Private student loan provider Sallie Mae (NASDAQ:SLM) announced yesterday its third-quarter dividend of $0.87125 per share on its Series A preferred stock.

The board of directors said the quarterly dividend is payable on July 30 to the holders of record at the close of business on July 19.  There are 3.3 million shares of preferred Series A stock outstanding, which trade on NASDAQ exchange under the symbol SLMAP.

Sallie Mae also pays a regular dividend that equates to a $0.60-per-share annual dividend, yielding 2.6% based on the closing price on May 30 It has paid a dividend since 1983, though it suspended it during the financial crisis between 2007 and 2011.

SLM Dividend Chart

SLM Dividend data by YCharts.


Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.