SLM (NASDAQ:SLM) Updates FY24 Earnings Guidance

SLM (NASDAQ:SLM) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.70-2.80 for the period, compared to the consensus earnings per share estimate of $2.77.

SLM Price Performance

NASDAQ:SLM traded up $0.14 on Wednesday, reaching $23.64. 3,786,565 shares of the company’s stock traded hands, compared to its average volume of 1,933,973. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 2.67. The stock has a 50-day simple moving average of $21.15 and a 200-day simple moving average of $20.73. The firm has a market cap of $5.19 billion, a PE ratio of 7.39, a P/E/G ratio of 0.46 and a beta of 1.17. SLM has a 12 month low of $12.26 and a 12 month high of $23.95.

SLM (NASDAQ:SLM) last issued its quarterly earnings data on Wednesday, April 24th. The credit services provider reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.18. The firm had revenue of $837.72 million during the quarter, compared to analyst estimates of $376.43 million. SLM had a return on equity of 45.65% and a net margin of 25.15%. During the same quarter last year, the business posted $0.47 earnings per share. Equities research analysts forecast that SLM will post 2.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

SLM has been the subject of several recent research reports. Wells Fargo & Company lifted their price target on SLM from $22.00 to $24.00 and gave the stock an overweight rating in a research report on Thursday, April 18th. TD Cowen boosted their price objective on SLM from $25.00 to $27.00 and gave the stock a buy rating in a research note on Tuesday, June 4th. Royal Bank of Canada boosted their price objective on SLM from $24.00 to $25.00 and gave the stock an outperform rating in a research note on Thursday, April 25th. Wedbush reissued an outperform rating and set a $28.00 price objective on shares of SLM in a research note on Thursday, May 16th. Finally, JPMorgan Chase & Co. boosted their price objective on SLM from $22.00 to $23.00 and gave the stock a neutral rating in a research note on Thursday, April 25th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $22.50.

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.