Massachusetts Financial Services Co. MA Sells 2,302,797 Shares of SLM Co. (NASDAQ:SLM)

Massachusetts Financial Services Co. MA reduced its stake in SLM Co. (NASDAQ:SLMFree Report) by 14.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,572,849 shares of the credit services provider’s stock after selling 2,302,797 shares during the period. Massachusetts Financial Services Co. MA owned approximately 6.00% of SLM worth $184,862,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SLM. Assenagon Asset Management S.A. boosted its position in SLM by 967.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,923,491 shares of the credit services provider’s stock valued at $39,818,000 after acquiring an additional 2,649,626 shares in the last quarter. Norges Bank bought a new stake in shares of SLM in the 4th quarter worth approximately $41,054,000. Capital World Investors boosted its position in shares of SLM by 53.0% in the 1st quarter. Capital World Investors now owns 4,530,000 shares of the credit services provider’s stock worth $83,171,000 after purchasing an additional 1,570,000 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of SLM by 1,097.1% in the 1st quarter. Rockefeller Capital Management L.P. now owns 1,524,886 shares of the credit services provider’s stock worth $18,892,000 after purchasing an additional 1,397,503 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of SLM by 550.1% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,346,900 shares of the credit services provider’s stock worth $21,981,000 after purchasing an additional 1,139,732 shares in the last quarter. 95.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SLM shares. Barclays started coverage on shares of SLM in a report on Wednesday, November 15th. They issued an “overweight” rating and a $16.00 price objective for the company. Wells Fargo & Company upgraded shares of SLM from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $14.00 to $20.00 in a report on Friday, December 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of SLM in a research note on Wednesday, January 10th. They set a “buy” rating and a $25.00 target price for the company. Citigroup upgraded shares of SLM from a “neutral” rating to a “buy” rating and boosted their target price for the company from $14.00 to $23.00 in a research note on Tuesday, January 16th. Finally, TD Cowen began coverage on shares of SLM in a research note on Wednesday, November 1st. They set an “outperform” rating and a $17.50 target price for the company. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, SLM currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.77.

View Our Latest Analysis on SLM

Insider Transactions at SLM

In related news, EVP Donna F. Vieira sold 12,308 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $20.27, for a total transaction of $249,483.16. Following the completion of the sale, the executive vice president now owns 126,500 shares of the company’s stock, valued at approximately $2,564,155. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.91% of the company’s stock.

SLM Price Performance

Shares of SLM opened at $19.22 on Wednesday. The firm has a market capitalization of $4.35 billion, a PE ratio of 8.01, a price-to-earnings-growth ratio of 0.40 and a beta of 1.16. The company’s fifty day moving average price is $18.37 and its 200-day moving average price is $15.72. SLM Co. has a 1-year low of $10.81 and a 1-year high of $20.60. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.22 and a quick ratio of 1.23.

SLM (NASDAQ:SLMGet Free Report) last posted its earnings results on Tuesday, January 30th. The credit services provider reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.15). The business had revenue of $725.66 million for the quarter, compared to analyst estimates of $379.20 million. SLM had a net margin of 20.65% and a return on equity of 36.86%. During the same quarter in the prior year, the firm earned ($0.33) earnings per share. On average, equities research analysts predict that SLM Co. will post 2.65 EPS for the current year.

SLM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Monday, March 4th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, March 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.29%. SLM’s dividend payout ratio is currently 18.33%.

SLM announced that its board has initiated a share buyback program on Wednesday, January 24th that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the credit services provider to purchase up to 14.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

SLM Company Profile

(Free Report)

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 also offers retail deposit accounts, including certificates of deposit, money market deposit accounts, and high-yield savings accounts; and interest-bearing omnibus accounts.

See Also

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Institutional Ownership by Quarter for SLM (NASDAQ:SLM)

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