SLM Corporation (NASDAQ:SLM) EVP Sells $1,771,550.00 in Stock

Key Points

• Kerri A. Palmer, EVP of SLM Corporation, sold 55,000 shares at an average price of $32.21, reducing her holdings by 31.56% and bringing her total ownership to approximately $3.84 million.
• SLM's quarterly earnings report revealed earnings per share of $0.32, missing expectations, with a revenue decrease of 21.4% from the same quarter last year.
• The company announced a $0.13 quarterly dividend, set to be paid on September 15th, with a current dividend yield of 1.6% and a payout ratio of 26.13%.

SLM Corporation (NASDAQ:SLM - Get Free Report) EVP Kerri A. Palmer sold 55,000 shares of SLM stock in a transaction on Tuesday, July 29th. The shares were 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 in the company, valued at approximately $3,841,139.13. This trade represents a 31.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

SLM Price Performance

Shares of SLM stock traded down $0.57 during trading hours on Friday, reaching $31.23. The company's stock had a trading volume of 1,855,372 shares, compared to its average volume of 2,242,729. The firm has a 50 day moving average price of $32.60 and a 200-day moving average price of $30.54. SLM Corporation has a one year low of $19.39 and a one year high of $34.97. The company has a debt-to-equity ratio of 3.02, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market cap of $6.51 billion, a P/E ratio of 15.69, a P/E/G ratio of 0.88 and a beta of 1.13.

SLM (NASDAQ:SLM - Get Free Report) last posted its earnings results on Thursday, July 24th. The credit services provider reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $370.26 million. During the same quarter last year, the firm earned $1.11 earnings per share. The business's quarterly revenue was down 21.4% on a year-over-year basis. On average, analysts predict that SLM Corporation will post 3.07 EPS for the current year.

SLM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Thursday, September 4th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.7%. SLM's payout ratio is currently 26.13%.

Hedge Funds Weigh In On SLM

Large investors have recently made changes to their positions in the company. City Holding Co. purchased a new position in shares of SLM during the 2nd quarter worth about $25,000. J.Safra Asset Management Corp purchased a new position in shares of SLM during the 1st quarter worth about $25,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of SLM during the 1st quarter worth about $45,000. Fifth Third Bancorp boosted its stake 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 worth $50,000 after purchasing an additional 469 shares during the period. Finally, UMB Bank n.a. boosted its stake in shares of SLM by 355.4% during the 1st 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. 98.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SLM shares. Wells Fargo & Company lifted their target price on shares of SLM from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, May 14th. JPMorgan Chase & Co. upgraded shares of SLM from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $29.00 to $38.00 in a research note on Friday, July 11th. Morgan Stanley reiterated an "overweight" rating and issued a $40.00 price target (up from $33.00) on shares of SLM in a report on Wednesday, May 21st. Jefferies Financial Group lifted their price target on shares of SLM from $33.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Barclays lifted their price target on shares of SLM from $38.00 to $43.00 and gave the company an "overweight" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, SLM currently has an average rating of "Moderate Buy" and an average target price of $35.00.

About SLM

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.