Slide Insurance (NASDAQ:SLDE) Director Andrew Pardo Wright Sells 10,000 Shares

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Andrew Pardo Wright sold 10,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $18.75, for a total value of $187,500.00. Following the completion of the transaction, the director owned 90,086 shares in the company, valued at $1,689,112.50. The trade was a 9.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Andrew Pardo Wright also recently made the following trade(s):

• On Monday, May 18th, Andrew Pardo Wright sold 10,086 shares of Slide Insurance stock. The stock was sold at an average price of $19.00, for a total value of $191,634.00.
• On Thursday, May 7th, Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock. The stock was sold at an average price of $18.90, for a total value of $119,372.40.
• On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $281,250.00.

Slide Insurance Stock Down 2.6%

Shares of NASDAQ SLDE opened at $18.48 on Wednesday. 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 Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.90. The stock has a market capitalization of $2.12 billion and a P/E ratio of 5.13. The stock’s fifty day moving average is $18.19 and its 200 day moving average is $17.68.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping 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 company had revenue of $389.28 million for the quarter. Sell-side analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Comerica Bank lifted 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 worth $26,000 after acquiring an additional 1,281 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Slide Insurance by 8.4% in the first 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 period. Price T Rowe Associates Inc. MD lifted its stake in Slide Insurance by 11.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock valued at $313,000 after buying an additional 1,704 shares during the period. CWM LLC acquired a new position in Slide Insurance in the fourth quarter valued at approximately $35,000. Finally, California State Teachers Retirement System lifted its stake in Slide Insurance by 9.5% in the first quarter. California State Teachers Retirement System now owns 25,318 shares of the company’s stock valued at $456,000 after buying an additional 2,189 shares during the period.

Slide Insurance News Summary

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SLDE shares. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Barclays lifted their target price on Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods lifted their target price on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Finally, Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Slide Insurance presently has an average rating of “Moderate Buy” and an average target price of $24.80.

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.