SLM (NASDAQ:SLM – Get Free Report) issued its quarterly earnings data on Wednesday. The credit services provider reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.18, RTT News reports. The business had revenue of $837.72 million during the quarter, compared to the consensus estimate of $376.43 million. SLM had a return on equity of 45.65% and a net margin of 25.15%. During the same period in the previous year, the firm posted $0.47 earnings per share. SLM updated its FY24 guidance to $2.60-$2.70 EPS and its FY 2024 guidance to 2.600-2.700 EPS.
SLM Price Performance
SLM opened at $21.90 on Friday. The stock has a fifty day moving average of $20.94 and a 200-day moving average of $18.23. The firm has a market capitalization of $4.82 billion, a P/E ratio of 6.84, a PEG ratio of 0.45 and a beta of 1.16. SLM has a 12-month low of $12.26 and a 12-month high of $22.37. The company has a quick ratio of 1.22, a current ratio of 1.23 and a debt-to-equity ratio of 2.67.
SLM Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Thursday, June 6th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.01%. SLM’s payout ratio is currently 13.75%.
Insider Activity
SLM announced that its board has initiated a share buyback plan on Wednesday, January 24th that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the credit services provider to buy up to 14.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on SLM. Wells Fargo & Company boosted their price objective on SLM from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Royal Bank of Canada boosted their target price on SLM from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft started coverage on SLM in a report on Wednesday, January 10th. They set a “buy” rating and a $25.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on SLM from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, TheStreet raised SLM from a “c+” rating to a “b” rating in a report on Wednesday, January 24th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.32.
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.
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