SLM (NASDAQ:SLM) Releases Quarterly Earnings Results, Misses Expectations By $0.30 EPS

SLM (NASDAQ:SLM) posted its quarterly earnings results on Wednesday. The credit services provider reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.30), Briefing.com reports. SLM had a return on equity of 41.84% and a net margin of 24.67%. During the same quarter in the prior year, the company earned $0.11 EPS. SLM updated its FY 2024 guidance to 2.700-2.800 EPS.

SLM Stock Down 3.2 %

Shares of SLM stock traded down $0.72 during trading on Thursday, reaching $22.08. The stock had a trading volume of 1,090,821 shares, compared to its average volume of 1,770,513. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 2.66. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of 6.89, a P/E/G ratio of 0.60 and a beta of 1.15. SLM has a 52 week low of $12.26 and a 52 week high of $23.95. The stock has a fifty day moving average price of $21.90 and a two-hundred day moving average price of $21.49.

Wall Street Analysts Forecast Growth

Several analysts have commented on SLM shares. Deutsche Bank Aktiengesellschaft upped their target price on shares of SLM from $25.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Royal Bank of Canada increased their target price on SLM from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Barclays decreased their target price on SLM from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday. Keefe, Bruyette & Woods lifted their price objective on shares of SLM from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Bank of America assumed coverage on shares of SLM in a report on Wednesday, September 25th. They set a “buy” rating and a $27.00 price objective for the company. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, SLM currently has an average rating of “Moderate Buy” and a consensus target price of $24.75.

Insider Activity at SLM

In other news, Director Robert S. Strong sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $22.70, for a total transaction of $102,150.00. Following the completion of the transaction, the director now directly owns 101,093 shares of the company’s stock, valued at $2,294,811.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is owned by insiders.

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.