Intrinsic value of Navient - NAVI

Previous Close

$13.10

  Intrinsic Value

$14.63

stock screener

  Rating & Target

hold

+12%

Previous close

$13.10

 
Intrinsic value

$14.63

 
Up/down potential

+12%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as NAVI.

We calculate the intrinsic value of NAVI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,818
  1,859
  1,907
  1,961
  2,020
  2,086
  2,157
  2,233
  2,316
  2,405
  2,500
  2,602
  2,710
  2,825
  2,946
  3,076
  3,212
  3,357
  3,510
  3,671
  3,841
  4,020
  4,210
  4,409
  4,619
  4,840
  5,072
  5,317
  5,575
  5,845
Variable operating expenses, $m
  856
  876
  898
  924
  952
  982
  1,016
  1,052
  1,091
  1,133
  1,178
  1,225
  1,276
  1,330
  1,388
  1,449
  1,513
  1,581
  1,653
  1,729
  1,809
  1,894
  1,983
  2,077
  2,175
  2,280
  2,389
  2,504
  2,626
  2,753
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  856
  876
  898
  924
  952
  982
  1,016
  1,052
  1,091
  1,133
  1,178
  1,225
  1,276
  1,330
  1,388
  1,449
  1,513
  1,581
  1,653
  1,729
  1,809
  1,894
  1,983
  2,077
  2,175
  2,280
  2,389
  2,504
  2,626
  2,753
Operating income, $m
  962
  984
  1,009
  1,037
  1,069
  1,103
  1,141
  1,182
  1,225
  1,272
  1,323
  1,376
  1,433
  1,494
  1,559
  1,627
  1,699
  1,776
  1,857
  1,942
  2,032
  2,127
  2,227
  2,332
  2,443
  2,560
  2,683
  2,813
  2,949
  3,092
EBITDA, $m
  13,004
  13,303
  13,645
  14,029
  14,454
  14,921
  15,429
  15,979
  16,572
  17,207
  17,888
  18,614
  19,387
  20,208
  21,080
  22,004
  22,982
  24,016
  25,108
  26,262
  27,479
  28,763
  30,116
  31,542
  33,044
  34,625
  36,289
  38,040
  39,882
  41,820
Interest expense (income), $m
  2,301
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
Earnings before tax, $m
  947
  969
  994
  1,023
  1,054
  1,089
  1,126
  1,167
  1,211
  1,258
  1,308
  1,362
  1,419
  1,480
  1,544
  1,612
  1,685
  1,761
  1,842
  1,927
  2,017
  2,112
  2,212
  2,318
  2,429
  2,546
  2,669
  2,798
  2,934
  3,078
Tax expense, $m
  256
  262
  268
  276
  285
  294
  304
  315
  327
  340
  353
  368
  383
  400
  417
  435
  455
  476
  497
  520
  545
  570
  597
  626
  656
  687
  721
  756
  792
  831
Net income, $m
  691
  707
  726
  747
  770
  795
  822
  852
  884
  918
  955
  994
  1,036
  1,080
  1,127
  1,177
  1,230
  1,286
  1,345
  1,407
  1,473
  1,542
  1,615
  1,692
  1,773
  1,858
  1,948
  2,043
  2,142
  2,247

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  120,424
  123,194
  126,360
  129,914
  133,853
  138,175
  142,880
  147,974
  153,462
  159,351
  165,652
  172,375
  179,533
  187,141
  195,214
  203,769
  212,824
  222,401
  232,519
  243,203
  254,476
  266,365
  278,896
  292,099
  306,005
  320,646
  336,057
  352,274
  369,334
  387,279
Working capital, $m
  -112,910
  -115,507
  -118,475
  -121,808
  -125,501
  -129,553
  -133,965
  -138,741
  -143,886
  -149,408
  -155,316
  -161,619
  -168,331
  -175,464
  -183,033
  -191,054
  -199,545
  -208,524
  -218,011
  -228,028
  -238,598
  -249,744
  -261,494
  -273,873
  -286,911
  -300,639
  -315,088
  -330,293
  -346,289
  -363,114
Total debt, $m
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
  270
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  691
  707
  726
  747
  770
  795
  822
  852
  884
  918
  955
  994
  1,036
  1,080
  1,127
  1,177
  1,230
  1,286
  1,345
  1,407
  1,473
  1,542
  1,615
  1,692
  1,773
  1,858
  1,948
  2,043
  2,142
  2,247
Depreciation, amort., depletion, $m
  12,042
  12,319
  12,636
  12,991
  13,385
  13,817
  14,288
  14,797
  15,346
  15,935
  16,565
  17,238
  17,953
  18,714
  19,521
  20,377
  21,282
  22,240
  23,252
  24,320
  25,448
  26,636
  27,890
  29,210
  30,601
  32,065
  33,606
  35,227
  36,933
  38,728
Funds from operations, $m
  12,734
  13,027
  13,362
  13,738
  14,155
  14,612
  15,110
  15,649
  16,230
  16,853
  17,520
  18,232
  18,989
  19,794
  20,649
  21,554
  22,512
  23,526
  24,597
  25,727
  26,920
  28,178
  29,505
  30,902
  32,373
  33,923
  35,554
  37,270
  39,076
  40,975
Change in working capital, $m
  -2,214
  -2,597
  -2,969
  -3,333
  -3,693
  -4,052
  -4,412
  -4,776
  -5,145
  -5,522
  -5,908
  -6,304
  -6,712
  -7,133
  -7,569
  -8,021
  -8,491
  -8,979
  -9,487
  -10,017
  -10,570
  -11,147
  -11,749
  -12,379
  -13,038
  -13,728
  -14,449
  -15,205
  -15,996
  -16,825
Cash from operations, $m
  14,948
  15,624
  16,330
  17,071
  17,848
  18,664
  19,522
  20,425
  21,375
  22,375
  23,428
  24,535
  25,701
  26,927
  28,218
  29,575
  31,003
  32,505
  34,084
  35,744
  37,490
  39,325
  41,254
  43,281
  45,412
  47,651
  50,003
  52,475
  55,072
  57,800
Maintenance CAPEX, $m
  -11,806
  -12,042
  -12,319
  -12,636
  -12,991
  -13,385
  -13,817
  -14,288
  -14,797
  -15,346
  -15,935
  -16,565
  -17,238
  -17,953
  -18,714
  -19,521
  -20,377
  -21,282
  -22,240
  -23,252
  -24,320
  -25,448
  -26,636
  -27,890
  -29,210
  -30,601
  -32,065
  -33,606
  -35,227
  -36,933
New CAPEX, $m
  -2,361
  -2,770
  -3,166
  -3,555
  -3,939
  -4,321
  -4,706
  -5,094
  -5,488
  -5,889
  -6,301
  -6,723
  -7,158
  -7,608
  -8,073
  -8,555
  -9,056
  -9,576
  -10,119
  -10,684
  -11,273
  -11,888
  -12,531
  -13,203
  -13,906
  -14,641
  -15,411
  -16,217
  -17,061
  -17,945
Cash from investing activities, $m
  -14,167
  -14,812
  -15,485
  -16,191
  -16,930
  -17,706
  -18,523
  -19,382
  -20,285
  -21,235
  -22,236
  -23,288
  -24,396
  -25,561
  -26,787
  -28,076
  -29,433
  -30,858
  -32,359
  -33,936
  -35,593
  -37,336
  -39,167
  -41,093
  -43,116
  -45,242
  -47,476
  -49,823
  -52,288
  -54,878
Free cash flow, $m
  781
  812
  845
  880
  918
  957
  999
  1,043
  1,090
  1,140
  1,192
  1,247
  1,305
  1,366
  1,431
  1,499
  1,570
  1,646
  1,725
  1,809
  1,897
  1,989
  2,086
  2,188
  2,296
  2,409
  2,528
  2,652
  2,784
  2,921
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  781
  812
  845
  880
  918
  957
  999
  1,043
  1,090
  1,140
  1,192
  1,247
  1,305
  1,366
  1,431
  1,499
  1,570
  1,646
  1,725
  1,809
  1,897
  1,989
  2,086
  2,188
  2,296
  2,409
  2,528
  2,652
  2,784
  2,921
Retained Cash Flow (-), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  36
  36
  37
  38
  39
  40
  42
  43
  45
  46
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
Cash available for distribution, $m
  781
  812
  845
  880
  918
  957
  999
  1,043
  1,090
  1,140
  1,192
  1,247
  1,305
  1,366
  1,431
  1,499
  1,570
  1,646
  1,725
  1,809
  1,897
  1,989
  2,086
  2,188
  2,296
  2,409
  2,528
  2,652
  2,784
  2,921
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  674
  597
  522
  450
  381
  318
  260
  209
  165
  127
  96
  71
  51
  35
  24
  16
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Navient Corporation provides asset management and business processing services to education, healthcare and government clients at the federal, state and local levels. The Company holds the portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (FFELP). It operates through four segments: FFELP Loans, Private Education Loans, Business Services and Other. It also holds the portfolio of Private Education Loans. It services its own portfolio of education loans, as well as education loans owned by the United States Department of Education (ED), financial institutions and nonprofit education lenders. It also provides business processing services to education-related clients, such as guaranty agencies and colleges and universities. It provides additional business processing services to a range of other clients, including federal agencies, state and local governments, healthcare systems and other healthcare providers and municipalities.

FINANCIAL RATIOS  of  Navient (NAVI)

Valuation Ratios
P/E Ratio 5.6
Price to Sales 2.2
Price to Book 1
Price to Tangible Book
Price to Cash Flow 2.8
Price to Free Cash Flow 2.8
Growth Rates
Sales Growth Rate -23.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio NaN
LT Debt to Equity 3037.8%
Total Debt to Equity 3100.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity 17.9%
Return On Equity - 3 Yr. Avg. 21.8%
Asset Turnover 0
Profitability Ratios
Gross Margin 140.7%
Gross Margin - 3 Yr. Avg. 132.8%
EBITDA Margin 199.9%
EBITDA Margin - 3 Yr. Avg. 167.6%
Operating Margin 65%
Oper. Margin - 3 Yr. Avg. 68.1%
Pre-Tax Margin 65%
Pre-Tax Margin - 3 Yr. Avg. 68.1%
Net Profit Margin 39.9%
Net Profit Margin - 3 Yr. Avg. 42.3%
Effective Tax Rate 38.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 29.5%

NAVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NAVI stock intrinsic value calculation we used $1782 million for the last fiscal year's total revenue generated by Navient. The default revenue input number comes from 2017 income statement of Navient. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NAVI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.8%, whose default value for NAVI is calculated based on our internal credit rating of Navient, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Navient.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NAVI stock the variable cost ratio is equal to 47.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NAVI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Navient.

Corporate tax rate of 27% is the nominal tax rate for Navient. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NAVI stock is equal to 2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NAVI are equal to 6625.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Navient operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NAVI is equal to -6211.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Navient - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 275 million for Navient is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Navient at the current share price and the inputted number of shares is $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
SLM SLM 11.19 5.53  sell

COMPANY NEWS

▶ Navient declares third quarter common stock dividend   [Aug-14-18 04:15PM  GlobeNewswire]
▶ Which Philadelphia-area companies offer the highest median pay?   [Aug-10-18 12:43PM  American City Business Journals]
▶ Navient names new board member   [Aug-09-18 04:15PM  GlobeNewswire]
▶ Local resident receives Navients quarterly leadership award   [Jul-31-18 10:00AM  GlobeNewswire]
▶ Navient Corp to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ Navient: 2Q Earnings Snapshot   [Jul-24-18 06:42PM  Associated Press]
▶ 4 Top Ranked Value Stocks to Buy for July 16th   [Jul-16-18 01:15PM  InvestorPlace]
▶ Watchdog says Education Dept. stonewalls student loan suit   [Jul-12-18 06:30PM  Associated Press]
▶ The state of California is planning to take on Navient   [Jul-01-18 07:19PM  MarketWatch]
▶ California sues nation's largest student loan servicer   [Jun-28-18 07:16PM  Associated Press]
▶ Dividend Stocks Investors Love   [Jun-18-18 09:02AM  Simply Wall St.]
▶ June Top Cheap Stock To Invest In   [Jun-03-18 10:02AM  Simply Wall St.]
▶ Bank Notes: Univest taps new head of mortgage unit   [May-29-18 07:00AM  American City Business Journals]
▶ Navient teams up with First Data on student loan technology   [May-25-18 10:03AM  American City Business Journals]
▶ Navient Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Navient reelects board at annual shareholder meeting   [May-24-18 11:50AM  GlobeNewswire]
▶ Bank Notes: Business advocates push back in CFPB's lawsuit against Navient   [May-21-18 07:51AM  American City Business Journals]
▶ Navient Foundation supports local family homeless shelter   [May-17-18 10:00AM  GlobeNewswire]
▶ Best Dividend Paying Stocks   [09:02AM  Simply Wall St.]
▶ [$$] Cleaning Up After Richard Cordray   [May-02-18 12:03AM  The Wall Street Journal]
▶ Navient Foundation supports Indiana food banks   [May-01-18 09:00AM  GlobeNewswire]
▶ Navient Corp to Host Earnings Call   [06:15AM  ACCESSWIRE]
▶ Navient: 1Q Earnings Snapshot   [Apr-24-18 04:36PM  Associated Press]
▶ [$$] 4 Cheap Stocks With Growth Potential   [Apr-21-18 12:01AM  Barrons.com]
▶ Top NYSE Dividend Payers   [Apr-14-18 09:02AM  Simply Wall St.]
▶ Bank Notes: After buying stake in Navient, hedge fund wants board seat   [07:40AM  American City Business Journals]
▶ [$$] States Target Consumer Issues as Federal Oversight Eases   [Apr-06-18 12:00AM  The Wall Street Journal]
▶ The Biggest Movers: Navient Gains, Micron Slumps   [Apr-05-18 04:45PM  Barrons.com]
▶ AG Shapiro: Redlining investigation to include credit unions, online lenders   [Mar-30-18 01:04PM  American City Business Journals]
▶ March Top Dividend Payers   [Mar-14-18 09:02AM  Simply Wall St.]
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