Slide Insurance (NASDAQ:SLDE) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Slide Insurance (NASDAQ:SLDE) from a buy rating to a hold rating in a research report report published on Saturday morning.

Other analysts also recently issued reports about the stock. Barclays boosted their target price on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $22.00 price objective on shares of Slide Insurance in a research note on Monday, August 3rd. Weiss Ratings upgraded shares of Slide Insurance from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday. 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, Citigroup restated an “outperform” rating on shares of Slide Insurance in a report on Thursday, July 30th. Two 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. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $25.40.

Slide Insurance Stock Up 0.1%

Shares of Slide Insurance stock opened at $23.48 on Friday. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of 5.73 and a beta of -0.04. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. Slide Insurance has a 52-week low of $12.53 and a 52-week high of $23.75. The stock has a 50-day simple moving average of $20.87 and a 200-day simple moving average of $18.96.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.18. The firm had revenue of $386.82 million for the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. On average, equities research analysts expect that Slide Insurance will post 3.79 earnings per share for the current fiscal year.

Slide Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a $0.07 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. Slide Insurance’s dividend payout ratio (DPR) is currently 6.83%.

Insider Activity

In related news, Director Robert Gries, Jr. sold 28,212 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $20.33, for a total value of $573,549.96. Following the transaction, the director directly owned 1,720,933 shares in the company, valued at approximately $34,986,567.89. This trade represents a 1.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock in a transaction on Monday, June 29th. The stock was sold at an average price of $19.51, for a total transaction of $292,650.00. Following the completion of the transaction, the director owned 18,998 shares in the company, valued at $370,650.98. This trade represents a 44.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 494,191 shares of company stock valued at $9,065,901 over the last three months. Corporate insiders own 50.80% of the company’s stock.

Institutional Investors Weigh In On Slide Insurance

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Slide Insurance during the 2nd quarter worth about $98,538,000. Arrowstreet Capital Limited Partnership grew its holdings in Slide Insurance by 298.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after buying an additional 2,012,428 shares during the last quarter. Raymond James Financial Inc. bought a new position in Slide Insurance in the 2nd quarter worth approximately $33,063,000. Balyasny Asset Management L.P. lifted its holdings in shares of Slide Insurance by 314.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock worth $21,753,000 after buying an additional 1,045,826 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of Slide Insurance during the fourth quarter worth approximately $13,016,000.

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.