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 NASDAQ:SLM traded down $0.03 during trading on Friday, hitting $21.90. The stock had a trading volume of 1,857,590 shares, compared to its average volume of 1,217,371. SLM has a 12 month low of $12.26 and a 12 month high of $22.37. The company has a market capitalization of $4.82 billion, a PE ratio of 6.84, a PEG ratio of 0.45 and a beta of 1.16. The firm’s fifty day moving average is $20.94 and its 200 day moving average is $18.23. 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 (NASDAQ:SLM) last posted its quarterly earnings data on Wednesday, April 24th. The credit services provider reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.18. SLM had a return on equity of 45.65% and a net margin of 25.15%. The company had revenue of $837.72 million during the quarter, compared to analyst estimates of $376.43 million. During the same quarter last year, the company earned $0.47 EPS. Analysts anticipate that SLM will post 2.71 EPS for the current fiscal year.

SLM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Thursday, June 6th will be paid a dividend of $0.11 per share. The ex-dividend date 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 declared that its board has initiated a share buyback program on Wednesday, January 24th that permits the company to repurchase $650.00 million in outstanding shares. This repurchase authorization permits the credit services provider to purchase up to 14.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SLM shares. Royal Bank of Canada raised their price target on SLM from $24.00 to $25.00 and gave the stock an outperform rating in a research note on Thursday. JPMorgan Chase & Co. boosted their price target on SLM from $22.00 to $23.00 and gave the company a neutral rating in a report on Thursday. Wedbush boosted their price target on SLM from $26.00 to $28.00 and gave the company an outperform rating in a report on Thursday. TheStreet raised SLM from a c+ rating to a b rating in a report on Wednesday, January 24th. Finally, Citigroup raised SLM from a neutral rating to a buy rating and boosted their price target for the company from $14.00 to $23.00 in a report on Tuesday, January 16th. Three investment 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, SLM currently has an average rating of Moderate Buy and an average price target of $21.32.

Insider Buying and Selling at SLM

In other SLM news, EVP Donna F. Vieira sold 12,308 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was 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 $2,564,155. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other SLM news, SVP Jonathan Boyles sold 94,078 shares of the company’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 sale, the senior vice president now directly owns 52,751 shares in the company, valued at $1,093,000.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Donna F. Vieira sold 12,308 shares of the company’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 approximately $2,564,155. The disclosure for this sale can be found here. Company insiders own 0.91% 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.