Corebridge Financial Inc. Cuts Holdings in SLM Co. (NASDAQ:SLM)

Corebridge Financial Inc. lessened its stake in shares of SLM Co. (NASDAQ:SLM - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 240,247 shares of the credit services provider's stock after selling 16,899 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of SLM worth $6,626,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of SLM by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,758,057 shares of the credit services provider's stock worth $40,207,000 after purchasing an additional 15,252 shares during the period. Cerity Partners LLC grew its position in shares of SLM by 150.2% in the 3rd quarter. Cerity Partners LLC now owns 56,766 shares of the credit services provider's stock worth $1,298,000 after buying an additional 34,079 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of SLM during the third quarter valued at approximately $268,000. BNP Paribas Financial Markets lifted its stake in SLM by 42.5% in the third quarter. BNP Paribas Financial Markets now owns 71,892 shares of the credit services provider's stock worth $1,644,000 after acquiring an additional 21,457 shares during the period. Finally, Bridgewater Associates LP boosted its holdings in SLM by 5.2% in the third quarter. Bridgewater Associates LP now owns 370,727 shares of the credit services provider's stock valued at $8,479,000 after acquiring an additional 18,426 shares in the last quarter. Institutional investors own 98.94% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Barclays upped their price objective on shares of SLM from $34.00 to $38.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Keefe, Bruyette & Woods raised their price objective on shares of SLM from $30.00 to $32.00 and gave the stock a "market perform" rating in a report on Friday, January 24th. Wells Fargo & Company lifted their price objective on SLM from $32.00 to $33.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Royal Bank of Canada increased their target price on SLM from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Finally, Compass Point lifted their price target on SLM from $31.00 to $34.00 and gave the company a "buy" rating in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $31.45.

SLM Stock Performance

SLM stock traded up $0.50 during midday trading on Wednesday, reaching $30.12. 389,606 shares of the company traded hands, compared to its average volume of 3,057,985. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 0.86 and a beta of 1.23. The company has a debt-to-equity ratio of 3.37, a current ratio of 1.32 and a quick ratio of 1.27. The business has a 50 day moving average of $29.64 and a two-hundred day moving average of $26.61. SLM Co. has a 12 month low of $19.39 and a 12 month high of $32.65.

SLM (NASDAQ:SLM - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The credit services provider reported $0.50 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.06). SLM had a return on equity of 31.66% and a net margin of 20.73%. As a group, research analysts predict that SLM Co. will post 3.07 earnings per share for the current year.

SLM Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.73%. The ex-dividend date was Wednesday, March 5th. SLM's dividend payout ratio is 19.62%.

Insiders Place Their Bets

In related news, Director Robert S. Strong sold 40,000 shares of the company's stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $28.57, for a total value of $1,142,800.00. Following the completion of the transaction, the director now owns 43,163 shares of the company's stock, valued at approximately $1,233,166.91. This represents a 48.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.20% of the stock is owned by company insiders.

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.