Tonix Pharmaceuticals stock halted ahead of FDA approval news
In a remarkable display of market confidence, shares of SLM (NASDAQ:SLM) Corporation, commonly known as Sallie Mae, have surged to an all-time high, reaching a peak of $28.93. According to InvestingPro data, the company's market capitalization now stands at $6.14 billion, with the stock trading at an attractive P/E ratio of 9.7x. This milestone underscores a period of significant growth for the company, which specializes in education financing. Over the past year, SLM's stock has witnessed an impressive ascent, with a 1-year return of 50.88%, backed by remarkable revenue growth of 46.87%. InvestingPro analysis reveals a GOOD overall financial health score, with 7 additional ProTips available for subscribers. Investors have responded positively to the company's strategic initiatives and strong financial performance, propelling the stock to new heights and setting a new benchmark for its market valuation. For comprehensive insights, access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Sallie Mae, despite reporting a third-quarter earnings per share (EPS) of ($0.23) that fell short of estimates, maintains a positive financial outlook. Despite the earnings miss, the company's loan originations totaled $2.8 billion, surpassing expectations. This performance is largely credited to Sallie Mae's ability to capture market share following the withdrawal of a competitor. BofA Securities reaffirmed its Buy rating on Sallie Mae, valuing the company's market position and future performance.
Moreover, Sallie Mae reported a 13% year-over-year increase in private education loan originations. However, the company also faced a GAAP net loss per common share of $0.23, attributed to allowances for new commitments. Despite this, Sallie Mae's credit quality improved, as evidenced by net charge-offs of $77 million.
In another development, Sallie Mae revised its 2024 guidance for private education loan origination growth to 8%-9%. The company expects net charge-offs to range between $325 million-$340 million. These are among the recent developments for the company. Despite the challenges, Sallie Mae remains optimistic about its future performance and capital return strategy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.