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Video: What is a Stock Split?

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First Marblehead is a specialty finance company focused on education financing in the U.S. Co. provides its services through: Monogram® loan product service platform, which includes program design, marketing support, loan origination, portfolio management, and loan securitization; its subsidiary, Tuition Management Systems LLC, which provides outsourced tuition planning, tuition billing, refund management and payment technology services for universities, colleges and secondary schools; and Cology LLC, Co.'s subsidiary which supplies outsourced loan origination and technology solutions to education loan providers. According to our FMD split history records, FMD has had 2 splits.
FMD split history picture
FMD (FMD) has 2 splits in our FMD split history database. The first split for FMD took place on December 05, 2006. This was a 3 for 2 split, meaning for each 2 shares of FMD owned pre-split, the shareholder now owned 3 shares. For example, a 1000 share position pre-split, became a 1500 share position following the split. FMD's second split took place on December 03, 2013. This was a 1 for 10 reverse split, meaning for each 10 shares of FMD owned pre-split, the shareholder now owned 1 share. For example, a 1500 share position pre-split, became a 150 share position following the split.

When a company such as FMD splits its shares, the market capitalization before and after the split takes place remains stable, meaning the shareholder now owns more shares but each are valued at a lower price per share. Often, however, a lower priced stock on a per-share basis can attract a wider range of buyers. If that increased demand causes the share price to appreciate, then the total market capitalization rises post-split. This does not always happen, however, often depending on the underlying fundamentals of the business. When a company such as FMD conducts a reverse share split, it is usually because shares have fallen to a lower per-share pricepoint than the company would like. This can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per-share price. The $5 and $10 pricepoints tend to be important in this regard. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. So when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share.

Looking at the FMD split history from start to finish, an original position size of 1000 shares would have turned into 150 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into FMD shares, starting with a $10,000 purchase of FMD, presented on a split-history-adjusted basis factoring in the complete FMD split history. FMD split adjusted history picture

Growth of $10,000.00
Without Dividends Reinvested

Start date: 01/19/2010
End date: 11/28/2017
Start price/share: $23.90
End price/share: $5.05
Dividends collected/share: $0.00
Total return: -78.87%
Average Annual Total Return: -17.94%
Starting investment: $10,000.00
Ending investment: $2,112.59
Years: 7.86
Date Ratio
12/05/20063 for 2
12/03/20131 for 10
FMD is categorized under the Financials sector; below are some other companies in the same sector that also have a history of stock splits:

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