SLM Corporation (NASDAQ:SLM) Downgraded by Zacks Investment Research to Hold
SLM Corporation (NASDAQ:SLM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Sallie Mae’s shares significantly outperformed the Zacks categorized Consumer Loan industry over the last six months. The company is focused on strengthening its Private Education Loan assets and revenues, maintaining a strong capital position and introducing multiple complementary new products. The economic recovery and declining unemployment rate should help Sallie Mae maintain its leading position in the student lending market. Further, Sallie Mae’s profitability is likely to be supported by recently approved Financial Choice Act. However, a competitive business environment and escalating expenses remain near-term concerns. Further, Sallie Mae faces concentration risk due to over dependence on brokered deposits.”
Several other research firms also recently commented on SLM. FBR & Co set a $14.00 price target on shares of SLM Corporation and gave the stock a “buy” rating in a research note on Saturday, April 22nd. BidaskClub upgraded shares of SLM Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, June 30th. BMO Capital Markets restated a “hold” rating and issued a $10.00 price target on shares of SLM Corporation in a research note on Tuesday, April 11th. ValuEngine upgraded shares of SLM Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Off Wall Street restated a “sell” rating and issued a $8.50 price target on shares of SLM Corporation in a research note on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $11.34.
Shares of SLM Corporation (SLM) traded down 1.364% during mid-day trading on Monday, hitting $11.205. The company had a trading volume of 462,053 shares. The firm has a 50-day moving average price of $10.77 and a 200 day moving average price of $11.54. SLM Corporation has a 52-week low of $6.46 and a 52-week high of $13.20. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 18.959 and a beta of 1.20.
SLM Corporation (NASDAQ:SLM) last posted its earnings results on Wednesday, April 19th. The credit services provider reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.06. SLM Corporation had a net margin of 23.17% and a return on equity of 16.36%. The firm had revenue of $268.08 million during the quarter, compared to the consensus estimate of $260.24 million. During the same quarter last year, the firm earned $0.14 EPS. The firm’s revenue for the quarter was up 27.7% on a year-over-year basis. Analysts expect that SLM Corporation will post $0.73 earnings per share for the current year.
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In related news, EVP Laurent Charles Lutz sold 170,000 shares of the business’s stock in a transaction on Monday, April 24th. The shares were sold at an average price of $13.08, for a total value of $2,223,600.00. Following the completion of the sale, the executive vice president now directly owns 740,299 shares of the company’s stock, valued at $9,683,110.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.59% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in SLM. State Treasurer State of Michigan boosted its stake in shares of SLM Corporation by 1.1% in the first quarter. State Treasurer State of Michigan now owns 174,325 shares of the credit services provider’s stock worth $2,109,000 after buying an additional 1,900 shares during the period. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of SLM Corporation during the first quarter worth approximately $163,000. Wells Fargo & Company MN boosted its stake in shares of SLM Corporation by 28.8% in the first quarter. Wells Fargo & Company MN now owns 12,697,341 shares of the credit services provider’s stock worth $153,638,000 after buying an additional 2,835,400 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of SLM Corporation by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 150,855 shares of the credit services provider’s stock worth $1,825,000 after buying an additional 2,100 shares during the last quarter. Finally, Profund Advisors LLC boosted its stake in shares of SLM Corporation by 6.4% in the first quarter. Profund Advisors LLC now owns 63,661 shares of the credit services provider’s stock worth $770,000 after buying an additional 3,809 shares during the last quarter. 99.16% of the stock is owned by hedge funds and other institutional investors.
About SLM Corporation
SLM Corporation (Sallie Mae) is the nation’s saving, planning, and paying for college company. Sallie Mae offers products, which promote personal finance including private education loans, Upromise rewards, scholarship search, college financial planning tools, insurance, and online retail banking.
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