We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Navient Corporation | NASDAQ:NAVI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.55 | 6.26 | 22.00 | 0 | 09:09:40 |
SLM Corp., better known as Sallie Mae, on Wednesday raised its profit projection for the year, citing its improved performance as it enters the peak season for student lending.
The firm now projects 51 cents to 52 cents in core profit, up from 49 cents to 51 cents a share. It affirmed its guidance for $4.6 billion in loan originations.
Founded in 1973 as the Student Loan Marketing Association, a government-sponsored enterprise, Sallie Mae was split in 2014 into two publicly traded firms: a consumer banking business that carried on the Sallie Mae brand and an education-loan manager, Navient Corp.
During the second quarter, Sallie Mae originated $423 million in private student loans, up 10% from the year earlier, while its private student-loan portfolio rose 32% to $12.2 billion.
Over all, Sallie Mae reported net income of $57.2 million, or 12 cents a share, compared with $91 million, or 20 cents a share, a year earlier.
The year-ago results had been skewed by the sale of private-education loans to Navient ahead of the spinoff. In addition, Sallie Mae this year set aside $26 million more for bad loans.
Net interest income, meanwhile, rose 26% to $212.8 million.
Analysts surveyed by Thomson Reuters had projected 11 cents a share in earnings on $214.5 million in net interest income.
Operating expenses rose 5.5% to $94.8 million.
Shares closed Wednesday at $7.27, up 12% this year.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
July 20, 2016 18:05 ET (22:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
1 Year Navient Chart |
1 Month Navient Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions