SLM CORP SLM
COM · Common Stock · CUSIP 78442P106 · ISIN US78442P1066
- SectorFinancials
- IndustryPersonal Credit Institutions
- HeadquartersNewark, DE
- Founded1972
- Websitesalliemae.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($76.9m this quarter). Holder counts are more reliable. Shares outstanding: 198.2m as of 2026-01-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $27.06. Options: 9 managers hold calls ($9.0m notional), 15 hold puts ($29.8m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 305 |
| Q4 2022 | 300 |
| Q1 2023 | 300 |
| Q2 2023 | 292 |
| Q3 2023 | 296 |
| Q4 2023 | 308 |
| Q1 2024 | 316 |
| Q2 2024 | 299 |
| Q3 2024 | 321 |
| Q4 2024 | 347 |
| Q1 2025 | 400 |
| Q2 2025 | 429 |
| Q3 2025 | 395 |
| Q4 2025 | 374 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 143 | 157 |
| Q2 2024 | 125 | 165 |
| Q3 2024 | 144 | 147 |
| Q4 2024 | 160 | 158 |
| Q1 2025 | 190 | 161 |
| Q2 2025 | 228 | 179 |
| Q3 2025 | 171 | 226 |
| Q4 2025 | 135 | 233 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $50.7m | $65.0m | 1.28 |
| Q2 2025 | $53.3m | $28.3m | 0.53 |
| Q3 2025 | $14.3m | $63.2m | 4.43 |
| Q4 2025 | $9.0m | $29.8m | 3.31 |
Biggest buyers
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +4.2m |
| EdgePoint Investment Group Inc. | New | +1.7m |
| Brave Warrior Advisors, LLC | Added | +1.2m |
| Capital Research Global Investors | Added | +1.1m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +1.1m |
| Allianz Asset Management GmbH | Added | +995.8k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | Added | +765.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Added | +711.4k |
| Azora Capital LP | New | +665.7k |
| Squarepoint Ops LLC | New | +640.0k |
Biggest sellers
| Boston Partners | Reduced | -7.9m |
| VANGUARD GROUP INC | Reduced | -2.0m |
| Pertento Partners LLP | Sold out | -1.3m |
| Bank of New York Mellon Corp | Reduced | -1.2m |
| VOYA INVESTMENT MANAGEMENT LLC | Reduced | -1.1m |
| Walleye Capital LLC | Reduced | -1.1m |
| FIRST TRUST ADVISORS LP | Reduced | -932.8k |
| JPMORGAN CHASE & CO | Reduced | -911.1k |
| ROYAL LONDON ASSET MANAGEMENT LTD | Reduced | -801.9k |
| JANE STREET GROUP, LLC | Reduced | -754.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.9m106.3k shares |
| Walleye Trading LLC | Reduced | $1.1m41.4k shares |
| JANE STREET GROUP, LLC | Added | $1.0m37.2k shares |
| SIMPLEX TRADING, LLC | Added | $893.0k33.0k shares |
| GROUP ONE TRADING LLC | Reduced | $819.9k30.3k shares |
| Walleye Capital LLC | Added | $733.3k27.1k shares |
| IMC-Chicago, LLC | Reduced | $663.0k24.5k shares |
| CITADEL ADVISORS LLC | Reduced | $617.0k22.8k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $278.7k10.3k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $9.6m356.2k shares |
| Twin Tree Management, LP | Reduced | $4.1m151.9k shares |
| IMC-Chicago, LLC | Added | $2.8m105.2k shares |
| ROYAL BANK OF CANADA | Reduced | $2.8m104.4k shares |
| GROUP ONE TRADING LLC | Added | $2.4m88.4k shares |
| CITADEL ADVISORS LLC | Reduced | $1.9m70.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.4m52.2k shares |
| UBS Group AG | New | $855.1k31.6k shares |
| PEAK6 LLC | New | $817.2k30.2k shares |
| Walleye Trading LLC | Reduced | $755.0k27.9k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| FMR LLC 13G · institution new · filed 2025-05-12 | 8.9% |
| PRICE T ROWE ASSOCIATES INC /MD/ 13G · institution new · filed 2026-08-14 | 6.6% |
| Brave Warrior Advisors, LLC 13G · institution +1.3 pts · filed 2025-11-06 | 6.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.5% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.1% |
Fell to 5% or below in the last year: Capital Research Global Investors (2.8%, 2026-05-14), BARROW HANLEY MEWHINNEY & STRAUSS LLC (2.6%, 2026-05-13), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 2 | $2.2m | — |
| Q2 2024 | 1 | $249.4k | 3 | $418.5k | $308.8k |
| Q3 2024 | 0 | — | 1 | $294.3k | $294.3k |
| Q4 2024 | 0 | — | 1 | $324.4k | $324.4k |
| Q1 2025 | 1 | $289.0k | 3 | $2.5m | — |
| Q2 2025 | 0 | — | 2 | $434.2k | — |
| Q3 2025 | 0 | — | 1 | $1.8m | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 22.4m $606.1m | Reduced -2.0m |
| BlackRock, Inc. 0.01% of their portfolio | 18.8m $508.4m | Reduced -595.4k |
| FMR LLC 0.03% of their portfolio | 18.4m $496.8m | Reduced -481.0k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 1.31% of their portfolio | 14.5m $393.1m | Added +65.9k |
| Brave Warrior Advisors, LLC 8.13% of their portfolio | 12.8m $347.2m | Added +1.2m |
| Capital Research Global Investors 0.06% of their portfolio | 11.3m $304.9m | Added +1.1m |
| Impactive Capital LP 12.45% of their portfolio | 7.2m $195.5m | Unchanged |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 7.2m $194.2m | Added +4.2m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.06% of their portfolio | 6.9m $185.5m | Added +711.4k |
| STATE STREET CORP 0.01% of their portfolio | 6.5m $175.0m | Reduced -146.2k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 6.1m $166.1m | Added +494.1k |
| AMERICAN CENTURY COMPANIES INC 0.08% of their portfolio | 5.7m $155.1m | Added +464.8k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.35% of their portfolio | 4.4m $118.4m | Added +765.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 4.0m $107.3m | Reduced -3.6k |
| Allianz Asset Management GmbH 0.10% of their portfolio | 3.2m $85.6m | Added +995.8k |
| ROYAL LONDON ASSET MANAGEMENT LTD 0.17% of their portfolio | 3.1m $82.8m | Reduced -801.9k |
| MORGAN STANLEY 0.00% of their portfolio | 2.7m $74.2m | Reduced -114.6k |
| NORGES BANK 0.01% of their portfolio | 2.5m $68.8m | Not comparable |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.3m $62.7m | Reduced -114.7k |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 2.2m $58.9m | Added +293.6k |
| Invesco Ltd. 0.00% of their portfolio | 1.8m $49.7m | Added +265.4k |
| EdgePoint Investment Group Inc. 0.38% of their portfolio | 1.7m $46.2m | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.7m $45.1m | Reduced -43.9k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.6m $44.6m | Reduced -1.2m |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.06% of their portfolio | 1.5m $40.8m | First filing |
| M.D. Sass, LLC 2.99% of their portfolio | 1.4m $37.9m | Reduced -330.0k |
| ABN AMRO Bank N.V. 0.34% of their portfolio | 1.3m $36.3m | Reduced -15.1k |
| UBS Group AG 0.01% of their portfolio | 1.3m $35.7m | Reduced -743.5k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 1.3m $35.5m | Added +638.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.3m $35.0m | Reduced -540.2k |
| Polaris Capital Management, LLC 2.80% of their portfolio | 1.2m $33.7m | Reduced -165.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.04% of their portfolio | 1.2m $31.1m | Added +1.1m |
| WEDGE CAPITAL MANAGEMENT L L P/NC 0.55% of their portfolio | 1.1m $30.6m | Reduced -145.6k |
| Arnhold LLC 2.12% of their portfolio | 1.0m $28.0m | Added +78.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 979.1k $26.5m | Added +234.0k |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 927.2k $25.1m | Reduced -932.8k |
| Perpetual Ltd 0.36% of their portfolio | 919.4k $24.9m | Added +13.0k |
| LSV ASSET MANAGEMENT 0.05% of their portfolio | 891.1k $24.1m | Reduced -16.1k |
| Arbejdsmarkedets Tillaegspension 0.61% of their portfolio | 886.6k $24.0m | First filing |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 745.0k $20.2m | Reduced -207.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 721.0k $19.5m | Added +13.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 672.0k $18.2m | Reduced -911.1k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 667.6k $18.1m | Added +12.4k |
| Azora Capital LP 1.13% of their portfolio | 665.7k $18.0m | New |
| ABN AMRO INVESTMENT SOLUTIONS 0.27% of their portfolio | 662.4k $17.9m | Added +27.8k |
| Squarepoint Ops LLC 0.03% of their portfolio | 640.0k $17.3m | New |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 604.8k $16.3m | Reduced -25.0k |
| Boston Partners 0.02% of their portfolio | 591.1k $16.0m | Reduced -7.9m |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 552.9k $15.0m | Reduced -17.8k |
| Rockefeller Capital Management L.P. 0.03% of their portfolio | 523.2k $14.2m | Reduced -194.7k |
| Tidal Investments LLC 0.06% of their portfolio | 488.9k $13.2m | Reduced -154.1k |
| Parkwood LLC 1.09% of their portfolio | 474.3k $12.8m | Added +29.0k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 469.6k $12.7m | Reduced -402.1k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 440.6k $11.9m | Reduced -754.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 436.9k $11.8m | Reduced -26.3k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 416.4k $11.3m | Reduced -671.9k |
| Nuveen, LLC 0.00% of their portfolio | 412.0k $11.1m | Reduced -104.7k |
| Gator Capital Management, LLC 2.30% of their portfolio | 410.8k $11.1m | Added +3.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio | 406.7k $11.0m | Reduced -368.4k |
| California Public Employees Retirement System 0.01% of their portfolio | 403.4k $10.9m | Reduced -8.6k |
| Swiss National Bank 0.01% of their portfolio | 390.5k $10.6m | Added +4.0k |
| THOMPSON SIEGEL & WALMSLEY LLC 0.17% of their portfolio | 380.2k $10.3m | Added +1.3k |
| Legal & General Group Plc 0.00% of their portfolio | 333.9k $9.0m | Reduced -15.8k |
| Cambria Investment Management, L.P. 0.52% of their portfolio | 328.4k $8.9m | Reduced -93.2k |
| TWO SIGMA ADVISERS, LP 0.02% of their portfolio | 313.7k $8.5m | Reduced -111.4k |
| SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI 0.56% of their portfolio | 285.1k $7.7m | Added +650 |
| Systematic Alpha Investments, LLC 0.23% of their portfolio | 277.9k $7.5m | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 274.0k $7.4m | Reduced -120.7k |
| SHIKIAR ASSET MANAGEMENT INC 1.81% of their portfolio | 267.9k $7.3m | Reduced -50 |
| HRT FINANCIAL LP 0.03% of their portfolio | 265.7k $7.2m | Added +116.1k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 265.2k $7.2m | Reduced -1.1m |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 260.5k $7.0m | Reduced -266.9k |
| TUDOR INVESTMENT CORP ET AL 0.04% of their portfolio | 254.3k $6.9m | New |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 252.5k $6.8m | Reduced -3.4k |
| Retirement Systems of Alabama 0.02% of their portfolio | 243.7k $6.6m | Reduced -8.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 226.9k $6.1m | Reduced -25.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 214.5k $5.8m | Reduced -199.0k |
| Brandywine Global Investment Management, LLC 0.04% of their portfolio | 207.9k $5.6m | Added +76.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 188.0k $5.1m | Reduced -677 |
| Steamboat Capital Partners, LLC 1.36% of their portfolio | 183.1k $5.0m | Reduced -1.3k |
| Bridgewater Associates, LP 0.02% of their portfolio | 178.6k $4.8m | Added +145.9k |
| Illinois Municipal Retirement Fund 0.06% of their portfolio | 169.2k $4.6m | Added +83.7k |
| AYAL Capital Advisors Ltd 2.51% of their portfolio | 169.2k $4.6m | Reduced -40.8k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 167.8k $4.5m | Added +4.1k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.01% of their portfolio | 162.2k $4.4m | Reduced -58.8k |
| SG Americas Securities, LLC 0.01% of their portfolio | 160.3k $4.3m | Added +93.4k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 147.8k $4.0m | Reduced -97.0k |
| COMERICA BANK 0.02% of their portfolio | 147.6k $4.0m | Reduced -8.0k |
| Edgestream Partners, L.P. 0.11% of their portfolio | 147.4k $4.0m | Added +20.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 138.7k $3.8m | Reduced -7.6k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 138.0k $3.7m | Reduced -48.4k |
| INTECH INVESTMENT MANAGEMENT LLC 0.03% of their portfolio | 137.6k $3.7m | Reduced -59.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 135.3k $3.7m | Reduced -53.8k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 132.7k $3.6m | Reduced -83.8k |
| BESSEMER GROUP INC 0.01% of their portfolio | 132.7k $3.6m | Added +116.4k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 129.1k $3.5m | Added +32.4k |
| Verition Fund Management LLC 0.02% of their portfolio | 127.8k $3.5m | Reduced -28.5k |
| GABELLI FUNDS LLC 0.02% of their portfolio | 127.0k $3.4m | Unchanged |
| XTX Topco Ltd 0.09% of their portfolio | 125.6k $3.4m | Added +18.4k |
| TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.02% of their portfolio | 121.7k $3.3m | Reduced -5.7k |