SLM (NASDAQ:SLM) Issues FY 2024 Earnings Guidance

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

SLM Price Performance

Shares of SLM stock traded down $0.03 during trading hours on Friday, reaching $21.90. 1,857,590 shares of the company were exchanged, compared to its average volume of 1,217,371. SLM has a fifty-two week low of $12.26 and a fifty-two week high of $22.37. The stock’s fifty day moving average is $20.94 and its two-hundred day moving average is $18.23. The company has a market cap of $4.82 billion, a price-to-earnings ratio of 6.84, a P/E/G ratio of 0.45 and a beta of 1.16. The company has a debt-to-equity ratio of 2.67, a current ratio of 1.23 and a quick ratio of 1.22.

SLM (NASDAQ:SLM) last announced 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 $1.09 by $0.18. SLM had a net margin of 25.15% and a return on equity of 45.65%. The company had revenue of $837.72 million for the quarter, compared to analyst estimates of $376.43 million. During the same period in the prior year, the business earned $0.47 earnings per share. Sell-side analysts forecast that SLM will post 2.71 earnings per share for the current fiscal year.

SLM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Thursday, June 6th will be issued a $0.11 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $0.44 annualized dividend and a yield of 2.01%. SLM’s dividend payout ratio is currently 13.75%.

SLM declared that its Board of Directors has authorized a stock buyback plan on Wednesday, January 24th that allows the company to repurchase $650.00 million in outstanding shares. This repurchase authorization allows the credit services provider to purchase up to 14.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts recently weighed in on SLM shares. TheStreet upgraded shares of SLM from a c+ rating to a b rating in a report on Wednesday, January 24th. JPMorgan Chase & Co. increased their price objective on shares of SLM from $22.00 to $23.00 and gave the company a neutral rating in a report on Thursday. Citigroup upgraded shares of SLM from a neutral rating to a buy rating and increased their price objective for the company from $14.00 to $23.00 in a report on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of SLM in a research note on Wednesday, January 10th. They issued a buy rating and a $25.00 target price for the company. Finally, Wedbush upped their target price on shares of SLM from $26.00 to $28.00 and gave the company an outperform rating in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, SLM currently has an average rating of Moderate Buy and a consensus target price of $21.32.

Insider Transactions at SLM

In other news, EVP Donna F. Vieira sold 12,308 shares of the stock in a transaction 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 sale, the executive vice president now owns 126,500 shares of the company’s stock, valued at $2,564,155. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Jonathan Boyles sold 94,078 shares of the firm’s stock in a transaction on 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 transaction, the senior vice president now owns 52,751 shares of the company’s stock, valued at $1,093,000.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Donna F. Vieira sold 12,308 shares of the stock in a transaction 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 sale, the executive vice president now owns 126,500 shares of the company’s stock, valued at approximately $2,564,155. The disclosure for this sale can be found here. 0.91% of the stock is owned by insiders.

SLM Company Profile

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.