Ultime notizie per Nelnet (NYSE:NNI) Azioni

Nelnet

Nelnet Inc is a United States based company engaged in these four segments; Loan Servicing and Systems focuses on student and consumer loan origination services and servicing, loan origination and servicing-related technology solutions, and outsourcing business services; Education Technology, Services, and Payment Processing provides education services, payment technology, and community management solutions for K-12 schools, institutions, churches, and businesses; Asset Generation and Management Includes the acquisition and management of student and other loan assets; and Nelnet Bank focuses on the private education and unsecured consumer loan markets. Loan Servicing and Systems Segment derives majority of the company's revenue.

Nelnet Inc

WIIM

Nelnet shares are trading lower after the company reported a year-over-year decline in Q3 adjusted EPS results.

Nelnet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) reported quarterly earnings of $0.34 per share. This is a 69.64 percent decrease over earnings of $1.12 per share from the same period last year.

Earnings

News

Nelnet Q3 Adj $0.34 Down From $1.12 YoY

TD Cowen analyst Moshe Orenbuch maintains Nelnet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) with a Hold and raises the price target from $96 to $98.

Price Target

Analyst Ratings

TD Cowen Maintains Hold on Nelnet, Raises Price Target to $98

Nelnet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) reported quarterly earnings of $1.20 per share which missed the analyst consensus estimate of $1.33 by 9.77 percent. This is a 73.91 percent increase over earnings of $0.69 per share from the same period last year.

Earnings Misses

Nelnet Q2 Adj $1.20 Misses $1.33 Estimate

A federal appeals court has blocked President Joe Biden&#8217;s administration from implementing its Saving on a Valuable Education (SAVE) <a href="https://www.benzinga.com/news/24/07/39845798/whats-going-on-with-sofi-technologies-stock">student debt relief plan.&nbsp;</a>
The Details: The St. Louis-based 8th U.S. Circuit Court of Appeals granted a request by seven states to put on hold parts of the U.S. Department of Education&#8217;s debt relief plan. Combined with a previous ruling last month by U.S. District Judge John Ross in St. Louis, the entire SAVE plan is now blocked from being implemented as the legal process continues. 
&#8220;Appellants&#8217; emergency motion for an administrative stay prohibiting the appellees from implementing or acting pursuant to the Final Rule until this Court rules on the appellants&#8217; motion for an injunction pending appeal is granted,&#8221; 8th Circuit Court stated in its ruling.&nbsp;
Read Next:<a href="https://www.benzinga.com/news/earnings/24/07/39826835/discover-reports-better-than-expected-q2-results-heres-the-details"> Discover Reports Better-Than-Expected Q2 Results: Here&#8217;s The Details</a>
According to a <a href="https://www.businessinsider.com/save-plan-blocked-student-loan-borrowers-cheaper-payments-debt-cancellation-2024-7">report </a>from Business Insider, the Department of Education's Solicitor General Elizabeth Prelogar recently responded to the court on the confusion that would be caused if implementation of the SAVE plan was blocked at this stage.&nbsp;
&#8220;Many have already received bills that reflect the decrease in monthly payments to 5% of their discretionary income,&#8221; Prelogar wrote. &#8220;Many would experience intense confusion when they are told that their payments must be recalculated and that they must be placed in forbearance — which would delay any eventual loan forgiveness.&#8221;
Some companies that service student loans include SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>), Nelnet, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>), Navient Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAVI#NASDAQ">NAVI</a>) and SLM Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>). 
SOFI, NNI, NAVI, SLM Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, SoFi shares are down 4.02% at $7.53, Nelnet shares are down 1.50% at $109.66, Navient shares are down 1.60% at $15.36 and SLM shares are down 0.64% at $23.35 at market close Thursday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39827454/what-happened-with-intel-stock-today">What Happened With Intel Stock Today?</a></li>
</ul>
Photo: Shutterstock

Government

Education

Legal

Movers

NAVI

SOFI

Appeals Court Blocks Biden's SAVE Student Loan Debt Relief Plan

Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) shares are trading higher today after the company reported better-than-expected second-quarter EPS results yesterday.
The company reported GAAP earnings of $6.06 per share, beating the estimate of $3.07 per share, and quarterly<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39826835/discover-reports-better-than-expected-q2-results-heres-the-details" rel="noreferrer noopener"> Net Interest Income (NII) of $3.524 billion</a>.
RBC Capital Markets analyst Jon G. Arfstrom says the stock&#8217;s performance (<a target="_blank" href="https://www.benzinga.com/quote/DFS/analyst-ratings" rel="noreferrer noopener">Sector Perform, with a $140 price target</a>) is likely to be influenced primarily by the pending merger with Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), with the expectation that the acquisition <a target="_blank" href="https://www.benzinga.com/news/24/07/39827834/why-capital-one-stock-is-climbing" rel="noreferrer noopener">will eventually be completed</a>.
Concurrently, Discover is progressing independently by addressing regulatory and compliance issues, simplifying operations focused on core consumer banking and everyday card products, divesting student lending, and achieving peak<a target="_blank" href="https://www.benzinga.com/quote/DFS/analyst-ratings" rel="noreferrer noopener"> credit costs, writes the analyst</a>.
Arfstrom anticipates these strategic actions to position the company well as it moves forward in the year.
The company now projects an FY24 margin of 11.1% to 11.4%, up from 10.7% to 11.0% previously, with the student loan sale expected to boost the NIM by around 10 basis <a target="_blank" href="https://s23.q4cdn.com/669804705/files/doc_financials/2024/q2/Second-Quarter-2024-Earnings-Presentation.pdf" rel="noreferrer noopener">points</a>.
The analyst anticipates management will narrow the guidance range further as 2024 progresses. Additionally, the buyback remains on hold due to the pending merger.
Seperately, the company <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39813634/discover-financial-services-announces-agreement-to-sell-private-student-loan-portfolio" rel="noreferrer noopener">disclosed a deal to sell its $10.1 billion</a> private student loan portfolio to investment vehicles managed by The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) and KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), with servicing to be handled by Firstmark Services, a division of Nelnet, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>).
The portfolio is set to be sold for approximately $10.8 billion, reflecting a premium of around $700 million or about 7%, says the analyst.
Arfstrom writes that the robust premium on the portfolio reflects its high quality and attractiveness, aligning with management&#8217;s expectations upon announcing the business exit several quarters ago.
Investors can gain exposure to the stock via&nbsp;BlackRock ETF Trust BlackRock Future Financial And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BPAY#NYSE">BPAY</a>) and&nbsp;Amplify ETF Trust Amplify Mobile Payments ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPAY#NYSE">IPAY</a>).
Price Action: DFS shares are up 0.28% at $141.81 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Analyst Color

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Analyst Expects Discover Financial To Further Narrow FY24 Guidance This Year: Details

SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) shares are trading mostly flat Thursday. The stock has climbed more than 20% over the past month on investors' optimism for <a href="https://www.benzinga.com/news/24/07/39780473/sofi-technologies-shares-surge-amid-optimism-on-fed-policy-and-trump-related-political-developments">rate cuts in the near-term.&nbsp;</a>
What To Know:
There have also been several recent developments regarding student loans. The Biden Administration announced Thursday that <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/07/18/statement-from-president-joe-biden-on-1-2-billion-in-student-debt-cancellation-for-35000-borrowers/">it will forgive</a> an additional $1.2 billion in student loans for 35,000 public service workers through its Public Service Loan Forgiveness (PSLF) program.
Read Next:<a href="https://www.benzinga.com/news/earnings/24/07/39826835/discover-reports-better-than-expected-q2-results-heres-the-details"> Discover Reports Better-Than-Expected Q2 Results: Here&#8217;s The Details</a>
Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) announced Wednesday that it has entered into an agreement to sell its private <a href="https://www.benzinga.com/pressreleases/24/07/b39813634/discover-financial-services-announces-agreement-to-sell-private-student-loan-portfolio">student loan portfolio</a> to one or more strategic partnerships with Firstmark Services, a division of Nelnet, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) assuming responsibility for servicing the portfolio upon the sale.&nbsp;
The principal balance of Discover's private student loan portfolio was approximately $10.1 billion, and the purchase price is expected to be up to approximately $10.8 billion.&nbsp;
Student loans accounted for 17.21% of SoFi's loan origination volume in the first quarter, and the segment grew 43% year-over-year.&nbsp;
SoFi is set to report its second-quarter results on July 30 before the opening bell. According to estimates from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, analysts expect the company to report earnings of 1 cent per share and quarterly revenue of $563.908 million. 
According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, SoFi shares are trading above the stock&#8217;s 50-day moving average of $6.86 and 18.66% of shares are being sold short.
<h2 class="wp-block-heading">SOFI Stock Prediction 2024: </h2>
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at SoFi Technologies, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For SoFi Technologies, the 200-day moving average sits at $7.60, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, which is below the current price of $7.98. For more on charts and trend lines, <a href="https://pro.benzinga.com/">see a description here.</a>
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
SOFI Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, SoFi Technologies shares are down 0.51% at $7.80 at the time of publication Thursday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39827454/what-happened-with-intel-stock-today">What Happened With Intel Stock Today?</a></li>
</ul>
Image: Shutterstock&nbsp;

What's Going On With SoFi Technologies Stock?

TD Cowen analyst Moshe Orenbuch maintains Nelnet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) with a Hold and raises the price target from $90 to $96.

TD Cowen Maintains Hold on Nelnet, Raises Price Target to $96

U.S. stocks were mostly higher, with the Dow Jones gaining over 100 points on Friday.
Shares of Genpact Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/G#NYSE">G</a>) rose sharply during Friday's session after the company reported better-than-expected first-quarter financial results and <a href="https://www.benzinga.com/quote/G/earnings">raised its FY24 EPS range</a>.
Genpact posted adjusted earnings of 73 cents per share, beating market estimates of 68 cents per share. The company's quarterly sales came in at $1.13 billion versus expectations of $1.11 billion, according to data from<a href="https://pro.benzinga.com/dashboard"> Benzinga Pro</a>.
Genpact shares gained 6.8% to $34.26 on Friday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) shares gained 139% to $10.73 after the company and Sanofi announced a co-exclusive licensing agreement to commercialize a COVID-19 vaccine and develop COVID-influenza combination vaccines.</li>
<li>iTeos Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ITOS#NASDAQ">ITOS</a>) rose 40% to $17.06 after the company announced a $120 million registered direct offering and reported Q1 financial results.</li>
<li>Sweetgreen, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>) shares jumped 39.4% to $32.86 after the company reported better-than-expected first-quarter sales results.</li>
<li>Ouster, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OUST#NYSE">OUST</a>) rose 34.3% to $13.90 after the company reported better-than-expected first-quarter financial results.</li>
<li>Organogenesis Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORGO#NASDAQ">ORGO</a>) gained 32% to $3.02 following upbeat quarterly results.</li>
<li>CareDx, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNA#NASDAQ">CDNA</a>) gained 26.3% to $13.99 after the company reported better-than-expected first-quarter financial results and issued FY24 revenue guidance above estimates.</li>
<li>Groupon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRPN#NASDAQ">GRPN</a>) climbed 22.3% to $12.85 after the company reported better-than-expected first-quarter results.</li>
<li>ADMA Biologics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADMA#NASDAQ">ADMA</a>) climbed 21% to $8.39 after the company reported better-than-expected first-quarter financial results and issued strong revenue guidance.</li>
<li>SoundHound AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOUN#NASDAQ">SOUN</a>) shares rose 19.3% to $5.66 in pre-market trading after the company reported better-than-expected first quarter financial results.</li>
<li>American Coastal Insurance Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACIC#NASDAQ">ACIC</a>) gained 17.2% to $12.79 after the company reported better-than-expected first quarter financial results. The company announced the sale of 100% of its issued and outstanding stock of Interboro Insurance Company to Forza Insurance Holdings.</li>
<li>Gen Digital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEN#NASDAQ">GEN</a>) rose 15% to $23.42 after the company reported better-than-expected quarterly earnings and authorized a $3 billion share repurchase program.</li>
<li>Mettler-Toledo International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTD#NYSE">MTD</a>) rose 14.6% to $1,478.49 after the company reported better-than-expected first-quarter financial results and issued guidance.</li>
<li>Clean Energy Fuels Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLNE#NASDAQ">CLNE</a>) gained 13.6% to $2.74 following upbeat quarterly results.</li>
<li>Natural Grocers by Vitamin Cottage, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NGVC#NASDAQ">NGVC</a>) climbed 13.2% to $20.19 following second-quarter results.</li>
<li>Natera, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>) gained 11.3% to $106.36 following strong first-quarter earnings.</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) rose 11% to $6.50 following first-quarter results.</li>
<li>Integral Ad Science Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAS#NASDAQ">IAS</a>) climbed 8.8% to $9.12 after the company reported better-than-expected first-quarter sales results and issued FY24 revenue guidance above estimates.</li>
<li>Dutch Bros Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BROS#NYSE">BROS</a>) rose 8.7% to $35.68 after TD Cowen upgraded the stock from Hold to Buy and raised its price target from $33 to $46.</li>
<li>H&amp;R Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>) gained 7.5% to $52.89 after the company reported better-than-expected quarterly financial results.</li>
<li>RB Global, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBA#NYSE">RBA</a>) gained 7.3% to $78.24 after the company reported better-than-expected first-quarter financial results.</li>
<li>Funko Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FNKO#NASDAQ">FNKO</a>) rose 7% to $7.30 as the company reported better-than-expected first-quarter earnings and issued strong earnings forecast for the second quarter. The company also appointed Cynthia Williams as its Chief Executive Officer, effective May 20.</li>
<li>DigitalOcean Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOCN#NYSE">DOCN</a>) gained 6.9% to $34.82 following better-than-expected first-quarter earnings and upbeat guidance.</li>
<li>Nelnet, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) gained 6.4% to $104.94 after the company reported better-than-expected earnings results.</li>
<li>CarGurus, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>) rose 6.3% to $23.68 after the company reported mixed first-quarter financial results.</li>
<li>Ubiquiti Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UI#NYSE">UI</a>) gained 5.7% to $123.36 after the company reported mixed quarterly financial results.</li>
<li>The Boston Beer Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAM#NYSE">SAM</a>) gained 4.1% to $296.21.</li>
<li>Array Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) shares gained 3.5% to $12.94 after the company reported stronger-than-expected financial results for the first quarter on Thursday.</li>
</ul>
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Genpact Posts Upbeat Earnings, Joins Groupon, Natera, Funko, CarGurus And Other Big Stocks Moving Higher On Friday

Nelnet shares are trading higher after the company reported better-than-expected Q1 Adj. EPS results.

Nelnet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) reported quarterly earnings of $1.81 per share which beat the analyst consensus estimate of $1.38 by 31.16 percent.

Earnings Beats

Nelnet Q1 2024 Adj EPS $1.81 Beats $1.38 Estimate

President Joe Biden is canceling yet another round of student loan debt amounting to <a href="https://www.benzinga.com/topic/student-loans">more than $7.4 billion</a>. 
What Happened: Roughly another 277,000 borrowers, especially public sector workers, are expected to benefit from the revised plan. 
Among the changes that are a part of the SAVE (Saving on a Valuable Education) plan, include:
<ul>
<li>An income-driven repayment (IDR) plan, which bases monthly payment on income and family size.</li>
<li>Payments will now be based on a smaller portion of adjusted gross income.</li>
<li>If you make your full monthly payment, but it is not enough to cover the accrued monthly interest, the government covers the rest of the interest that accrued that month. </li>
<li>This means that the SAVE Plan prevents your balance from growing due to unpaid interest.</li>
<li>As of February, borrowers with $12,000 or less are forgiven after as few as 10 years.</li>
</ul>
More elements of SAVE will go into effect this summer.
The announcement was a follow-up from Monday, April 8, when Biden touted renewed efforts to <a href="https://www.benzinga.com/general/education/24/04/38112671/as-biden-readies-another-large-scale-student-loan-forgiveness-plan-here-are-stocks-to-watch">offer relief to debt-saddled individuals and families</a>.
&#8220;Too many people feel the strain and stress, wondering if they can get married, have their first child, start a family, because even if they get by, they still have this crushing, crushing debt,&#8221; he said.
See Also: <a href="https://www.benzinga.com/news/24/04/38158266/joe-biden-and-japans-pm-to-discuss-high-speed-rail-proposal-for-texas-at-summit-report">Joe Biden And Japan&#8217;s PM Discuss High-Speed Rail Proposal For Texas At Summit</a>
Why It Matters: More than 4 million people will benefit from the debt relief.
In total, the Biden administration has OKed some $153 billion in student loan debt — over 9% of all outstanding federal student loan debt.
The plan is not without its Republican critics. GOP officials like Georgia Attorney General Chris Carr say Biden is defying the conservative-leaning Supreme Court. 
Last year, Supreme Justices ruled against Biden&#8217;s <a href="https://www.benzinga.com/news/23/10/35482019/biden-has-canceled-billions-in-student-loans-even-after-the-supreme-court-ruled-against-him">original loan forgiveness plan</a>.
Two groups of Republican-led states have even <a href="https://apnews.com/article/student-debt-cancellation-college-forgiveness-f94b9706bd395b32e44d4d1b3f6ff051">filed</a> lawsuits against the Biden administration over the initiative.
&#8220;Despite the Court having already settled this issue, the Biden administration continues to brazenly violate the law,&#8221; Carr <a href="https://law.georgia.gov/press-releases/2024-04-09/carr-files-suit-against-president-bidens-latest-lawless-student-loan-plan">said</a>. &#8220;Georgia taxpayers have made it clear that they know it's wrong to be forced to pay off other people's student loans, particularly those with the highest earning potential. This is election-year politics and an egregious example of federal overreach, and we're fighting back yet again.&#8221;
The Education Department clapped back, pointing out how Congress gave the agency power to define terms of repayment plans <a href="https://www.congress.gov/bill/103rd-congress/house-bill/2055/text">in 1993</a>.
&#8220;The Biden-Harris Administration won't stop fighting to provide support and relief to borrowers across the country — no matter how many times Republican elected officials try to stop us,&#8221; the department said.
See Also: <a href="https://www.benzinga.com/general/politics/24/04/38213007/trumps-changing-stance-on-abortion-arizona-ruling-bring-2024-election-topic-front-and-center-how">How Biden&#8217;s Campaign Is Targeting Trump&#8217;s Changing Stance On Abortion</a>
What&#8217;s Next: Expect Biden to contrast his student loan forgiveness program with the education policies of his <a href="https://www.benzinga.com/topic/2024-presidential-election">2024 presidential opponent</a>, former President Donald Trump. 
During a speech in Wisconsin this week, Biden made a subtle jab at the <a href="https://www.benzinga.com/news/23/08/33851310/donald-trump-election-fraud-probe-georgia-grand-jury-reportedly-issues-10-indictments">quadruple-indicted GOP candidate</a>.
&#8220;We plan to cancel debt for borrowers who were cheated by universities that left students with unaffordable and little benefits for students,&#8221; Biden said. &#8220;You know one of those colleges was closed&#8230; I won&#8217;t mention it.&#8221;
The crowd laughed, seemingly in on Biden&#8217;s joke. Trump shut down Trump University in 2011 after multiple investigations, lawsuits and student complaints.
See below.
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</div>
</figure>
In 2018, a New York judge <a href="https://ag.ny.gov/press-release/2018/ag-schneiderman-statement-final-trump-university-settlement">finalized</a> a $25 million settlement between Trump and the Trump University victims. 
Tickers To Watch: Several student loan-related tickers were in the red on Friday.
<ul>
<li>SoFi Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) saw its stock price dip more than 1.96% to $7.49&nbsp;a share as of press time. </li>
<li>SLM Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) was also in the red, trading at $20.70 a share — down by 1.4%.</li>
<li>Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), currently <a href="https://www.benzinga.com/m-a/23/09/34618431/is-discover-financial-in-crisis-it-mulls-student-loan-business-sale-after-ceo-resignation">selling its student-loan unit</a>, is down by 1.05% and trading at $121.65 a share.</li>
<li>Navient Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAVI#NASDAQ">NAVI</a>) stock price was down 0.81%, trading at $16.52 a share. </li>
</ul>
At least one student loan servicing company was in the green: Nelnet Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>). At last check, the Lincoln, Nebraska-based firm was up more than 0.27%, trading at $94.58.
Now Read: <a href="https://www.benzinga.com/news/24/04/38219940/biden-beats-trumps-record-blacklists-more-chinese-entities-than-ex-president">Biden Beats Trump&#8217;s Record &#8211; Blacklists More Chinese Entities Than Ex-President</a>
Image: Shutterstock

Politics

Biden Wipes More Than $7M In Student Debt For 277K Borrowers: 'Too Many People Feel The Strain And Stress'

Sunrock Distributed Generation, a commercial solar and clean energy development and management platform, announces today its tax equity partnership with Nelnet, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>), marking a significant step towards enhancing energy sustainability, building power grid resiliency, and reducing carbon emissions in local communities.
The partnership combines the extensive expertise of Sunrock and Nelnet to finance and construct ongoing portfolios of distributed generation assets across several states including California, Illinois, New Jersey, and New York. The construction of initial projects is already underway.
Wilson Chang, CEO of Sunrock, comments, "Sunrock is thrilled to announce our financing partnership with Nelnet, Inc, which will enable us to build even more solar and distributed generation assets originated and developed using our proprietary underwriting system and automated technology platform.
"Together, Sunrock and Nelnet are on a journey to help local businesses, public entities, and nonprofits save money and transition towards renewable energy, while contributing to a cleaner, greener future for generations to come," he adds.
Scott Gubbels, Executive Director of Renewable Energy at Nelnet, Inc. says, "Our partnership with Sunrock furthers Nelnet's commitment to renewable energy projects that deliver tangible environmental and economic benefits. We are excited to be working in close partnership with Sunrock's experienced team of financiers and operators in scaling out the origination, development, and construction of a diversified portfolio of distributed generation assets."
For more information about Sunrock and Nelnet Renewable Energy please visit the websites at <a href="http://www.sunrockdg.com/">www.sunrockdg.com</a>&nbsp;and <a href="http://www.nelnetenergy.com/">www.nelnetenergy.com</a>.

Sunrock DG And Nelnet Partner For Renewable Distributed Generation Projects

President Joe Biden isn&#8217;t reneging on promises to <a href="https://www.benzinga.com/topic/student-loans">cancel student loan debt</a>. 
What Happened: <a href="https://www.wsj.com/politics/policy/biden-to-make-second-attempt-at-large-scale-student-loan-forgiveness-ef1da5fe?mod=hp_lead_pos3">According</a> to the Wall Street Journal, the Biden administration is expected to announce a renewed proposal to reduce or eliminate student loan debt for millions of borrowers.
The Journal, citing unnamed sources, expects Biden&#8217;s announcement to occur next week.
The move seemingly defies a decision by <a href="https://www.benzinga.com/news/23/10/35482019/biden-has-canceled-billions-in-student-loans-even-after-the-supreme-court-ruled-against-him">the Supreme Court, which overturned</a> the administration's first debt cancellation plan in 2023. That first attempt would have wiped up to $20,000 in student debt for borrowers making less than $125,000.
However, the Biden administration clapped back in February. It unveiled a forgiveness plan of about $1.2 billion in student loans, relieving <a href="https://www.benzinga.com/government/24/02/37231741/biden-forgives-1-2b-in-student-debt-for-150k-borrowers-hit-by-specific-issues">more than 150,000 borrowers</a>.
&#8220;Thanks to the Biden-Harris Administration&#8217;s SAVE plan, starting today, the Administration will be cancelling debt for borrowers who are enrolled in the SAVE plan, have been in repayment for at least 10 years and took out $12,000 or less in loans for college,&#8221; the White House <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/02/21/fact-sheet-president-biden-cancels-student-debt-for-more-than-150000-student-loan-borrowers-ahead-of-schedule/">announced</a> at the time.
The Biden administration&#8217;s program aims to ease the burden on Americans who have been repaying for at least a decade. 
See Also: <a href="https://www.benzinga.com/news/23/10/35482019/biden-has-canceled-billions-in-student-loans-even-after-the-supreme-court-ruled-against-him">Biden Has Canceled Billions In Student Loans — Even After The Supreme Court Ruled Against Him</a>
The total amount of relief approved by the Biden administration stands at nearly $138 billion. It benefits more than 4 million borrowers. 
This number may increase as more individuals become eligible for forgiveness under the SAVE program, which currently has 6.9 million participants.
Despite these efforts, they fall short of Biden's initial proposal for broader student loan cancellation, which the U.S. Supreme Court rejected last year.
Why It Matters: In 2023, the administration agreed to forgive <a href="https://www.benzinga.com/government/23/07/33231960/biden-administration-to-forgive-39b-in-student-debt-providing-relief-for-over-800k-borrowers">$39 billion in student debt</a> by updating a technical requirement under an existing program. 
Despite the Supreme Court's ruling against it, the administration flagged $127 billion of federal student loans for potential cancellation. 
According to EducationData.org, the average debt for a four-year bachelor's degree is $34,700. 
Tickers To Watch: Student loan collection companies, like SoFi Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>), saw modest movement on Friday, April 5, on the heels of the news.
SoFi, which counts student loans as a significant chunk of the company&#8217;s total lending products, saw its stock price go up more than 0.85% to $7.37&nbsp;a share as of press time. 
SLM Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) was also in the green, trading at $21.12 a share — up by 0.31%.
Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), rumored to be <a href="https://www.benzinga.com/m-a/23/09/34618431/is-discover-financial-in-crisis-it-mulls-student-loan-business-sale-after-ceo-resignation">selling its student-loan unit</a>, is up slightly by 0.1% and trading at $125.11 a share.
Meanwhile, Nelnet Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) and Navient Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAVI#NASDAQ">NAVI</a>) were both in the red. Nelnet was down more than 0.65%, trading at $93.05; Navient&#8217;s stock price was down 0.06%, trading at $16.86 a share. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37227959/if-you-invested-1-000-in-donald-trump-nfts-heres-how-much-youd-have-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1,000 In Donald Trump NFTs, Here's How Much You'd Have Today</a>
Image: Shutterstock

Personal Finance

As Biden Readies Another Large-Scale Student Loan Forgiveness Plan, Here Are Stocks To Watch

Nelnet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) reported quarterly losses of $(0.04) per share which missed the analyst consensus estimate of $1.03 by 103.88 percent.

Nelnet Q4 2023 Adj EPS $(0.04) May Not Compare To $1.03 Estimate

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Earnings Scheduled For February 27, 2024

Nelnet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) is set to give its latest quarterly earnings report on Tuesday, 2024-02-27. Here's what investors need to know before the announcement.
Analysts estimate that Nelnet will report an earnings per share (EPS) of $1.03. 
Nelnet bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company missed EPS by $0.25, which was followed by a 0.48% increase in the share price the next day.
Here's a look at Nelnet's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>1.40</td>
<td>1.08</td>
<td>1.53</td>
<td>1.57</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>1.15</td>
<td>0.71</td>
<td>1.47</td>
<td>0.98</td>
</tr>
<tr>
<td>Price Change %</td>
<td>0.0%</td>
<td>-3.0%</td>
<td>-1.0%</td>
<td>-3.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1708956118_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Nelnet were trading at $89.45 as of February 22. Over the last 52-week period, shares are down 4.71%. Given that these returns are generally negative, long-term shareholders are likely bearish going into this earnings release. 
<a href="https://www.benzinga.com/quote/NNI/earnings">To track all earnings releases for Nelnet visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Outlook For Nelnet

TD Cowen analyst Moshe Orenbuch initiates coverage on Nelnet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>) with a Market Perform rating and announces Price Target of $95.

Initiation

TD Cowen Initiates Coverage On Nelnet with Market Perform Rating, Announces Price Target of $95

The age-old debate surrounding the worth of a college degree, especially with the soaring costs of tuition, continues to be a contentious one. 
With student loan debt outstripping inflation rates over the past few decades, the question is — <a href="https://www.benzinga.com/topic/student-loans">does the reward outweigh the risk?</a>
A study issued <a href="https://www.federalreserve.gov/econres/notes/feds-notes/non-completion-student-debt-and-financial-well-being-20230821.html">this week</a> by the Federal Reserve underscored the high-risk nature of pursuing higher education.
A college degree might promise a lucrative future with earnings of an additional $1 million over a lifetime, yet it remains a gamble for many. The glaring risk associated with attending college is the increasing likelihood of non-completion — so it's no surprise that a huge chunk of the risk can be attributed to the financial strain brought on by student loans without the financial advantages of having a degree.
The Cost Of Non-Completion: It&#8217;s apparent the financial returns of attending college predominantly lie with acquiring the degree. Those failing to graduate bear the brunt of both implicit and explicit costs, the report said. Alarmingly, the Fed's data showed just six out of 10 attendees of four-year institutions obtain their degree, with rates even lower at two-year institutions.
Despite considerable investments from both the government and educational institutions to boost the numbers, there are still no impactful solutions.
Amid the ongoing debate about student loan debts, political figures are increasingly vocal. Notably, Senators Elizabeth Warren and Chuck Schumer, in their response to the new <a href="https://www.ed.gov/news/press-releases/biden-harris-administration-provide-804000-borrowers-39-billion-automatic-loan-forgiveness-result-fixes-income-driven-repayment-plans" target="_blank" rel="noreferrer noopener">Saving on A Valuable Education (SAVE) plan</a>, acknowledged the potential benefits of plans aiming to alleviate student debt.
&#8220;The fight to cancel student debt is far from over, but this is a massive step in the right direction,&#8221; Schumer said in a Tuesday <a href="https://www.democrats.senate.gov/newsroom/press-releases/majority-leader-schumer-statement-on-president-bidens-newly-announced-save-plan" target="_blank" rel="noreferrer noopener">statement</a>.
Warren urged caution, saying in a <a href="https://twitter.com/SenWarren/status/1694007839948189854" target="_blank" rel="noreferrer noopener">post on X</a> that Republicans in Congress are "trying to repeal this relief."
The Untapped Data: Most surveys overlook the financial outcomes of students with loans who do not complete their degree, primarily due to a lack of relevant data. However, the Survey of Household Economics and Decisionmaking (SHED) the Fed used stood out by probing respondents about their highest education level funded by student loans, identifying those who borrowed beyond their completed education level.
SHED's findings were strikingly grim. Non-completion among student loan borrowers leads to severe consequences on financial well-being, regret concerning their education and heightened SNAP benefit receipt.
The Numbers Tell The Story: When comparing those who completed (&#8220;completers&#8221;) to those who didn&#8217;t (&#8220;non-completers&#8221;), the SHED provided alarming insights. A distinct chasm emerged in financial well-being between the two groups, with non-completers struggling to manage even a sudden expense of $400.
The statistics further underscore the precarious financial situation of non-completers, especially when borrowing for college does not lead to a degree.
Additionally, a look at 6-year completion rates across public and private institutions using the College Scorecard data shows a stark contrast. While the median completion rate hovers around 60%, there is steep variation, with educational disparities only widening existing inequalities.
More to that, non-completion not only has financial repercussions but also leads to a sense of regret regarding one&#8217;s educational choices, the report found. Non-completers were frequently unhappy with their chosen field, institution, or the lack of further education, with the last being the most pronounced sentiment.
The data from the SHED highlights a poignant reality.
College graduates with debt undoubtedly fare better than those without degrees, however, college dropouts burdened with debt face the harshest financial outcomes, worse than any other group.
The potential reasons behind the disparity are manifold — restricted credit access due to undischarged student loans could mar an individual&#8217;s financial trajectory. 
In a climate of increased scrutiny of student loans, investors may want to keep an eye on stocks exposed to loans. Companies like as Nelnet, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>), SLM Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>), and SoFi Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) might see volatility as a result of changing student loan policies.
Non-completers might find themselves locked out of significant financial decisions, like purchasing homes or cars, even if they default on their student loans.
The Fed's findings reiterate the need for boosting higher education completion rates. Investing in measures to provide comprehensive support, financial literacy and mental health resources can pave the way for a brighter future for many. Read Next: <a href="https://www.benzinga.com/news/earnings/23/08/34000863/nasdaq-s-p-500-futures-rise-on-hopes-of-upbeat-nvidia-q2-print-why-this-analyst-thinks-market-pullb">Stocks Rally Ahead Of Nvidia&#8217;s Earnings; Treasury Yields Plunge On Soft Data: What&#8217;s Driving Markets Wednesday?</a>
Photo: Shutterstock

Topics

Economics

Federal Reserve

General

Is A College Degree Worth It? New Study On Student Loans Shows Stark Differences

Warning: NNI is at high risk of performing badly

Biden to forgive additional $4.5B in student loans

President Biden takes another stab at student debt relief

Becton, Dickinson And HP Among 13 Companies To Announce Annual Dividend Increases In First Half Of November

Nelnet Non-GAAP EPS of $0.34 misses by $1.02, revenue of $309.47M misses by $30.53M

Analysts fell to the sidelines weighing in on Progressive (PGR – Research Report), Nelnet (NNI – Research Report) and Carlyle Group (CG – Research ...

Analysts' Top Financial Picks: Progressive (PGR), Nelnet (NNI)

Nelnet declares $0.28 dividend

TD Cowen lowered the firm's price target on Nelnet (NNI) to $106 from $110 and keeps a Hold rating on the shares. The firm said the results were ma...

Nelnet price target lowered to $106 from $110 at TD Cowen

Merck Among 10 Companies To Announce Annual Dividend Increases In Second Half Of November

Trump picks former WWE CEO Linda McMahon as education secretary

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Press Releases

Sunrock DG and Nelnet Partner for Renewable Distributed Generation Projects

Nelnet Renewable Energy Sharpens Focus on Commercial Solar

Nelnet to Announce First Quarter Results

Nelnet Reports First Quarter 2024 Results

Nelnet to Announce Second Quarter Results

Discover Financial Services Announces Agreement to Sell Private Student Loan Portfolio

FACTS Expands Education Technology Suite to Serve Corporate and Faith-Based Organizations

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