SLM Corp. (SLM) Surged in the After-hours: Let’s Take a Look at the Recent Events

As the day’s regular trading came to a close on Friday, SLM Corp. (SLM) experienced a notable spike in after-hours trading, drawing the market’s gaze as its stock price leaped to $20.28. This rise represents a substantial gain of $0.96, or 4.97%, over its previous closing figure, supported by the exchange of 33.97K shares—evidence of the strong market reaction to the company’s recent updates and announcements.

Recent News

On January 24, 2024, the financial world turned its eyes to SLM (Nasdaq: SLM), formerly SLM Corporation, as it disclosed its financial results for both the last quarter of the year and the full fiscal year of 2023. The details provided offer a glimpse into the company’s financial health:

  • SLM reported a GAAP net income attributable to common stock of $164 million for the fourth quarter, which breaks down to $0.72 per diluted share.
  • For the entirety of 2023, the GAAP net income attributable to common stock was a robust $564 million, or $2.41 per diluted share.
  • The company also saw a 7% uptick in private education loan originations for the year, which amounted to $6.4 billion.
  • Notably, the rate of net charge-offs on private education loans for the fourth quarter dropped to 2.43%, a decrease from 3.15% in the same quarter the previous year.
  • A significant factor affecting the year’s earnings per share was a non-cash charge of $56 million associated with the devaluation of the Nitro trade name and trademarks.
  • On another positive note, the board of directors has approved a new share repurchase initiative with a $650 million allocation.

To delve deeper into the fiscal specifics, stakeholders and interested observers are encouraged to visit the investor relations section of Sallie Mae’s website.