Slide Insurance (NASDAQ:SLDE) Director Robert Gries, Jr. Sells 28,212 Shares of Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 28,212 shares of the business’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $21.04, for a total transaction of $593,580.48. Following the completion of the sale, the director directly owned 1,749,145 shares of the company’s stock, valued at $36,802,010.80. This represents a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Slide Insurance Trading Down 1.5%

Shares of NASDAQ:SLDE traded down $0.31 on Wednesday, reaching $20.47. 1,507,409 shares of the company traded hands, compared to its average volume of 1,576,502. The stock has a market capitalization of $2.35 billion and a P/E ratio of 5.69. The business’s 50-day simple moving average is $18.26 and its 200 day simple moving average is $18.00. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $21.79.

Slide Insurance (NASDAQ:SLDE) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating 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 company had revenue of $389.28 million during the quarter. As a group, equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance announced that its Board of Directors has authorized a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently commented on SLDE. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Texas Capital raised shares of Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Keefe, Bruyette & Woods boosted their price objective on shares of Slide Insurance from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays dropped their target price on shares of Slide Insurance from $31.00 to $27.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, 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 report on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Slide Insurance currently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors raised its holdings in Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after purchasing an additional 1,483,180 shares in the last quarter. Vanguard Group Inc. raised its stake in Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock worth $53,800,000 after buying an additional 354,321 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock worth $48,380,000 after buying an additional 2,012,428 shares during the period. Balyasny Asset Management L.P. boosted its position in shares of Slide Insurance by 27.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock valued at $34,250,000 after purchasing an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Slide Insurance in the second quarter worth $33,063,000.

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.