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Sallie Mae Ups Common Stock Dividend, Announces $400 Mln Stock Buyback Program

Student lender SLM Corp. (SLM), commonly known as Sallie Mae, said Tuesday that its Board of Directors has approved increasing the quarterly dividend on the company's common stock from $0.125 to $0.15 per share.

The next quarterly dividend will be paid on March 15 to shareholders of record on March 1.

The company also said its board has authorized a $400 million share repurchase program for the company's outstanding common stock. The program does not have an expiration date.

In addition, the company announced a 2013 first-quarter dividend on its Preferred Stock Series B of $0.4908444 per share. The dividend on the Preferred Stock Series B will be paid on March 15 to Series B shareholders of record at the close of business on March 5.

The company also scheduled May 30 as the date for its 2013 Annual Meeting of Shareholders.

by RTT Staff Writer

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