Shikiar Asset Management Inc. Sells 12,483 Shares of SLM Co. $SLMBP

Shikiar Asset Management Inc. trimmed its stake in SLM Co. (NASDAQ:SLMBP) by 14.1% in the 1st quarter, HoldingsChannel reports. The firm owned 75,750 shares of the company’s stock after selling 12,483 shares during the period. SLM makes up 1.6% of Shikiar Asset Management Inc.’s portfolio, making the stock its 18th largest holding. Shikiar Asset Management Inc.’s holdings in SLM were worth $5,556,000 as of its most recent SEC filing.

SLM Trading Down 0.6%

Shares of NASDAQ SLMBP opened at $73.90 on Wednesday. SLM Co. has a 52-week low of $70.58 and a 52-week high of $83.05. The firm’s fifty day moving average is $74.76 and its two-hundred day moving average is $74.60.

SLM Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were given a dividend of $1.4269 per share. The ex-dividend date was Thursday, June 4th. This represents a $5.71 dividend on an annualized basis and a dividend yield of 7.7%.

Analysts Set New Price Targets

Separately, Bank of America reaffirmed a “buy” rating on shares of SLM in a research note on Monday, March 9th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, SLM presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

About SLM

SLM Corporation, doing business as Sallie Mae, is a U.S.-based provider of private student loans, servicing, and banking products. The company specializes in originating and servicing education loans for undergraduate, graduate and professional students, as well as career and technical training programs. In addition to its core student lending business, Sallie Mae offers deposit products, credit cards and digital tools designed to help customers manage personal finances and plan for higher-education expenses.

Sallie Mae’s product suite includes fixed- and variable-rate private student loans, graduate student loans, parent loans and career training loans.