SLM (NASDAQ:SLM) Shares Cross Above 50-Day Moving Average – Here’s What Happened

SLM Corporation (NASDAQ:SLM)’s share price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $27.58 and traded as high as $28.30. SLM shares last traded at $28.18, with a volume of 4,187,956 shares.

Analysts Set New Price Targets

Several analysts have commented on SLM shares. Royal Bank Of Canada increased their price target on shares of SLM from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Wells Fargo & Company decreased their target price on shares of SLM from $38.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday, October 24th. Morgan Stanley cut their price target on shares of SLM from $37.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, October 24th. Barclays reduced their price target on SLM from $43.00 to $35.00 and set an “overweight” rating on the stock in a research report on Monday, October 6th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 price objective (down previously from $38.00) on shares of SLM in a research report on Tuesday, October 7th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, SLM presently has an average rating of “Moderate Buy” and an average target price of $32.63.

SLM Stock Up 5.2%

The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 9.89, a P/E/G ratio of 0.64 and a beta of 1.16. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 3.27. The company’s 50 day moving average price is $27.58 and its 200 day moving average price is $30.59.

SLM (NASDAQ:SLM) last issued its earnings results on Monday, February 14th. The credit services provider reported $1.15 earnings per share (EPS) for the quarter. SLM had a return on equity of 30.13% and a net margin of 21.76%.The company had revenue of ($3.44) million during the quarter. SLM has set its FY 2022 guidance at $2.800-$3.000 EPS. As a group, research analysts forecast that SLM Corporation will post 3.07 earnings per share for the current fiscal year.

SLM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Thursday, December 4th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.8%. The ex-dividend date is Thursday, December 4th. SLM’s payout ratio is presently 18.25%.

Institutional Trading of SLM

Hedge funds have recently modified their holdings of the stock. City Holding Co. purchased a new position in SLM during the second quarter valued at approximately $25,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of SLM during the 1st quarter valued at approximately $45,000. Headlands Technologies LLC acquired a new position in shares of SLM in the 1st quarter valued at $62,000. Anchor Investment Management LLC acquired a new position in shares of SLM in the 1st quarter valued at $94,000. Finally, Quarry LP purchased a new stake in SLM during the first quarter worth $109,000. Hedge funds and other institutional investors own 98.94% of the company’s stock.

SLM Company Profile

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.