Update (4:48 p.m.): Updated with Thursday market close information.
NEW YORK (TheStreet) -- Sallie Mae (SLM) plummeted more than 65% to a one-year low of $8.98 on Thursday after the company completed the spin off its loan-management, servicing and asset-recovery business into a new entity called Navient (NAVI).
Navient will service almost $300 billion in student loans, according to a statement. The consumer banking business keeps the Sallie Mae name.
The stock closed down 64.97%, or $16.73, to $9.02. More than 26 million shares had changed hands, which easily beat the average volume of 5,026,220. The stock had a high of $9.48 for the day and holds a 52-week high of $27.34.
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Separately, TheStreet Ratings team rates SLM CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SLM CORP (SLM) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: