Canoe Financial LP Acquires 53,612 Shares of SLM Corporation $SLM

Key Points

• Canoe Financial LP increased its SLM Corporation stake by 156.4% in the third quarter, acquiring 53,612 additional shares for a total holding of 87,882 shares valued at approximately $1.99 million.
• Institutional ownership of SLM is very high at 98.94%, with major investors including BlackRock, Barrow Hanley Mewhinney & Strauss, and Azora Capital taking new positions.
• SLM reported quarterly EPS of $0.29, below the $0.46 analyst consensus, while revenue fell 0.7% year over year. The company declared a quarterly dividend of $0.13, equivalent to a 2.3% annualized yield, and analysts maintain a consensus “Hold” rating with a $29.22 price target.

Canoe Financial LP boosted its holdings in shares of SLM Corporation (NASDAQ:SLM - Free Report) by 156.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,882 shares of the credit services provider's stock after purchasing an additional 53,612 shares during the period. Canoe Financial LP's holdings in SLM were worth $1,987,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SLM. BlackRock Inc. bought a new stake in SLM during the 2nd quarter worth about $455,576,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of SLM in the second quarter valued at approximately $169,136,000. Azora Capital LP acquired a new stake in shares of SLM in the second quarter valued at approximately $97,917,000. Bank of New York Mellon Corp acquired a new stake in shares of SLM in the second quarter valued at approximately $39,251,000. Finally, Bank of America Corp DE bought a new position in SLM in the 2nd quarter worth approximately $37,268,000. Institutional investors own 98.94% of the company's stock.

SLM Trading Up 2.6%

NASDAQ:SLM opened at $22.83 on Thursday. SLM Corporation has a 1-year low of $17.77 and a 1-year high of $31.06. The business's 50-day moving average price is $24.75 and its two-hundred day moving average price is $24.02. The company has a current ratio of 1.33, a quick ratio of 1.32 and a debt-to-equity ratio of 2.63. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of 6.38, a PEG ratio of 1.52 and a beta of 0.96.

SLM (NASDAQ:SLM - Get Free Report) last issued its earnings results on Thursday, July 23rd. The credit services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.46 by ($0.17). SLM had a return on equity of 33.81% and a net margin of 26.09%. The company had revenue of $401.11 million for the quarter, compared to the consensus estimate of $409.22 million. During the same quarter last year, the business posted $0.32 EPS. SLM's quarterly revenue was down .7% on a year-over-year basis. On average, equities analysts expect that SLM Corporation will post 3.12 earnings per share for the current year.

SLM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Friday, December 4th will be issued a $0.13 dividend. The ex-dividend date is Friday, December 4th. This represents a $0.52 annualized dividend and a yield of 2.3%. SLM's dividend payout ratio (DPR) is 14.53%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SLM shares. Wells Fargo & Company set a $28.00 price objective on SLM in a research report on Friday, July 24th. Weiss Ratings restated a "hold (c+)" rating on shares of SLM in a research report on Monday, September 14th. Barclays reaffirmed an "equal weight" rating and set a $26.00 price target (down from $30.00) on shares of SLM in a research note on Tuesday, July 7th. Royal Bank Of Canada lowered their price objective on SLM from $29.00 to $28.00 and set an "outperform" rating for the company in a research report on Friday, October 9th. Finally, JPMorgan Chase & Co. dropped their price objective on SLM from $25.00 to $22.00 and set an "underweight" rating for the company in a report on Monday, October 12th. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, SLM has an average rating of "Hold" and a consensus target price of $29.22.

SLM Profile

SLM Corp., commonly known as Sallie Mae, is a financial services company focused on helping students and families finance higher education. Its primary business is the origination and servicing of private education loans, which can help cover tuition, fees, books, housing and other eligible education-related expenses not fully covered by federal student aid.

The company offers private student loans for undergraduate and graduate education, as well as loans for career-training programs and other education needs.

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