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 $2.70-2.80 for the period, compared to the consensus estimate of $2.77. SLM also updated its FY 2024 guidance to 2.700-2.800 EPS.

SLM Stock Performance

Shares of SLM stock traded down $0.64 during trading on Thursday, hitting $23.00. The company’s stock had a trading volume of 3,479,448 shares, compared to its average volume of 1,945,126. The company has a market cap of $5.05 billion, a PE ratio of 7.19, a P/E/G ratio of 0.47 and a beta of 1.17. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 2.67. The business has a fifty day moving average of $21.20 and a 200-day moving average of $20.75. SLM has a 52 week low of $12.26 and a 52 week high of $23.95.

SLM (NASDAQ:SLM) last announced its quarterly earnings data on Wednesday, July 24th. The credit services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.32. SLM had a return on equity of 45.65% and a net margin of 25.15%. The business had revenue of $783.28 million during the quarter, compared to analyst estimates of $368.97 million. During the same period in the prior year, the company earned $1.10 earnings per share. As a group, research analysts anticipate that SLM will post 2.78 earnings per share for the current year.

SLM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, September 5th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.91%. The ex-dividend date is Thursday, September 5th. SLM’s dividend payout ratio (DPR) is 13.75%.

Wall Street Analyst Weigh In

SLM has been the subject of several research reports. TD Cowen increased their price objective on SLM from $25.00 to $27.00 and gave the company a buy rating in a report on Tuesday, June 4th. Wedbush increased their price objective on SLM from $25.00 to $29.00 and gave the company an outperform rating in a report on Thursday. Royal Bank of Canada increased their price objective on SLM from $25.00 to $27.00 and gave the company an outperform rating in a report on Thursday. Deutsche Bank Aktiengesellschaft increased their target price on SLM from $25.00 to $29.00 and gave the stock a buy rating in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their target price on SLM from $23.00 to $25.00 and gave the stock a neutral rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $23.73.

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.