FONT-SIZE Plus   Neg

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The U.S. Consumer Products Safety Commission has asked Safety 1st to recall 35,000 highchairs after several children fell and were injured. The recall covers about 35,000 wooden Safety 1st highchairs in three models: HC144BZF (Casablanca), HC229CZF (Gentle Lace) and HC229CYG (Black Lace). Safety... Ferrari, the luxury car division of Fiat Chrysler Automobiles (FCAU) is reportedly getting a much higher valuation than previously expected driven by its premium status of manufacturing high-performance luxury cars. According to reports, Ferrari expects the IPO to bring its market valuation to about... SeaWorld Entertainment Inc. (SEAS) has received another blow to its business as the California Coastal Commission banned breeding of captive killer whales in San Diego. The new law means SeaWorld won't be allowed to breed captive orcas, including through artificial insemination, at its California...
comments powered by Disqus
Trade SLM now with 
Follow RTT