TD Asset Management Inc Sells 23,566 Shares of SLM Corporation (NASDAQ:SLM)

Key Points

• TD Asset Management Inc has reduced its stake in SLM Corporation by 26.4% in the first quarter, now holding 65,544 shares worth approximately $1.9 million after selling 23,566 shares.
• Several institutional investors have increased their stakes in SLM, with a significant 355.4% growth from UMB Bank and new acquisitions by firms like J.Safra Asset Management and CENTRAL TRUST Co.
• SLM reported a quarterly EPS of $0.32, missing the consensus estimate of $0.49, with revenue falling 21.4% year-over-year despite exceeding expectations at $403.6 million.

TD Asset Management Inc reduced its stake in SLM Corporation (NASDAQ:SLM - Free Report) by 26.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 65,544 shares of the credit services provider's stock after selling 23,566 shares during the quarter. TD Asset Management Inc's holdings in SLM were worth $1,925,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SLM. J.Safra Asset Management Corp acquired a new stake in SLM during the 1st quarter worth about $25,000. Fifth Third Bancorp boosted its position in shares of SLM by 37.7% during the 1st quarter. Fifth Third Bancorp now owns 1,714 shares of the credit services provider's stock valued at $50,000 after purchasing an additional 469 shares in the last quarter. UMB Bank n.a. grew its stake in SLM by 355.4% during the first quarter. UMB Bank n.a. now owns 1,899 shares of the credit services provider's stock worth $56,000 after purchasing an additional 1,482 shares during the period. CENTRAL TRUST Co acquired a new stake in SLM during the first quarter worth approximately $132,000. Finally, Mariner LLC bought a new stake in SLM in the fourth quarter worth approximately $205,000. 98.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SLM has been the topic of a number of research analyst reports. Morgan Stanley restated an "overweight" rating and set a $40.00 price target (up from $33.00) on shares of SLM in a report on Wednesday, May 21st. Jefferies Financial Group boosted their target price on shares of SLM from $33.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Wells Fargo & Company raised their price target on shares of SLM from $34.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, May 14th. JPMorgan Chase & Co. raised shares of SLM from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $29.00 to $38.00 in a research note on Friday, July 11th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of SLM in a report on Monday, July 14th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $35.00.

Insider Activity at SLM

In related news, EVP Kerri A. Palmer sold 55,000 shares of SLM stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $32.21, for a total transaction of $1,771,550.00. Following the transaction, the executive vice president owned 119,253 shares of the company's stock, valued at $3,841,139.13. The trade was a 31.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by company insiders.

SLM Stock Performance

SLM opened at $31.23 on Monday. SLM Corporation has a 1-year low of $19.39 and a 1-year high of $34.97. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 0.88 and a beta of 1.13. The company's fifty day moving average price is $32.60 and its two-hundred day moving average price is $30.55. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 3.02.

SLM (NASDAQ:SLM - Get Free Report) last posted its earnings results on Thursday, July 24th. The credit services provider reported $0.32 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.17). SLM had a return on equity of 21.93% and a net margin of 15.46%. The business had revenue of $403.60 million for the quarter, compared to the consensus estimate of $370.26 million. During the same period in the previous year, the firm earned $1.11 earnings per share. The company's revenue was down 21.4% on a year-over-year basis. On average, analysts expect that SLM Corporation will post 3.07 EPS for the current fiscal year.

SLM Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Thursday, September 4th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $0.52 annualized dividend and a dividend yield of 1.7%. SLM's dividend payout ratio is 26.13%.

SLM Company Profile

SLM Corporation, through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States. It is also involved in the provision of retail deposit accounts, including certificates of deposit, money market accounts, and high-yield savings accounts; and interest-bearing omnibus accounts.

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