Sallie Mae Sets Preferred Dividend

Private student loan provider also pays a regular quarterly dividend on its common stock.

By Rich Duprey – May 31, 2013 at 11:36AM EST

Private student loan provider Sallie Mae (SLM +0.71%) 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 data by YCharts.

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Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time. Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. His coverage reflects his passion for motorcycles, booze, and guns (though not enjoyed all at the same time...usually), but his writing also covers the broader sectors of consumer goods, technology, and industrials. So follow along as he tries to break down complex topics to make them more understandable and useful to the average investor. Have a story idea? Contact Rich here. I may not be able to respond to every suggestion, but I do read them all! Does an article needs a correction? Reach Rich here.

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Sallie Mae Sets Preferred Dividend

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