Navient Corporation Stock Price, News & Analysis

Navient (Nasdaq: NAVI) announced its 2021 fourth quarter financial results on January 25, 2022. The company operates in education loan management and business processing solutions, serving various sectors including education and healthcare. Detailed financial results are accessible on their website and will be reported on Form 8-K with the SEC. A conference call is scheduled for January 26, 2022, at 8 a.m. ET, hosted by CEO Jack Remondi and CFO Joe Fisher, covering the financial outcomes and future outlook.

Navient (Nasdaq: NAVI) announced it has reached agreements with state attorneys general to resolve multistate litigation and investigations, denying any law violations. This decision is aimed at avoiding prolonged litigation costs and distractions. As part of the resolution, Navient will cancel loan balances for about 66,000 borrowers of certain qualifying private education loans, which mostly originated between 2002 and 2010. Additionally, the company will make a one-time payment of approximately $145 million to the states, expecting this to be less costly than ongoing legal disputes.

Navient (Nasdaq: NAVI) will announce its financial results for Q4 and the full year of 2021 after market close on January 25, 2022. The results will be discussed in a conference call on January 26, 2022, at 8 a.m. ET. Investors will be notified through a news release and on Twitter @Navient. The earnings results will be filed with the SEC on Form 8-K. Access to the conference call will be available via phone or a live audio webcast. A replay will be accessible after the call, with the details provided for both audio and webcast formats.

Navient Corporation has implemented a shareholder rights plan aimed at protecting investor interests amid escalating stock activity. The Board of Directors declared a preferred share purchase right for each outstanding common share. This plan addresses concerns over significant accumulation of shares by Sherborne Investors Management LP. It ensures equal treatment of shareholders and requires any potential acquirer of 20% or more of shares to negotiate directly with the Board. The plan lasts for a year, expiring on December 19, 2022, with certain exceptions for cash offers.

Earnest, a fintech focused on education finance, has appointed Mike Horowitz as Chief Product Officer. With two decades of product management experience, Horowitz joins COO Jason Williams to enhance Earnest's student lending platform. The company has helped over 180,000 borrowers refinance $16.5 billion in student debt and recently acquired Going Merry to improve financial aid accessibility. In 2021, Earnest led the industry with over $4.4 billion in refinancing originations, aiming to make higher education more affordable and accessible for all.

Navient (Nasdaq:NAVI) announced a new share repurchase program for up to $1 billion of its common stock, signaling confidence in its capital-generation capabilities. This program is part of Navient's strategy to return excess capital to shareholders while also investing in new loan originations and business growth. The company plans to utilize $400 million of the new authority in 2022, in addition to the existing $150 million authorization from 2019. The repurchase activities will occur through various methods without fixed expiration dates.

Navient (Nasdaq: NAVI) announced a fourth quarter dividend of $0.16 per share on November 22, 2021. This dividend is set to be paid on December 17, 2021, to shareholders on record by the close of business on December 3, 2021. As a leader in education loan management, Navient continues to support clients in various sectors through technology-enabled financing and services.

Navient and the Boys & Girls Clubs of America announced a collaboration to enhance the Diplomas to Degrees program, aimed at assisting high school students in their education and career planning. The digital initiative provides resources on financial aid, college costs, and scholarship opportunities, reachable via the MyFuture platform. With the support of Navient, this program aspires to help youth navigate their paths to post-secondary education successfully. Boys & Girls Clubs impacts 4.3 million young people, reinforcing their commitment to fostering educational success and mentoring.

Earnest has achieved the milestone of becoming the largest refinancer of student loans in the U.S. by origination volume, reaching $4.4 billion in the first three quarters of 2021. This figure is 57% more than its nearest competitor. Since its inception in 2015, Earnest has helped over 180,000 borrowers refinance more than $16.5 billion in student debt. Additionally, Earnest's acquisition of Going Merry in 2021 aims to enhance accessibility to higher education while minimizing debt burdens for students.