Fifth Third Bancorp Purchases 41,655 Shares of Slide Insurance Holdings, Inc. $SLDE

Fifth Third Bancorp boosted its position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 10.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 423,202 shares of the company’s stock after buying an additional 41,655 shares during the quarter. Fifth Third Bancorp owned approximately 0.37% of Slide Insurance worth $7,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Hsbc Holdings PLC lifted its holdings in shares of Slide Insurance by 8.4% in the 1st quarter. Hsbc Holdings PLC now owns 21,251 shares of the company’s stock worth $384,000 after acquiring an additional 1,641 shares during the last quarter. Strs Ohio grew its holdings in shares of Slide Insurance by 21.6% during the 1st quarter. Strs Ohio now owns 40,500 shares of the company’s stock valued at $729,000 after purchasing an additional 7,200 shares during the last quarter. Axis Wealth Partners LLC raised its position in Slide Insurance by 100.0% in the 1st quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company’s stock worth $3,663,000 after purchasing an additional 101,751 shares during the period. Sterling Capital Management LLC raised its position in Slide Insurance by 1,617.1% in the 1st quarter. Sterling Capital Management LLC now owns 17,600 shares of the company’s stock worth $317,000 after purchasing an additional 16,575 shares during the period. Finally, World Investment Advisors bought a new stake in Slide Insurance in the fourth quarter worth $1,964,000.

Insiders Place Their Bets

In other news, Director Robert Gries, Jr. sold 28,212 shares of Slide Insurance stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $21.04, for a total transaction of $593,580.48. Following the sale, the director owned 1,749,145 shares of the company’s stock, valued at approximately $36,802,010.80. The trade was a 1.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Bruce Lucas sold 44,467 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $17.12, for a total transaction of $761,275.04. Following the transaction, the chief executive officer owned 34,506,199 shares in the company, valued at $590,746,126.88. This represents a 0.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,374,100 shares of company stock valued at $63,644,818 over the last quarter. 50.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SLDE shares. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Morgan Stanley restated an “equal weight” rating and set a $20.00 price target (down from $23.00) on shares of Slide Insurance in a research report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on Slide Insurance from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Finally, Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.75.

Slide Insurance Trading Down 5.5%

NASDAQ SLDE opened at $19.74 on Thursday. The stock has a market cap of $2.26 billion and a P/E ratio of 5.48. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $21.79. The stock has a 50 day simple moving average of $18.50 and a two-hundred day simple moving average of $18.07. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33.

Slide Insurance (NASDAQ:SLDE) last posted its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. On average, analysts forecast that Slide Insurance Holdings, Inc. will post 3.59 earnings per share for the current year.

Slide Insurance declared that its board has authorized a share repurchase program on Tuesday, April 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.