GSA Capital Partners LLP Takes Position in Slide Insurance Holdings, Inc. $SLDE

GSA Capital Partners LLP bought a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 110,233 shares of the company’s stock, valued at approximately $2,135,000. GSA Capital Partners LLP owned approximately 0.09% of Slide Insurance at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC bought a new position in Slide Insurance during the 2nd quarter valued at $2,245,000. Legal & General Group Plc acquired a new position in shares of Slide Insurance during the 2nd quarter valued at $216,000. Norges Bank bought a new stake in shares of Slide Insurance in the 2nd quarter worth $866,000. Marshall Wace LLP bought a new stake in shares of Slide Insurance in the 2nd quarter worth $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Slide Insurance in the second quarter valued at $834,000.

Insider Activity

In other Slide Insurance news, COO Shannon Lucas sold 4,659 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $17.12, for a total value of $79,762.08. Following the completion of the transaction, the chief operating officer directly owned 1,118,756 shares in the company, valued at $19,153,102.72. This trade represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Bruce Lucas sold 44,467 shares of Slide Insurance stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total transaction of $761,275.04. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,827,408 shares of company stock worth $34,334,764. 50.80% of the stock is owned by company insiders.

Slide Insurance Stock Performance

SLDE opened at $21.93 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.56 billion, a PE ratio of 5.35 and a beta of -0.04. The business has a fifty day simple moving average of $19.65 and a 200-day simple moving average of $18.53. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $23.00.

Slide Insurance (NASDAQ:SLDE) last announced its earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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, equities analysts predict that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current fiscal year.

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

Slide Insurance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Citigroup reaffirmed an “outperform” rating on shares of Slide Insurance in a research note on Thursday, July 30th. Citizens Jmp upped their price target on shares of Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a report on Thursday, July 30th. Morgan Stanley set a $22.00 price objective on shares of Slide Insurance in a research report on Monday, August 3rd. Barclays lifted their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Zacks Research raised shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $25.40.

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.