SLM Co. (NASDAQ:SLMBP) Sees Large Drop in Short Interest

SLM Co. (NASDAQ:SLMBP) was the recipient of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 5,300 shares, a drop of 42.4% from the December 31st total of 9,200 shares. Based on an average daily volume of 11,500 shares, the days-to-cover ratio is currently 0.5 days.

SLM Stock Performance

SLM stock traded up $0.26 during midday trading on Wednesday, reaching $75.15. 1,810 shares of the stock traded hands, compared to its average volume of 6,162. The company has a 50-day simple moving average of $74.17 and a two-hundred day simple moving average of $75.00. SLM has a 12-month low of $69.90 and a 12-month high of $80.67.

SLM Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Wednesday, March 5th will be issued a dividend of $1.5951 per share. This represents a $6.38 dividend on an annualized basis and a yield of 8.49%. The ex-dividend date is Wednesday, March 5th.

Hedge Funds Weigh In On SLM

An institutional investor recently raised its position in SLM stock. Shikiar Asset Management Inc. grew its stake in SLM Co. (NASDAQ:SLMBP) by 3.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 118,093 shares of the company’s stock after buying an additional 3,850 shares during the quarter. SLM accounts for approximately 2.3% of Shikiar Asset Management Inc.’s portfolio, making the stock its 13th biggest position. Shikiar Asset Management Inc.’s holdings in SLM were worth $8,739,000 at the end of the most recent reporting period.

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.