Sallie Mae ( NYSE: SLM ) posts quarterly earnings, reinstates dividend, approves $300 million share repurchase program:
Sallie Mae (NYSE: SLM) reported first-quarter GAAP and core earnings, declared its first common stock dividend since 2007 and announced a $300 million share repurchase program.
GAAP first-quarter 2011 net income was $175 million ($.32 diluted earnings per share), vs. $240 million ($.45 diluted earnings per share) in the same quarter last year. The company manages its business segments on a core earnings basis, as described further below.
Core earnings were $260 million ($.48 diluted earnings per share) for the first-quarter 2011, compared with $215 million ($.40 diluted earnings per share) for the year-ago period.
Dividend and Share Repurchase Program
Sallie Mae declared a quarterly dividend of $.10 per share on the company’s common stock, the first since early 2007. The dividend is payable June 17, 2011, to shareholders of record at the close of business on June 3, 2011. The company also authorized the repurchase of up to $300 million of outstanding common stock in open-market transactions and terminated all previous authorizations.
Sallie Mae (NYSE: SLM) reported first-quarter GAAP and core earnings, declared its first common stock dividend since 2007 and announced a $300 million share repurchase program.GAAP first-quarter 2011 net income was $175 million ($.32 diluted earnings per share), vs. $240 million ($.45 diluted earnings per share) in the same quarter last year. The company manages its business segments on a core earnings basis, as described further below.
Core earnings were $260 million ($.48 diluted earnings per share) for the first-quarter 2011, compared with $215 million ($.40 diluted earnings per share) for the year-ago period.
Dividend and Share Repurchase Program
Sallie Mae declared a quarterly dividend of $.10 per share on the company’s common stock, the first since early 2007. The dividend is payable June 17, 2011, to shareholders of record at the close of business on June 3, 2011. The company also authorized the repurchase of up to $300 million of outstanding common stock in open-market transactions and terminated all previous authorizations.
Shares of the company was higher around 15% to $16.70 and looks strong on the charts.
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