Shares of SLM Corp. (SLM) - Get 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.
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.