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Sallie Mae Shares Jump on Latest Earnings Report

Student-loan company Sallie Mae plans sale of some loans to finance share buyback.

Shares of SLM Corp.  (SLM) - Get SLM Corp Report, commonly known as Sallie Mae, rose sharply in after-hours trading Wednesday after the student-loan company beat earnings expectations and set plans for a sale of some loans in its portfolio to help fund share buybacks.

The company reported fourth-quarter net income attributable to common stock of $142 Million, or 33 cents a share. Adjusted revenue came in at $419,1 million.

Both the earnings and revenue numbers topped analyst forecasts.

The company also said it plans to sell $3 billion of private education loans to fund $600 million in share buybacks this year. 

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It said its private education loan portfolio rose 13% year-over-year to $22.9 billion.

Shares rose $1.81, or 20%, to $10.90 in after-hours trading.