Sallie Mae Announces Additional $400M for Share Repurchases

Sallie Mae

has authorized an additional $400 million to be utilized in the company's ongoing share repurchase program previously announced in January 2012. The program does not have an expiration date. In addition, the company announced a 2012 second-quarter dividend on its common stock of $0.125 per share. The dividend will be paid on June 15, 2012, to shareholders of record at the close of business on June 1, 2012. In addition, the company announced a 2012 third-quarter dividend on its Preferred Stock Series A of $0.87125 per share. The dividend on the Preferred Stock Series A will be paid on July 30, 2012, to shareholders of record at the close of business on July 20, 2012. Finally, the company announced a 2012 second-quarter dividend on its Preferred Stock Series B of $0.5554883 per share. The dividend on the Preferred Stock Series B will be paid on June 15, 2012, to shareholders of record at the close of business on June 5, 2012.