M&T Bank Corp Takes Position in SLM Co. (NASDAQ:SLM)

M&T Bank Corp bought a new position in shares of SLM Co. (NASDAQ:SLM) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 8,760 shares of the credit services provider’s stock, valued at approximately $200,000.

Several other large investors have also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC acquired a new position in shares of SLM during the 2nd quarter worth approximately $235,000. Allspring Global Investments Holdings LLC grew its stake in shares of SLM by 119.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 12,979 shares of the credit services provider’s stock valued at $270,000 after buying an additional 7,076 shares in the last quarter. International Assets Investment Management LLC acquired a new position in SLM during the second quarter worth $60,000. Commonwealth Equity Services LLC bought a new stake in SLM during the second quarter worth $298,000. Finally, National Bank of Canada FI lifted its stake in SLM by 2.2% in the second quarter. National Bank of Canada FI now owns 58,990 shares of the credit services provider’s stock valued at $1,217,000 after acquiring an additional 1,278 shares during the last quarter. 98.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Robert S. Strong sold 4,500 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $27.25, for a total transaction of $122,625.00. Following the completion of the sale, the director now directly owns 83,130 shares in the company, valued at $2,265,292.50. This represents a 5.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.20% of the company’s stock.

SLM Price Performance

NASDAQ:SLM opened at $27.47 on Friday. SLM Co. has a 52 week low of $18.04 and a 52 week high of $28.22. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.27 and a current ratio of 1.29. The firm’s 50-day simple moving average is $24.71 and its 200 day simple moving average is $22.58. The firm has a market cap of $5.83 billion, a price-to-earnings ratio of 9.57, a P/E/G ratio of 0.85 and a beta of 1.21.

SLM (NASDAQ:SLM) last released its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.30). The business had revenue of $652.64 million during the quarter, compared to analyst estimates of $363.40 million. SLM had a net margin of 22.18% and a return on equity of 35.92%. During the same quarter in the previous year, the firm posted $0.11 earnings per share. As a group, sell-side analysts predict that SLM Co. will post 2.73 earnings per share for the current year.

SLM Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date was Thursday, December 5th. This is an increase from SLM’s previous quarterly dividend of $0.11. SLM’s payout ratio is 18.12%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SLM shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $30.00 target price (up from $27.00) on shares of SLM in a report on Monday, December 9th. Morgan Stanley raised their price objective on SLM from $26.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on SLM from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. Wedbush reaffirmed an “outperform” rating and set a $26.00 price target on shares of SLM in a report on Thursday, October 24th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $26.00 price objective on shares of SLM in a report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.27.

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.