American International Group Inc. reduced its position in shares of NIC Inc. (NASDAQ:EGOV) by 17.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,344 shares of the software maker’s stock after selling 7,963 shares during the period. American International Group Inc. owned about 0.06% of NIC worth $775,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in EGOV. Arizona State Retirement System raised its stake in shares of NIC by 1.3% in the first quarter. Arizona State Retirement System now owns 32,287 shares of the software maker’s stock worth $652,000 after buying an additional 400 shares during the last quarter. Victory Capital Management Inc. raised its position in NIC by 58.9% in the first quarter. Victory Capital Management Inc. now owns 32,332 shares of the software maker’s stock valued at $653,000 after buying an additional 11,981 shares during the period. SG Americas Securities LLC raised its position in NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock valued at $138,000 after buying an additional 482 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of NIC by 49.7% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 16,817 shares of the software maker’s stock valued at $340,000 after buying an additional 5,582 shares in the last quarter. Finally, Symons Capital Management Inc. acquired a new position in shares of NIC during the first quarter valued at about $416,000. 92.93% of the stock is owned by institutional investors and hedge funds.
NIC Inc. (EGOV) traded down 0.80% during trading on Friday, hitting $18.65. 59,552 shares of the stock were exchanged. The firm has a market capitalization of $1.23 billion, a PE ratio of 21.81 and a beta of 0.45. NIC Inc. has a 12-month low of $18.00 and a 12-month high of $25.90. The stock has a 50 day moving average price of $20.16 and a 200-day moving average price of $21.78.
NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. During the same period in the previous year, the business earned $0.19 EPS. The company’s revenue was up 6.3% compared to the same quarter last year. On average, equities research analysts anticipate that NIC Inc. will post $0.73 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Stockholders of record on Tuesday, June 6th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 1.70%. NIC’s dividend payout ratio is presently 37.65%.
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EGOV has been the subject of several analyst reports. BidaskClub downgraded NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. Zacks Investment Research downgraded NIC from a “buy” rating to a “hold” rating in a research report on Monday, July 3rd. Finally, DA Davidson started coverage on NIC in a research report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. NIC presently has an average rating of “Hold” and an average price target of $22.43.
In other news, COO Robert W. Knapp sold 25,000 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $20.38, for a total transaction of $509,500.00. Following the transaction, the chief operating officer now directly owns 197,531 shares in the company, valued at approximately $4,025,681.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.10% of the stock is owned by 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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