Slide Insurance’s (SLDE) “Equal Weight” Rating Reaffirmed at Morgan Stanley

Morgan Stanley reiterated their equal weight rating on shares of Slide Insurance (NASDAQ:SLDE) in a research note published on Monday, Marketbeat Ratings reports. They currently have a $20.00 price target on the stock, down from their prior price target of $23.00.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Barclays upped 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. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods raised their price target on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.60.

Slide Insurance Stock Up 1.4%

SLDE stock opened at $21.25 on Monday. Slide Insurance has a twelve month low of $12.53 and a twelve month high of $21.79. The firm has a market capitalization of $2.43 billion and a PE ratio of 5.87. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The stock has a 50-day simple moving average of $18.21 and a two-hundred day simple moving average of $17.99.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The company had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. On average, equities analysts predict that Slide Insurance will post 3.51 EPS for the current fiscal year.

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

Insider Buying and Selling

In other Slide Insurance news, CEO Bruce Lucas sold 455,000 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $19.06, for a total value of $8,672,300.00. Following the completion of the sale, the chief executive officer directly owned 35,429,165 shares of the company’s stock, valued at $675,279,884.90. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 4,208,581 shares of company stock valued at $78,447,454. 50.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Slide Insurance

Several institutional investors have recently bought and sold shares of SLDE. Arrowstreet Capital Limited Partnership increased its stake in Slide Insurance by 298.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock worth $48,380,000 after purchasing an additional 2,012,428 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Slide Insurance during the second quarter valued at approximately $33,063,000. Capital World Investors grew its holdings in shares of Slide Insurance by 49.4% in the third quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after purchasing an additional 1,483,180 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Slide Insurance by 314.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock worth $21,753,000 after purchasing an additional 1,045,826 shares during the last quarter. Finally, HB Wealth Management LLC increased its stake in shares of Slide Insurance by 1,375.7% in the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock worth $17,388,000 after buying an additional 832,102 shares during the period.

Slide Insurance Company Profile

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.