SLM (NASDAQ:SLM) Releases FY 2024 Earnings Guidance

SLM (NASDAQ:SLM) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.600-2.700 for the period, compared to the consensus estimate of 2.690. The company issued revenue guidance of -. SLM also updated its FY24 guidance to $2.60-$2.70 EPS.

Analysts Set New Price Targets

Several research firms have weighed in on SLM. Deutsche Bank Aktiengesellschaft assumed coverage on shares of SLM in a report on Wednesday, January 10th. They issued a buy rating and a $25.00 target price on the stock. Wells Fargo & Company increased their price objective on shares of SLM from $22.00 to $24.00 and gave the stock an overweight rating in a research report on Thursday, April 18th. TheStreet raised shares of SLM from a c+ rating to a b rating in a research report on Wednesday, January 24th. JPMorgan Chase & Co. raised their target price on shares of SLM from $20.00 to $22.00 and gave the company a neutral rating in a research report on Wednesday, April 3rd. Finally, Citigroup raised shares of SLM from a neutral rating to a buy rating and raised their target price for the company from $14.00 to $23.00 in a research report on Tuesday, January 16th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $20.32.

SLM Stock Performance

SLM stock traded up $0.17 during trading hours on Wednesday, reaching $22.10. The stock had a trading volume of 2,046,426 shares, compared to its average volume of 2,146,394. The stock has a market capitalization of $4.87 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 0.43 and a beta of 1.16. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.22 and a quick ratio of 1.22. The stock has a 50-day simple moving average of $20.84 and a 200 day simple moving average of $18.12. SLM has a fifty-two week low of $12.26 and a fifty-two week high of $22.20.

SLM (NASDAQ:SLM) last posted its earnings results on Wednesday, April 24th. The credit services provider reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.29. SLM had a net margin of 20.65% and a return on equity of 36.86%. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Analysts predict that SLM will post 2.72 EPS for the current fiscal year.

SLM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Thursday, June 6th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date is Thursday, June 6th. SLM’s dividend payout ratio is presently 18.33%.

SLM announced that its board has initiated a share repurchase program on Wednesday, January 24th that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the credit services provider to reacquire up to 14.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at SLM

In other SLM news, SVP Jonathan Boyles sold 94,078 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $20.72, for a total value of $1,949,296.16. Following the completion of the sale, the senior vice president now owns 52,751 shares of the company’s stock, valued at approximately $1,093,000.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SLM news, SVP Jonathan Boyles sold 94,078 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $20.72, for a total value of $1,949,296.16. Following the completion of the sale, the senior vice president now owns 52,751 shares of the company’s stock, valued at approximately $1,093,000.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Donna F. Vieira sold 12,308 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $20.27, for a total transaction of $249,483.16. Following the completion of the transaction, the executive vice president now owns 126,500 shares of the company’s stock, valued at $2,564,155. The disclosure for this sale can be found here. 0.91% of the stock is currently owned by corporate insiders.

About SLM

SLM Corporation, through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States. It is also involved in the provision of retail deposit accounts, including certificates of deposit, money market accounts, and high-yield savings accounts; and interest-bearing omnibus accounts.