Insider Selling: Slide Insurance (NASDAQ:SLDE) Director Sells 28,212 Shares of Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $20.33, for a total value of $573,549.96. Following the sale, the director directly owned 1,720,933 shares of the company’s stock, valued at approximately $34,986,567.89. This represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Slide Insurance Stock Performance

Shares of Slide Insurance stock traded up $0.09 on Wednesday, reaching $20.74. 815,965 shares of the stock were exchanged, compared to its average volume of 1,515,645. The company has a current ratio of 1.23, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $2.42 billion, a PE ratio of 5.06 and a beta of -0.04. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $23.00. The business has a fifty day moving average price of $19.06 and a two-hundred day moving average price of $18.27.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.18. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%.The company had revenue of $386.82 million for the quarter. As a group, research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current fiscal year.

Slide Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.28 annualized dividend and a dividend yield of 1.4%.

Slide Insurance announced that its board has authorized 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 buy 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.

Analysts Set New Price Targets

Several analysts have recently commented on SLDE shares. Barclays increased their price target on shares of Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $22.00 price target on Slide Insurance in a research note on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a research note on Monday. Citizens Jmp increased their target price on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 30th. Finally, Zacks Research upgraded Slide Insurance from a “hold” rating to a “strong-buy” rating in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Slide Insurance currently has a consensus rating of “Buy” and an average price target of $25.40.

Institutional Investors Weigh In On Slide Insurance

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC bought a new stake in Slide Insurance in the second quarter valued at about $2,245,000. Legal & General Group Plc bought a new position in Slide Insurance during the 2nd quarter worth approximately $216,000. Norges Bank acquired a new position in Slide Insurance in the second quarter worth $866,000. Marshall Wace LLP acquired a new position in shares of Slide Insurance in the 2nd quarter valued at about $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new position in Slide Insurance in the second quarter valued at approximately $834,000.

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.