Slide Insurance (NASDAQ:SLDE) Price Target Raised to $24.00 at Keefe, Bruyette & Woods

Slide Insurance (NASDAQ:SLDE) had its price objective upped by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

SLDE has been the subject of a number of other reports. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price objective (down from $23.00) on shares of Slide Insurance in a research report on Monday. Barclays reduced their target price on Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a report on Tuesday. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Slide Insurance Price Performance

SLDE opened at $20.47 on Wednesday. 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 stock has a market capitalization of $2.35 billion and a P/E ratio of 5.69. The stock has a 50-day moving average price of $18.29 and a 200-day moving average price of $18.02. Slide Insurance has a 12-month low of $12.53 and a 12-month high of $21.79.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) 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 firm had revenue of $389.28 million for the quarter. Equities analysts predict that Slide Insurance will post 3.59 earnings per share for the current fiscal year.

Slide Insurance declared that its board has authorized a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Bruce Lucas sold 455,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer owned 35,429,165 shares in the company, valued at $675,279,884.90. This represents a 1.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 3,887,236 shares of company stock valued at $72,912,638 over the last 90 days. 50.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Slide Insurance

Institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp raised 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 valued at $7,433,000 after buying an additional 381,475 shares during the period. Cyndeo Wealth Partners LLC purchased a new position in Slide Insurance during the fourth quarter worth $2,235,000. Axis Wealth Partners LLC increased its position in Slide Insurance by 100.0% during the first quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company’s stock valued at $3,663,000 after acquiring an additional 101,751 shares during the last quarter. FourThought Financial Partners LLC bought a new position in Slide Insurance during the fourth quarter valued at $5,893,000. Finally, World Investment Advisors bought a new stake in shares of Slide Insurance in the 4th quarter worth about $1,964,000.

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.