0.53. NIC Inc. has a 12-month low of $19.35 and a 12-month high of $25.90.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 39.07% and a net margin of 17.64%. The business had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.99 million. During the same period last year, the business earned $0.19 EPS. The firm’s revenue was up 6.3% compared to the same quarter last year. Analysts forecast that NIC Inc. will post $0.73 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Investors of record on Tuesday, June 6th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, June 2nd. NIC’s payout ratio is 37.65%.
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Separately, Zacks Investment Research upgraded NIC from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a report on Thursday, May 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $22.83.
In related news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.10% of the stock is currently owned by company 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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