SLM (NASDAQ:SLM) Releases Quarterly Earnings Results, Beats Expectations By $0.32 EPS

SLM (NASDAQ:SLM) issued its quarterly earnings data on Wednesday. The credit services provider reported $1.11 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $368.97 million. During the same period in the prior year, the company posted $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 2.7 %

Shares of SLM stock opened at $23.00 on Friday. SLM has a 12-month low of $12.26 and a 12-month high of $23.95. The stock has a market capitalization of $5.05 billion, a P/E ratio of 7.19, a price-to-earnings-growth ratio of 0.47 and a beta of 1.17. The company has a 50-day simple moving average of $21.24 and a 200 day simple moving average of $20.76. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 2.67.

SLM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders 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 dividend yield of 1.91%. SLM’s dividend payout ratio is presently 13.75%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on SLM from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday. Wells Fargo & Company boosted their target price on shares of SLM from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Royal Bank of Canada upped their price target on shares of SLM from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on SLM from $25.00 to $29.00 and gave the company a “buy” rating in a report on Thursday. Finally, Wedbush increased their price objective on SLM from $25.00 to $29.00 and gave the company an “outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, SLM presently has an average rating of “Moderate Buy” and a consensus price target of $23.73.

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.