SLM (NASDAQ:SLM) Price Target Raised to $28.00

SLM (NASDAQ:SLM) had its price objective increased by Wedbush from $26.00 to $28.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the credit services provider’s stock. Wedbush also issued estimates for SLM’s Q2 2024 earnings at $0.44 EPS, Q3 2024 earnings at $0.49 EPS, Q4 2024 earnings at $0.45 EPS, FY2024 earnings at $2.66 EPS, Q1 2025 earnings at $1.25 EPS, Q2 2025 earnings at $0.48 EPS, Q3 2025 earnings at $0.59 EPS and Q4 2025 earnings at $0.58 EPS.

Other equities analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of SLM in a research note on Wednesday, January 10th. They issued a buy rating and a $25.00 target price on the stock. JPMorgan Chase & Co. increased their price objective on shares of SLM from $20.00 to $22.00 and gave the company a neutral rating in a research note on Wednesday, April 3rd. Citigroup upgraded shares of SLM from a neutral rating to a buy rating and increased their price objective for the company from $14.00 to $23.00 in a research note on Tuesday, January 16th. Royal Bank of Canada increased their price objective on shares of SLM from $21.00 to $22.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Finally, Wells Fargo & Company increased their price objective on shares of SLM from $22.00 to $24.00 and gave the company an overweight rating in a research note on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $21.32.

SLM Price Performance

Shares of SLM stock opened at $21.90 on Thursday. The company has a debt-to-equity ratio of 2.67, a current ratio of 1.23 and a quick ratio of 1.22. The company has a market capitalization of $4.82 billion, a P/E ratio of 6.84, a P/E/G ratio of 0.45 and a beta of 1.16. The company’s 50-day simple moving average is $20.94 and its two-hundred day simple moving average is $18.27. SLM has a one year low of $12.26 and a one year high of $22.37.

SLM (NASDAQ:SLM) last issued its earnings results on Wednesday, April 24th. The credit services provider reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.18. The business had revenue of $837.72 million for the quarter, compared to the consensus estimate of $376.43 million. SLM had a net margin of 25.15% and a return on equity of 45.65%. During the same period in the prior year, the firm earned $0.47 EPS. As a group, equities analysts anticipate that SLM will post 2.71 EPS for the current year.

SLM announced that its board has approved a share buyback plan on Wednesday, January 24th that permits the company to buyback $650.00 million in shares. This buyback authorization permits the credit services provider to reacquire up to 14.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

SLM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Thursday, June 6th will be given a dividend of $0.11 per share. The ex-dividend date is Wednesday, June 5th. This represents a $0.44 dividend on an annualized basis and a yield of 2.01%. SLM’s payout ratio is 13.75%.

Insider Activity at SLM

In related news, SVP Jonathan Boyles sold 94,078 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.72, for a total transaction of $1,949,296.16. Following the completion of the sale, the senior vice president now owns 52,751 shares of the company’s stock, valued at $1,093,000.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other SLM news, SVP Jonathan Boyles sold 94,078 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $20.72, for a total value of $1,949,296.16. Following the completion of the transaction, the senior vice president now owns 52,751 shares of the company’s stock, valued at $1,093,000.72. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Donna F. Vieira sold 12,308 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $20.27, for a total transaction of $249,483.16. Following the completion of the transaction, the executive vice president now directly owns 126,500 shares of the company’s stock, valued at approximately $2,564,155. The disclosure for this sale can be found here. 0.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hexagon Capital Partners LLC raised its holdings in shares of SLM by 1,373.3% in the first quarter. Hexagon Capital Partners LLC now owns 1,326 shares of the credit services provider’s stock worth $29,000 after buying an additional 1,236 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of SLM by 81.4% in the fourth quarter. Blue Trust Inc. now owns 1,328 shares of the credit services provider’s stock worth $25,000 after buying an additional 596 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of SLM in the fourth quarter worth $29,000. SYSTM Wealth Solutions LLC raised its holdings in shares of SLM by 37.0% in the first quarter. SYSTM Wealth Solutions LLC now owns 1,828 shares of the credit services provider’s stock worth $40,000 after buying an additional 494 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new position in shares of SLM in the fourth quarter worth $40,000. Hedge funds and other institutional investors own 98.94% of the company’s stock.

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.