SLM (NASDAQ:SLM) Updates FY 2024 Earnings Guidance

SLM (NASDAQ:SLM) updated its FY 2024 earnings guidance on Wednesday. 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 Stock Down 0.1 %

NASDAQ SLM traded down $0.03 during mid-day trading on Friday, reaching $21.90. 1,137,068 shares of the company’s stock traded hands, compared to its average volume of 2,142,916. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 6.85, a P/E/G ratio of 0.45 and a beta of 1.16. The company has a fifty day simple moving average of $20.91 and a 200-day simple moving average of $18.17. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 3.21. SLM has a 1-year low of $12.26 and a 1-year high of $22.37.

SLM (NASDAQ:SLM) last announced its quarterly earnings results on Wednesday, April 24th. The credit services provider reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.18. SLM had a return on equity of 47.72% and a net margin of 25.15%. The business had revenue of $837.72 million for the quarter, compared to the consensus estimate of $376.43 million. During the same quarter last year, the business posted $0.47 EPS. As a group, equities research analysts expect that SLM will post 2.72 EPS for the current year.

SLM Announces Dividend

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

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SLM. Deutsche Bank Aktiengesellschaft assumed coverage on SLM in a research note on Wednesday, January 10th. They issued a buy rating and a $25.00 price target on the stock. Wells Fargo & Company raised their price objective on SLM from $22.00 to $24.00 and gave the company an overweight rating in a report on Thursday, April 18th. Wedbush lifted their price objective on shares of SLM from $26.00 to $28.00 and gave the company an outperform rating in a research note on Thursday. TheStreet raised shares of SLM from a c+ rating to a b rating in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada lifted their price target on shares of SLM from $24.00 to $25.00 and gave the stock an outperform rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $21.32.

Insider Activity at SLM

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