SLM (NASDAQ:SLM) Announces Quarterly Earnings Results, Beats Estimates By $0.32 EPS

SLM (NASDAQ:SLM) released its quarterly earnings data on Wednesday. The credit services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.32, Briefing.com reports. SLM had a net margin of 24.67% and a return on equity of 44.03%. The firm had revenue of $783.28 million for the quarter, compared to analyst estimates of $368.97 million. During the same quarter in the prior year, the business earned $1.10 earnings per share. SLM updated its FY24 guidance to $2.70-2.80 EPS and its FY 2024 guidance to 2.700-2.800 EPS.

SLM Trading Down 1.1 %

SLM traded down $0.25 during midday trading on Friday, hitting $22.75. The company’s stock had a trading volume of 297,370 shares, compared to its average volume of 1,933,603. The firm has a market cap of $5.00 billion, a P/E ratio of 7.11, a PEG 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 firm has a 50-day moving average price of $21.24 and a two-hundred day moving average price of $20.76. SLM has a 52-week low of $12.26 and a 52-week high of $23.95.

SLM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, September 5th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.44 annualized dividend and a yield of 1.93%. SLM’s payout ratio is currently 13.75%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of SLM from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday. TD Cowen raised 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. Deutsche Bank Aktiengesellschaft upped their target price on shares of SLM from $25.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday. Wedbush boosted their price target on shares of SLM from $25.00 to $29.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on SLM from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.00.

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.