(RTTNews.com) - Sallie Mae (SLM) announced that it has initiated a new policy to pay a regular, quarterly common stock dividend. A first-quarter dividend of $0.03 per share on the company's common stock will be paid on March 15, 2019 to shareholders of record at the close of business on March 5, 2019. This marks the first time the company has paid a common stock dividend since its spin-off of Navient Corp. in 2014.
Also, Sallie Mae announced it has approved a new share repurchase program, which is effective immediately and expires on Jan. 22, 2021, and permits the company to repurchase from time to time shares of its common stock up to an aggregate repurchase price not to exceed $200 million. The repurchases may occur through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, or other similar transactions.
Raymond Quinlan, Chairman and CEO, Sallie Mae, stated: "We enter 2019 with significant momentum after another great quarter highlighted by increased net interest income, growth in our private education loan business, and terrific credit quality. It's particularly gratifying to be in a position to return capital to stockholders through our new dividend and repurchase programs as we continue to expand the franchise."
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