Slide Insurance (NASDAQ:SLDE) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Slide Insurance (NASDAQ:SLDE) had its target price upped by equities researchers at Keefe, Bruyette & Woods from $23.00 to $24.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 16.86% from the stock’s current price.

Several other research firms have also recently commented on SLDE. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 target price (down from $23.00) on shares of Slide Insurance in a research note on Monday. Texas Capital raised Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Barclays decreased their price target on Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Slide Insurance Price Performance

Slide Insurance stock traded down $0.24 during midday trading on Wednesday, reaching $20.54. 240,166 shares of the company were exchanged, compared to its average volume of 1,566,387. The firm’s 50-day simple moving average is $18.26 and its 200-day simple moving average is $18.00. Slide Insurance has a 1 year low of $12.53 and a 1 year high of $21.79. The company has a market capitalization of $2.35 billion and a price-to-earnings ratio of 5.70. 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 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. The business had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. On average, analysts anticipate that Slide Insurance will post 3.51 EPS for the current year.

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

Insider Buying and Selling at Slide Insurance

In related news, Director Beth Witte Bruce sold 23,500 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $19.01, for a total transaction of $446,735.00. Following the completion of the sale, the director owned 179,645 shares of the company’s stock, valued at approximately $3,415,051.45. This represents a 11.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bruce Lucas sold 44,467 shares of Slide Insurance stock in a transaction that occurred on 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 directly owned 34,506,199 shares in the company, valued at approximately $590,746,126.88. This trade represents a 0.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 4,075,159 shares of company stock worth $76,044,524. Company insiders own 50.80% of the company’s stock.

Institutional Investors Weigh In On Slide Insurance

A number of large investors have recently added to or reduced their stakes in the company. Comerica Bank lifted its holdings in Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after buying an additional 1,281 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Slide Insurance by 8.4% in the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company’s stock valued at $384,000 after purchasing an additional 1,641 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Slide Insurance by 11.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock valued at $313,000 after purchasing an additional 1,704 shares in the last quarter. CWM LLC acquired a new stake in Slide Insurance during the 4th quarter valued at approximately $35,000. Finally, California State Teachers Retirement System increased its holdings in Slide Insurance by 9.5% during the 1st quarter. California State Teachers Retirement System now owns 25,318 shares of the company’s stock worth $456,000 after purchasing an additional 2,189 shares during the last quarter.

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.