SLM (NASDAQ:SLM) Price Target Raised to $28.00 at Wedbush

SLM (NASDAQ:SLM) had its price target increased by Wedbush from $26.00 to $28.00 in a research report report published on Thursday, Benzinga reports. Wedbush currently has an outperform rating on the credit services provider’s stock. Wedbush also issued estimates for SLM’s Q2 2024 earnings at $0.44 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.45 EPS, FY2024 earnings at $2.66 EPS, Q1 2025 earnings at $1.25 EPS, Q2 2025 earnings at $0.48 EPS, Q3 2025 earnings at $0.59 EPS and Q4 2025 earnings at $0.58 EPS.

A number of other equities research analysts have also recently commented on SLM. JPMorgan Chase & Co. lifted their price target on shares of SLM from $20.00 to $22.00 and gave the stock a neutral rating in a report on Wednesday, April 3rd. Royal Bank of Canada boosted their target price on shares of SLM from $21.00 to $22.00 and gave the company an outperform rating in a report on Thursday, January 25th. TheStreet raised shares of SLM from a c+ rating to a b rating in a report on Wednesday, January 24th. 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 report on Tuesday, January 16th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of SLM in a report on Wednesday, January 10th. They set a buy rating and a $25.00 target price on the stock. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $21.32.

SLM Stock Up 0.3 %

Shares of SLM traded up $0.07 during trading hours on Thursday, hitting $22.00. The stock had a trading volume of 613,572 shares, compared to its average volume of 2,137,043. The firm has a market capitalization of $4.85 billion, a P/E ratio of 6.85, a price-to-earnings-growth ratio of 0.45 and a beta of 1.16. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.22 and a quick ratio of 1.22. SLM has a 1-year low of $12.26 and a 1-year high of $22.37. The firm has a 50 day simple moving average of $20.91 and a 200-day simple moving average of $18.17.

SLM (NASDAQ:SLM) last posted its earnings results on Wednesday, April 24th. The credit services provider reported $1.27 EPS for the quarter, topping the consensus estimate of $1.09 by $0.18. SLM had a net margin of 25.15% and a return on equity of 47.72%. The firm had revenue of $837.72 million for the quarter, compared to analysts’ expectations of $376.43 million. During the same quarter last year, the firm earned $0.47 EPS. Sell-side analysts predict that SLM will post 2.72 EPS for the current fiscal year.

SLM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Thursday, June 6th will be given a $0.11 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $0.44 annualized dividend and a yield of 2.00%. SLM’s payout ratio is presently 13.75%.

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

Insider Activity at SLM

In other SLM news, SVP Jonathan Boyles sold 94,078 shares of SLM stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $20.72, for a total value of $1,949,296.16. Following the completion of the transaction, the senior vice president now directly owns 52,751 shares of the company’s stock, valued at approximately $1,093,000.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related 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 completion of the transaction, the senior vice president now directly owns 52,751 shares of the company’s stock, valued at approximately $1,093,000.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $249,483.16. Following the transaction, the executive vice president now directly owns 126,500 shares of the company’s stock, valued at $2,564,155. The disclosure for this sale can be found here. 0.91% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SLM

Several large investors have recently modified their holdings of SLM. SYSTM Wealth Solutions LLC grew its position in SLM by 37.0% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 1,828 shares of the credit services provider’s stock worth $40,000 after purchasing an additional 494 shares during the last quarter. Signaturefd LLC grew its position in SLM by 7.7% during the 4th quarter. Signaturefd LLC now owns 7,891 shares of the credit services provider’s stock worth $151,000 after purchasing an additional 565 shares during the last quarter. Blue Trust Inc. grew its position in SLM by 81.4% during the 4th quarter. Blue Trust Inc. now owns 1,328 shares of the credit services provider’s stock worth $25,000 after purchasing an additional 596 shares during the last quarter. Headlands Technologies LLC boosted its holdings in shares of SLM by 46.4% in the 4th quarter. Headlands Technologies LLC now owns 2,330 shares of the credit services provider’s stock valued at $45,000 after acquiring an additional 739 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in shares of SLM by 3.0% in the 4th quarter. Neuberger Berman Group LLC now owns 26,541 shares of the credit services provider’s stock valued at $507,000 after acquiring an additional 772 shares during the last quarter. Institutional investors own 98.94% 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.