Slide Insurance (NASDAQ:SLDE) COO Shannon Lucas Sells 45,000 Shares of Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) COO Shannon Lucas sold 45,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $19.06, for a total transaction of $857,700.00. Following the sale, the chief operating officer directly owned 1,210,300 shares in the company, valued at $23,068,318. This trade represents a 3.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Tuesday, May 19th, Shannon Lucas sold 27,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total transaction of $512,190.00.
• On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total transaction of $502,877.28.
• On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total transaction of $168,840.00.
• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total transaction of $322,422.21.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total transaction of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total transaction of $158,606.50.
• On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The stock was sold at an average price of $19.24, for a total transaction of $363,963.08.
• On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total transaction of $288,853.94.
• On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total transaction of $253,125.00.
• On Monday, April 20th, Shannon Lucas sold 11,676 shares of Slide Insurance stock. The shares were sold at an average price of $19.55, for a total transaction of $228,265.80.

Slide Insurance Price Performance

NASDAQ:SLDE opened at $18.48 on Wednesday. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $25.90. The company has a market cap of $2.12 billion and a P/E ratio of 5.13. The firm’s fifty day moving average price is $18.19 and its two-hundred day moving average price is $17.68. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The firm had revenue of $389.28 million for the quarter. Equities analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

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

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Keefe, Bruyette & Woods upped their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Barclays upped their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Finally, Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Slide Insurance has a consensus rating of “Moderate Buy” and a consensus price target of $24.80.

Key Slide Insurance News

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

• Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
• Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
• Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title

Hedge Funds Weigh In On Slide Insurance

Institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank grew its stake in shares of Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after acquiring an additional 1,281 shares in the last quarter. CWM LLC acquired a new position in shares of Slide Insurance in the fourth quarter valued at about $35,000. Ameritas Investment Partners Inc. acquired a new position in shares of Slide Insurance in the third quarter valued at about $35,000. State of Wyoming acquired a new position in shares of Slide Insurance in the first quarter valued at about $42,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Slide Insurance during the fourth quarter worth about $47,000.

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.