Swiss National Bank trimmed its holdings in SLM Co. (NASDAQ:SLM) by 11.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 642,088 shares of the credit services provider’s stock after selling 79,400 shares during the period. Swiss National Bank owned about 0.22% of SLM worth $11,301,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Geode Capital Management LLC increased its holdings in shares of SLM by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 6,301,077 shares of the credit services provider’s stock valued at $131,944,000 after acquiring an additional 243,093 shares during the last quarter. AlphaCrest Capital Management LLC increased its holdings in shares of SLM by 210.2% in the 2nd quarter. AlphaCrest Capital Management LLC now owns 71,664 shares of the credit services provider’s stock valued at $1,501,000 after acquiring an additional 48,564 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of SLM by 6.5% in the 2nd quarter. First Trust Advisors LP now owns 1,453,981 shares of the credit services provider’s stock valued at $30,447,000 after acquiring an additional 89,305 shares during the last quarter. Bank of Nova Scotia bought a new stake in shares of SLM in the 2nd quarter valued at approximately $2,722,000. Finally, Glenmede Trust Co. NA increased its holdings in shares of SLM by 350.7% in the 2nd quarter. Glenmede Trust Co. NA now owns 1,423,904 shares of the credit services provider’s stock valued at $29,816,000 after acquiring an additional 1,107,939 shares during the last quarter. 96.22% of the stock is currently owned by institutional investors.
A number of research analysts recently commented on SLM shares. Jefferies Financial Group restated a “buy” rating and set a $24.00 price objective on shares of SLM in a research note on Thursday, December 30th. Credit Suisse Group upped their price objective on SLM from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, October 22nd. Stephens upped their price objective on SLM from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, October 22nd. Royal Bank of Canada upped their price objective on SLM from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, October 22nd. Finally, Barclays upped their price objective on SLM from $25.00 to $27.00 in a research note on Monday, January 10th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $23.50.
SLM (NASDAQ:SLM) last released its quarterly earnings results on Tuesday, October 19th. The credit services provider reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.07. SLM had a return on equity of 60.87% and a net margin of 56.48%. The company had revenue of $357.52 million during the quarter, compared to analysts’ expectations of $342.52 million. During the same quarter in the prior year, the business posted $0.47 earnings per share. On average, equities research analysts predict that SLM Co. will post 3.57 EPS for the current year.
SLM declared that its board has initiated a stock buyback program on Wednesday, October 20th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the credit services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Friday, December 3rd were paid a $0.11 dividend. This is a boost from SLM’s previous quarterly dividend of $0.03. The ex-dividend date was Thursday, December 2nd. This represents a $0.44 annualized dividend and a dividend yield of 2.12%. SLM’s dividend payout ratio is presently 12.36%.
SLM Company Profile
SLM Corp. engages in the provision and administration of education loans. Its services include private education loans, banking, college savings, and insurance services. The company was founded in 1972 and is headquartered in Newark, DE.
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