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Investors in Navient Corporation NAVI need to pay close attention to the stock based on moves in the options market lately. That is because the Dec 20, 2024 $12.50 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?
Clearly, options traders are pricing in a big move for Navient shares, but what is the fundamental picture for the company? Currently, Navient is a Zacks Rank #4 (Sell) in the Financial - Consumer Loans industry that ranks in the Bottom 43% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimates for the current quarter, while three have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from earnings of 30 cents per share to 27 cents in that period.
Given the way analysts feel about Navient right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
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Zacks Investment Research
A proposed order has been filed by the U.S. Consumer Financial Protection Bureau (“CFPB”) against Navient Corporation NAVI, according to which the student loan servicer will be permanently banned from servicing federal direct loans and directly servicing or acquiring most loans under the Federal Family Education Loan Program.
NAVI will have to pay $120 million for years of student lending failures, which includes $100 million in restitution and a $20-million civil penalty.
The CFPB’s Remarks About Navient
The CFPB’s director, Rohit Chopra, said that his agency was “closing the book on Navient” as the company “harmed millions of borrowers across the country.”
Navient has been accused of deceiving borrowers into delaying loan repayments even if they qualified for affordable repayment plans based on their incomes, which resulted in them paying more interest because it was cheaper and simpler.
The CFPB has claimed that Navient made mistakes in processing payments and misleading borrowers about their rights.
Chopra stated, “Borrowers don’t get to select who services their student loan, so more than a quarter of all student loan borrowers had no choice but to rely on Navient as their servicer.”
He added, “Navient is now almost completely out of the federal student loan servicing market and we’ve ensured they cannot re-enter it in the future.”
Digging Deep Into the CFPB’s Investigations Against NAVI
The CFPB began investigating Navient a decade ago, almost at the same time the company split off from the consumer banking corporation Sallie Mae.
In 2017, the regulator sued Navient, accusing the firm of predatory lending practices. At that time, NAVI was servicing student loans of more than 12 million borrowers, including more than 6 million accounts under its contract with the Education Department. In total, Navient serviced more than $300 billion in federal and private student loans back then.
In the following years, states began to examine such allegations of forbearance steering, leading to debt cancelations for many borrowers across the country.
Thus, in January 2022, Navient reached a $1.85-billion settlement with 38 U.S. states and Washington, DC, to resolve charges that it made predatory loans that borrowers struggled to repay.
In 2021, NAVI transferred its contract to service government loans to a third party, ending its contract with the U.S. Education Department to service direct loans. Earlier this year, Navient reached an agreement to outsource servicing of legacy loans from the Federal Family Education Loan Program to another servicer starting July 1.
According to NAVI, the latest settlement “puts these decade-old issues behind us. While we do not agree with the CFPB’s allegations, this resolution is consistent with our go-forward activities and is an important positive milestone in our transformation of the company.”
Navient’s Price Performance & Zacks Rank
So far this year, NAVI shares have lost 17% against the industry’s growth of 7.1%.
Currently, Navient carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Legal Issues Faced by Other Finance Companies
This July, Ameriprise Financial Services AMP filed a lawsuit against LPL Financial Holdings’ LPLA subsidiary, LPL Financial LLC, in the United States District Court. The lawsuit accused LPLA of malpractice and mishandling of private and confidential client data, and recruiting advisors while violating legal, regulatory and industry obligations.
The lawsuit, in particular, claimed that LPLA deliberately directed the advisors it recruits from Ameriprise and other competitors to take confidential information with themselves on the way out of their former organizations. The actions were deemed to be in direct violation of several securities laws and regulations and the standards that LPLA is obliged to comply with as a member of the broker protocol for recruiting.
AMP further alleged that LPLA’s actions disregard all reasonable expectations of client privacy rights, and expose its advisors to regulatory and criminal risks.
Zacks Investment Research
Financial stocks edged up in late Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each adding 0.2%.
The Philadelphia Housing Index climbed 1.9%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.1%.
Bitcoin (BTC/USD) increased 1% to $58,214, and the yield for 10-year US Treasuries rose 2.8 basis points to 3.68%.
In economic news, the US producer price index in August grew 0.2% following a flat reading last month, faster than the 0.1% gain expected in a survey compiled by Bloomberg, government data showed.
US initial jobless claims in the week ended Sept. 7 rose to 230,000 from an upwardly revised 228,000 in the previous week, compared with expectations for a decrease to 227,000 in a survey of analysts compiled by Bloomberg.
In regulatory news, the US Treasury and the Internal Revenue Service issued a notice of proposed rulemaking to implement the Inflation Reduction Act's corporate alternative minimum tax. The proposed rules would require the biggest corporations to pay a minimum 15% tax on profit reported to shareholders, with certain adjustments, which the Treasury said would generate about $250 billion over the next 10 years, including $20 billion in 2025.
In corporate news, JPMorgan Chase and Bank of America plan to curb and more closely track the working hours of their young bankers in the wake of a Wall Street Journal probe that uncovered a culture of overwork within the industry, the WSJ reported Thursday. JPMorgan shares declined 0.5% while Bank of America shares were 0.9% lower.
Goldman Sachs is poised to acquire a portfolio of about 450 million euros ($497 million) in loans from Spanish lender Bankinter, Bloomberg reported Thursday. Goldman shares added 0.4%.
Mastercard agreed to buy cyber defense and intelligence company Recorded Future from Insight Partners for $2.65 billion. Mastercard shares rose 0.8%.
Navient shares popped 6% after reaching a $120 million settlement with the Consumer Financial Protection Bureau for what the regulator said was "wide-ranging student lending failures."
Financial stocks rose in Thursday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both up 0.3%.
The Philadelphia Housing Index climbed 1.6%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 0.1%.
Bitcoin (BTC/USD) increased 0.9% to $58,231, and the yield for 10-year US Treasuries rose 4.3 basis points to 3.70%.
In economic news, the US producer price index in August grew 0.2% following a flat reading last month, faster than the 0.1% gain expected in a survey compiled by Bloomberg, government data showed.
US initial jobless claims in the week ended Sept. 7 rose to 230,000 from an upwardly revised 228,000 in the previous week, compared with expectations for a decrease to 227,000 in a survey of analysts compiled by Bloomberg.
In regulatory news, the US Treasury and the Internal Revenue Service issued a notice of proposed rulemaking to implement the Inflation Reduction Act's corporate alternative minimum tax. The proposed rules would require the biggest corporations to pay a minimum 15% tax on profit reported to shareholders, with certain adjustments, which the Treasury said would generate about $250 billion over the next 10 years, including $20 billion in 2025.
In corporate news, Mastercard agreed to buy cyber defense and intelligence company Recorded Future from Insight Partners for $2.65 billion. Mastercard shares rose 0.2%.
Navient was ordered to pay $120 million by the Consumer Financial Protection Bureau on Thursday for what the regulator said was "wide-ranging student lending failures." Navient shares were rising 6.2%.
UBS' asset management unit has been reducing its exposure to corporate bonds during market rallies over fears that a slowing economy or the US elections could lead to volatility, Reuters reported, citing Jonathan Gregory, head of fixed income UK at the bank. UBS shares were up 0.2%.
** Shares of Navient Corp NAVI.O were up more than 6% at $15.57 in afternoon trading Thurs after the company resolved legal matters with the U.S. Consumer Financial Protection Bureau
** The U.S. regulator said it was banning Navient from servicing federal student loans, largely barring the company from a market it once led, and ordered the company to pay $120 million for years of student lending failures
** The median 12-mo price target on the stock is $15, per LSEG
** Including the session move, Navient's stock is down >16% for the YTD vs a nearly 17% gain in the Nasdaq .IXIC
(Reporting by Caroline Valetkevitch)
** Shares of student loan servicer Navient NAVI.O jump as much as 6.5%, last up 5.7% at $15.50
** U.S. Consumer Financial Protection Bureau says it has banned NAVI from servicing federal student loans and orders it to pay $120 mln for years of student lending failures
** Brokerage Jefferies says the move will have minimum impact on NAVI as it had already reserved $105 mln of the charge as of Q2 2024
** Adds that the move could be a net positive for NAVI, as it largely closes out the issue and aligns with NAVI's ongoing strategy
** NAVI no longer services or purchases federal student loans, having transferred its contract to service government loans to a third party in 2021; this July, co began outsourcing the servicing of federally subsidized private loans
** This is one less legal overhang for NAVI, and we believe investors will appreciate the news - Jefferies
** As of last close, NAVI shares down 21.3% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
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