SLM (NASDAQ:SLM) Issues Earnings Results

SLM (NASDAQ:SLMGet Free Report) issued its quarterly earnings data on Wednesday. The credit services provider reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.15), Briefing.com reports. SLM had a net margin of 20.65% and a return on equity of 37.27%. The firm had revenue of $725.66 million during the quarter, compared to analysts’ expectations of $379.20 million. During the same quarter in the prior year, the firm posted ($0.33) EPS. SLM updated its FY24 guidance to $2.60-2.70 EPS.

SLM Price Performance

Shares of SLM remained flat at $19.86 during mid-day trading on Friday. The stock had a trading volume of 3,739,507 shares, compared to its average volume of 2,090,695. SLM has a fifty-two week low of $10.81 and a fifty-two week high of $20.52. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 3.56. The stock’s fifty day moving average price is $17.50 and its 200-day moving average price is $15.56. The stock has a market cap of $4.49 billion, a P/E ratio of 8.28, a P/E/G ratio of 0.39 and a beta of 1.24.

SLM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Monday, March 4th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, March 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.22%. SLM’s dividend payout ratio is currently 18.33%.

Institutional Investors Weigh In On SLM

Hedge funds and other institutional investors have recently bought and sold shares of the business. United Services Automobile Association bought a new position in shares of SLM in the 2nd quarter worth $246,000. Captrust Financial Advisors increased its position in shares of SLM by 97.2% in the second quarter. Captrust Financial Advisors now owns 15,211 shares of the credit services provider’s stock valued at $242,000 after acquiring an additional 7,496 shares during the last quarter. Bridgefront Capital LLC acquired a new position in SLM during the second quarter worth approximately $240,000. Two Sigma Advisers LP acquired a new position in SLM during the third quarter worth approximately $235,000. Finally, Creative Planning bought a new stake in shares of SLM during the fourth quarter worth approximately $209,000. 95.07% of the stock is owned by institutional investors and hedge funds.

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

Analyst Ratings Changes

SLM has been the subject of a number of recent analyst reports. Wedbush raised their target price on SLM from $18.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, December 13th. Royal Bank of Canada lifted their price target on SLM from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday. StockNews.com began coverage on SLM in a report on Thursday, October 5th. They set a “hold” rating on the stock. TD Cowen began coverage on SLM in a report on Wednesday, November 1st. They issued an “outperform” rating and a $17.50 price target for the company. Finally, Barclays began coverage on SLM in a research note on Wednesday, November 15th. They set an “overweight” rating and a $16.00 price objective for the company. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.58.

Read Our Latest Stock Analysis on SLM

SLM Company Profile

(Get Free Report)

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 also offers retail deposit accounts, including certificates of deposit, money market deposit accounts, and high-yield savings accounts; and interest-bearing omnibus accounts.

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Earnings History for SLM (NASDAQ:SLM)

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