SLM (NASDAQ:SLM) Updates FY 2024 Earnings Guidance

SLM (NASDAQ:SLM) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.600-2.700 for the period, compared to the consensus earnings per share 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

A number of research analysts have issued reports on SLM shares. Citigroup raised 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 note on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of SLM in a research note on Wednesday, January 10th. They set a buy rating and a $25.00 target price on the stock. Royal Bank of Canada upped their price objective on SLM from $24.00 to $25.00 and gave the company an outperform rating in a report on Thursday. Wells Fargo & Company upped their price target on SLM from $22.00 to $24.00 and gave the company an overweight rating in a research report on Thursday, April 18th. Finally, JPMorgan Chase & Co. upped their price target on SLM from $22.00 to $23.00 and gave the company a neutral rating in a research report on Thursday. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $21.32.

SLM Stock Performance

Shares of NASDAQ:SLM traded down $0.31 during trading on Thursday, reaching $21.79. 2,056,867 shares of the stock were exchanged, compared to its average volume of 2,144,035. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 3.21. The firm has a market cap of $4.80 billion, a PE ratio of 9.10, a PEG ratio of 0.44 and a beta of 1.16. The stock has a 50-day moving average price of $20.87 and a 200-day moving average price of $18.14. SLM has a 12 month low of $12.26 and a 12 month high of $22.37.

SLM (NASDAQ:SLM) last announced its quarterly earnings data on Wednesday, April 24th. The credit services provider reported $1.27 EPS for the quarter, beating the consensus estimate of $1.09 by $0.18. The business had revenue of $837.72 million during the quarter, compared to the consensus estimate of $376.43 million. SLM had a net margin of 20.65% and a return on equity of 36.86%. During the same period in the previous year, the business earned $0.47 earnings per share. Research analysts expect that SLM will post 2.72 EPS for the current fiscal year.

SLM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Thursday, June 6th will be given a dividend of $0.11 per share. The ex-dividend date is Thursday, June 6th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.02%. SLM’s dividend payout ratio (DPR) is presently 18.33%.

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 buy up to 14.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at SLM

In other news, SVP Jonathan Boyles sold 94,078 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.72, for a total transaction of $1,949,296.16. Following the completion of the sale, the senior vice president now owns 52,751 shares in the company, valued at approximately $1,093,000.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Donna F. Vieira sold 12,308 shares of the firm’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 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 is available through this hyperlink. Also, SVP Jonathan Boyles sold 94,078 shares of SLM stock in a transaction that occurred on 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 completion of the sale, the senior vice president now directly owns 52,751 shares of the company’s stock, valued at approximately $1,093,000.72. The disclosure for this sale can be found here. Company insiders own 0.91% of the company’s stock.

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.