SLM (NASDAQ:SLM) Now Covered by Bank of America

Equities researchers at Bank of America initiated coverage on shares of SLM (NASDAQ:SLM) in a note issued to investors on Wednesday, MarketBeat.com reports. The firm set a “buy” rating and a $27.00 price target on the credit services provider’s stock. Bank of America‘s price objective would suggest a potential upside of 21.35% from the stock’s current price.

A number of other brokerages have also recently issued reports on SLM. TD Cowen upped their target price on shares of SLM from $25.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. JPMorgan Chase & Co. raised their price objective on SLM from $23.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Wedbush decreased their target price on SLM from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods increased their price target on SLM from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Wells Fargo & Company lifted their price objective on shares of SLM from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

SLM Stock Performance

Shares of NASDAQ SLM opened at $22.25 on Wednesday. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a 50 day moving average price of $21.48 and a 200 day moving average price of $21.27. The stock has a market capitalization of $4.89 billion, a PE ratio of 6.95, a price-to-earnings-growth ratio of 0.43 and a beta of 1.15. SLM has a 52 week low of $12.26 and a 52 week high of $23.95.

SLM (NASDAQ:SLM) last released its quarterly earnings data on Wednesday, July 24th. The credit services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $0.79 by $0.32. The company had revenue of $783.28 million during the quarter, compared to the consensus estimate of $368.97 million. SLM had a return on equity of 41.84% and a net margin of 24.67%. During the same quarter in the prior year, the firm posted $1.10 EPS. Analysts predict that SLM will post 2.83 earnings per share for the current fiscal year.

Insider Activity at SLM

In other SLM news, Director Robert S. Strong sold 4,500 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $22.70, for a total transaction of $102,150.00. Following the transaction, the director now owns 101,093 shares in the company, valued at approximately $2,294,811.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Institutional Trading of SLM

A number of institutional investors have recently modified their holdings of SLM. Hexagon Capital Partners LLC raised its stake in SLM by 1,373.3% in the first quarter. Hexagon Capital Partners LLC now owns 1,326 shares of the credit services provider’s stock valued at $29,000 after purchasing an additional 1,236 shares in the last quarter. SYSTM Wealth Solutions LLC raised its position in shares of SLM by 37.0% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 1,828 shares of the credit services provider’s stock valued at $40,000 after buying an additional 494 shares in the last quarter. Neo Ivy Capital Management bought a new stake in shares of SLM during the 4th quarter worth approximately $40,000. Quarry LP boosted its position in shares of SLM by 78.6% during the 4th quarter. Quarry LP now owns 2,962 shares of the credit services provider’s stock worth $57,000 after acquiring an additional 1,304 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in SLM in the second quarter valued at approximately $60,000. 98.94% of the stock is currently owned by institutional investors.

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.