Wedge Capital Management L L P NC Cuts Stock Position in SLM Co. (NASDAQ:SLM)

Wedge Capital Management L L P NC cut its holdings in SLM Co. (NASDAQ:SLM) by 30.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 137,244 shares of the credit services provider’s stock after selling 60,729 shares during the quarter. Wedge Capital Management L L P NC owned 0.06% of SLM worth $2,624,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SLM. Blue Trust Inc. increased its position in shares of SLM by 81.4% during the fourth quarter. Blue Trust Inc. now owns 1,328 shares of the credit services provider’s stock worth $25,000 after purchasing an additional 596 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of SLM during the fourth quarter worth approximately $29,000. CWM LLC increased its position in shares of SLM by 51.9% during the third quarter. CWM LLC now owns 5,632 shares of the credit services provider’s stock worth $77,000 after purchasing an additional 1,925 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of SLM by 10.4% during the third quarter. Parkside Financial Bank & Trust now owns 9,033 shares of the credit services provider’s stock worth $123,000 after purchasing an additional 851 shares in the last quarter. Finally, MQS Management LLC purchased a new stake in SLM in the 3rd quarter valued at $144,000. 98.94% of the stock is currently owned by hedge funds and other institutional investors.

SLM Stock Performance

Shares of SLM stock opened at $22.10 on Thursday. SLM Co. has a 52 week low of $12.26 and a 52 week high of $22.20. The business’s fifty day simple moving average is $20.87 and its 200-day simple moving average is $18.14. The firm has a market cap of $4.87 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 0.44 and a beta of 1.16. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 3.21.

SLM (NASDAQ:SLM) last posted its earnings results on Wednesday, April 24th. The credit services provider reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.29. SLM had a return on equity of 36.86% and a net margin of 20.65%. During the same quarter last year, the business posted $0.47 EPS. Equities analysts forecast that SLM Co. will post 2.72 earnings per share for the current year.

SLM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Thursday, June 6th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.99%. The ex-dividend date is Thursday, June 6th. SLM’s payout ratio is 18.33%.

SLM announced that its board has approved a stock repurchase plan on Wednesday, January 24th that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the credit services provider to repurchase up to 14.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SLM. TheStreet upgraded SLM from a “c+” rating to a “b” rating in a report on Wednesday, January 24th. JPMorgan Chase & Co. upped their target price on SLM from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Citigroup upgraded SLM from a “neutral” rating to a “buy” rating and upped their target price for the company from $14.00 to $23.00 in a report on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft began coverage on SLM in a report on Wednesday, January 10th. They issued a “buy” rating and a $25.00 target price for the company. Finally, Royal Bank of Canada upped their target price on SLM from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.32.

Insider Buying and Selling

In other SLM news, SVP Jonathan Boyles sold 94,078 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.72, for a total transaction of $1,949,296.16. Following the sale, the senior vice president now owns 52,751 shares in the company, valued at approximately $1,093,000.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Donna F. Vieira sold 12,308 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $20.27, for a total value of $249,483.16. Following the transaction, the executive vice president now owns 126,500 shares in the company, valued at approximately $2,564,155. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jonathan Boyles sold 94,078 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.72, for a total value of $1,949,296.16. Following the transaction, the senior vice president now owns 52,751 shares in the company, valued at approximately $1,093,000.72. The disclosure for this sale can be found here. 0.91% of the stock is owned by corporate insiders.

SLM 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.