Robert Gries, Jr. Sells 84,636 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 84,636 shares of the company’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.34, for a total transaction of $1,721,496.24. Following the transaction, the director owned 1,777,357 shares in the company, valued at $36,151,441.38. The trade was a 4.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Slide Insurance Price Performance

SLDE stock opened at $20.81 on Friday. The firm has a 50 day moving average of $18.33 and a 200-day moving average of $18.03. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $21.79. 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 company has a market cap of $2.38 billion and a price-to-earnings ratio of 5.78.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The business had revenue of $389.28 million for the quarter. As a group, equities analysts expect that Slide Insurance Holdings, Inc. will post 3.59 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

SLDE has been the subject of a number of research analyst reports. Morgan Stanley restated an “equal weight” rating and issued a $20.00 price target (down from $23.00) on shares of Slide Insurance in a research report on Monday. Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods raised their target price on shares of Slide Insurance from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Barclays cut their target price on shares of Slide Insurance from $31.00 to $27.00 and set an “overweight” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $24.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 buying an additional 1,281 shares in the last quarter. CWM LLC acquired a new stake in Slide Insurance during the fourth quarter worth approximately $35,000. Ameritas Investment Partners Inc. acquired a new stake in Slide Insurance during the third quarter worth approximately $35,000. State of Wyoming purchased a new stake in Slide Insurance in the 1st quarter worth approximately $42,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Slide Insurance in the 4th quarter worth approximately $47,000.

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.