SLM (NASDAQ:SLM) Updates FY24 Earnings Guidance

SLM (NASDAQ:SLM) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.60-$2.70 for the period, compared to the consensus earnings per share estimate of $2.70.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. TheStreet upgraded shares of SLM from a c+ rating to a b rating in a research note on Wednesday, January 24th. Deutsche Bank Aktiengesellschaft started coverage on shares of SLM in a research report on Wednesday, January 10th. They set a buy rating and a $25.00 target price for the company. Citigroup upgraded shares of SLM from a neutral rating to a buy rating and boosted their target price for the company from $14.00 to $23.00 in a research report on Tuesday, January 16th. Wells Fargo & Company upped their price target 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. Finally, JPMorgan Chase & Co. upped their price target on shares of SLM from $20.00 to $22.00 and gave the stock a neutral rating in a research report on Wednesday, April 3rd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $20.32.

SLM Trading Up 0.8 %

Shares of SLM stock traded up $0.17 during mid-day trading on Wednesday, hitting $22.10. 2,045,550 shares of the company’s stock were exchanged, compared to its average volume of 2,146,383. SLM has a fifty-two week low of $12.26 and a fifty-two week high of $22.20. The stock has a 50-day simple moving average of $20.84 and a two-hundred day simple moving average of $18.12. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 3.21. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 9.14, a PEG ratio of 0.43 and a beta of 1.16.

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

SLM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Thursday, June 6th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Thursday, June 6th. SLM’s dividend payout ratio (DPR) is currently 18.33%.

SLM declared that its Board of Directors has authorized a stock repurchase program on Wednesday, January 24th that permits the company to repurchase $650.00 million in outstanding shares. This repurchase authorization permits the credit services provider to purchase up to 14.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at SLM

In other SLM news, SVP Jonathan Boyles sold 94,078 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.72, for a total value of $1,949,296.16. Following the transaction, the senior vice president now directly owns 52,751 shares of the company’s stock, valued at $1,093,000.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Jonathan Boyles sold 94,078 shares of SLM stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.72, for a total transaction of $1,949,296.16. Following the sale, the senior vice president now directly owns 52,751 shares of the company’s stock, valued at $1,093,000.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Donna F. Vieira sold 12,308 shares of SLM stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $20.27, for a total value of $249,483.16. Following the sale, the executive vice president now directly owns 126,500 shares in the company, 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.