SLM (NASDAQ:SLM) Releases FY24 Earnings Guidance

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

SLM Stock Down 0.1 %

Shares of SLM stock traded down $0.03 on Friday, reaching $21.90. 1,137,068 shares of the company were exchanged, compared to its average volume of 2,142,916. SLM has a one year low of $12.26 and a one year high of $22.37. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of 6.85, a PEG ratio of 0.45 and a beta of 1.16. 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 company has a 50-day moving average of $20.91 and a 200 day moving average of $18.17.

SLM (NASDAQ:SLM) last posted its earnings results on Wednesday, April 24th. The credit services provider reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $376.43 million. During the same period in the previous year, the firm earned $0.47 EPS. On average, equities research analysts forecast that SLM will post 2.72 earnings per share for the current 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 given a dividend of $0.11 per share. The ex-dividend date is Wednesday, June 5th. This represents a $0.44 annualized dividend and a dividend yield of 2.01%. SLM’s dividend payout ratio is currently 13.75%.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on SLM shares. Wells Fargo & Company increased their target price on SLM from $22.00 to $24.00 and gave the company an overweight rating in a research report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft began 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. Royal Bank of Canada increased their price target on SLM from $24.00 to $25.00 and gave the stock an outperform rating in a report on Thursday. Citigroup upgraded SLM from a neutral rating to a buy rating and increased their price target for the stock from $14.00 to $23.00 in a report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. increased their price target on SLM from $22.00 to $23.00 and gave the stock a neutral rating in a report on Thursday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, SLM presently has a consensus rating of Moderate Buy and a consensus target price of $21.32.

Insider Buying and Selling

In related news, 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 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, SVP Jonathan Boyles sold 94,078 shares of the business’s 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 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 legal filing with the Securities & Exchange Commission, which is available through this link. 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 value of $249,483.16. Following the transaction, 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 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.