Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) have received a consensus recommendation of “Moderate Buy” from the nine research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $24.80.

Several equities research analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Piper Sandler raised their target price on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Finally, Keefe, Bruyette & Woods raised their target price on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, March 9th.

Slide Insurance Stock Performance

Shares of NASDAQ:SLDE opened at $16.19 on Thursday. The firm has a market capitalization of $1.85 billion and a PE ratio of 4.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. The business has a 50-day moving average of $18.33 and a two-hundred day moving average of $17.81. Slide Insurance has a 12 month low of $12.53 and a 12 month high of $25.90.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The company had revenue of $389.28 million during the quarter. As a group, research analysts forecast that Slide Insurance will post 3.51 earnings per share for the current year.

Slide Insurance announced that its board has authorized a share buyback plan on Tuesday, April 28th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Bruce Lucas sold 227,987 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total transaction of $4,320,353.65. Following the completion of the sale, the chief executive officer directly owned 34,743,361 shares of the company’s stock, valued at approximately $658,386,690.95. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Shannon Lucas sold 22,548 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total transaction of $427,284.60. Following the sale, the chief operating officer directly owned 1,142,473 shares of the company’s stock, valued at approximately $21,649,863.35. The trade was a 1.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,603,914 shares of company stock valued at $104,124,266 in the last 90 days. Company insiders own 50.80% of the company’s stock.

Institutional Investors Weigh In On Slide Insurance

Hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp grew its holdings in Slide Insurance by 529,826.4% during the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock worth $7,433,000 after acquiring an additional 381,475 shares in the last quarter. Cyndeo Wealth Partners LLC acquired a new position in Slide Insurance during the 4th quarter worth $2,235,000. Quantbot Technologies LP acquired a new position in Slide Insurance during the 3rd quarter worth $871,000. First American Bank acquired a new position in Slide Insurance during the 4th quarter worth $7,079,000. Finally, FourThought Financial Partners LLC acquired a new position in Slide Insurance during the 4th quarter worth $5,893,000.

About Slide Insurance

Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family and condominium policies in the property and casualty (“P&C”) industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries.