SLM (NASDAQ:SLM) Corporation, also known as Sallie Mae, reported the immediate resignation of Samuel T. Ramsey from its Board of Directors on September 3, 2024. Ramsey also stepped down from the Financial Risk Committee and the Operational and Compliance Risk Committee. His departure, cited for personal reasons, did not stem from disagreements over the company's operations, policies, or financial disclosures.
Following Ramsey's exit, SLM's Board passed a resolution on September 5 to decrease its size from twelve to eleven directors. This adjustment to the board's composition takes effect immediately. The company, a personal credit institution headquartered in Newark, Delaware, confirmed the news in a Securities and Exchange Commission (SEC) filing dated September 6, 2024.
The filing did not indicate any disruption to SLM's operations or strategic direction as a result of Ramsey's resignation. It remains to be seen if the company will seek a new director to fill the vacancy or continue with a reduced board size.
SLM Corporation is listed on the NASDAQ Global Select Market under the ticker symbol NASDAQ:SLM. It also has floating rate non-cumulative preferred stock, Series B, listed under the ticker symbol NASDAQ:SLMBP. The company's corporate governance and board composition are subject to the regulatory requirements of the SEC and the listing standards of the NASDAQ exchange.
In other recent news, SLM Corp, also known as Sallie Mae, has been making significant strides in various areas. The company reported steady growth in the second quarter of 2024, with a slight increase in GAAP diluted EPS to $1.11 per share, up from $1.10 year-over-year. Additionally, the company experienced a 6% rise in loan originations, amounting to $691 million, and an improvement in credit quality.
On the international front, German Chancellor Olaf Scholz confirmed that the country's commitment to supporting Ukraine remains unwavering, with SLM Corp's IRIS-T SLM medium-range air defense system playing a crucial role in Ukrainian defenses. To date, Germany has delivered four out of twelve promised IRIS-T SLM units to Kyiv, with plans to ship two additional systems by the end of the year.
Analysts from Wells Fargo (NYSE:WFC) and RBC Capital have shown optimism towards SLM Corp. Wells Fargo has raised its price target on the company's shares to $27.00 from $24.00, maintaining an Overweight rating.
RBC Capital Markets also increased its price target to $27 from the previous $25 while maintaining an Outperform rating on the stock, highlighting the company's stable Private Education Loan (PEL) losses.
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