Bruce Lucas Sells 192,695 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) CEO Bruce Lucas sold 192,695 shares of Slide Insurance stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.03, for a total value of $3,281,595.85. Following the completion of the transaction, the chief executive officer owned 34,550,666 shares of the company’s stock, valued at approximately $588,397,841.98. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Bruce Lucas also recently made the following trade(s):

• On Thursday, June 11th, Bruce Lucas sold 44,467 shares of Slide Insurance stock. The shares were sold at an average price of $17.12, for a total value of $761,275.04.
• On Wednesday, May 27th, Bruce Lucas sold 227,987 shares of Slide Insurance stock. The shares were sold at an average price of $18.95, for a total value of $4,320,353.65.
• On Wednesday, May 20th, Bruce Lucas sold 184,817 shares of Slide Insurance stock. The shares were sold at an average price of $18.78, for a total value of $3,470,863.26.
• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.97, for a total value of $5,178,810.00.
• On Monday, May 18th, Bruce Lucas sold 455,000 shares of Slide Insurance stock. The shares were sold at an average price of $19.06, for a total value of $8,672,300.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The shares were sold at an average price of $18.84, for a total value of $5,084,558.04.
• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total value of $1,707,160.00.
• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The shares were sold at an average price of $18.81, for a total value of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total value of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total value of $1,603,633.72.

Slide Insurance Trading Down 1.4%

NASDAQ:SLDE opened at $16.70 on Friday. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The firm has a market cap of $1.91 billion and a PE ratio of 4.64. The stock has a fifty day moving average price of $18.17 and a 200 day moving average price of $17.83.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The company had revenue of $389.28 million for the quarter. Sell-side analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Barclays raised their price target on Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Piper Sandler raised their price target on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.80.

Hedge Funds Weigh In On Slide Insurance

Several hedge funds have recently made changes to their positions in SLDE. Comerica Bank grew its holdings in shares of Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after purchasing an additional 1,281 shares during the last quarter. CWM LLC purchased a new position in shares of Slide Insurance during the fourth quarter worth about $35,000. Ameritas Investment Partners Inc. purchased a new position in shares of Slide Insurance during the third quarter worth about $35,000. State of Wyoming purchased a new position in shares of Slide Insurance during the first quarter worth about $42,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Slide Insurance during the fourth quarter worth about $47,000.

Slide Insurance News Roundup

Here are the key news stories impacting Slide Insurance this week:

• Negative Sentiment: CEO Bruce Lucas sold shares in two transactions this week, including a large sale of 192,695 shares and another of 44,467 shares, trimming his ownership slightly. SEC filing for Bruce Lucas sale
• Negative Sentiment: COO Shannon Lucas also sold shares in two filings, including 19,058 shares and 4,659 shares, adding to the impression of insider selling at SLDE. SEC filing for Shannon Lucas sale
• Negative Sentiment: Insider Matthew Paul Larson sold 13,750 shares, reducing his stake by more than 60%, which may raise concerns about near-term insider confidence. SEC filing for Matthew Paul Larson sale
• Neutral Sentiment: The company’s last reported quarterly results were strong, with earnings of $1.02 per share beating estimates and revenue of $389.28 million, which may help limit downside from the insider sales.

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.