SLM (NASDAQ:SLM – Get Free Report) posted its quarterly earnings results on Wednesday. The credit services provider reported $1.27 EPS for the quarter, topping the consensus estimate of $1.09 by $0.18, RTT News reports. SLM had a return on equity of 36.86% and a net margin of 20.65%. During the same quarter last year, the firm posted $0.47 EPS. SLM updated its FY24 guidance to $2.60-$2.70 EPS and its FY 2024 guidance to 2.600-2.700 EPS.
SLM Stock Performance
Shares of SLM stock opened at $22.10 on Thursday. The business has a 50-day simple moving average of $20.87 and a 200-day simple moving average of $18.14. SLM has a one year low of $12.26 and a one year high of $22.20. The company has a market cap of $4.87 billion, a PE ratio of 9.21, a P/E/G ratio of 0.44 and a beta of 1.16. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.22 and a current ratio of 1.22.
SLM Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Thursday, June 6th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, June 6th. SLM’s dividend payout ratio is presently 18.33%.
Insider Buying and Selling
SLM declared that its Board of Directors has approved a share buyback program on Wednesday, January 24th that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the credit services provider to purchase up to 14.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the company. Wells Fargo & Company lifted their price target on SLM from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Citigroup upgraded shares of SLM from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $14.00 to $23.00 in a report on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of SLM in a report on Wednesday, January 10th. They issued a “buy” rating and a $25.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of SLM from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Finally, Royal Bank of Canada boosted their price objective on shares of SLM from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SLM has an average rating of “Moderate Buy” and an average target price of $20.32.
Check Out Our Latest Report on SLM
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.
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