Zacks Research Downgrades Slide Insurance (NASDAQ:SLDE) to Hold

Slide Insurance (NASDAQ:SLDE) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks reports.

SLDE has been the topic of a number of other reports. Weiss Ratings raised shares of Slide Insurance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 27th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, September 19th. Barclays lifted their price target on Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Citigroup restated an “outperform” rating on shares of Slide Insurance in a research report on Thursday, July 30th. Finally, Morgan Stanley set a $22.00 price objective on Slide Insurance in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.40.

Slide Insurance Trading Down 0.8%

Shares of Slide Insurance stock opened at $22.31 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. Slide Insurance has a 12-month low of $14.20 and a 12-month high of $26.75. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 5.44 and a beta of 0.07. The firm’s 50-day moving average price is $22.81 and its two-hundred day moving average price is $20.00.

Slide Insurance (NASDAQ:SLDE) last issued its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The company had revenue of $386.82 million during the quarter. On average, analysts forecast that Slide Insurance will post 3.79 earnings per share for the current fiscal year.

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Stephen Rohde sold 7,500 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $26.40, for a total transaction of $198,000.00. Following the sale, the director owned 7,500 shares of the company’s stock, valued at approximately $198,000. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Matthew Larson sold 11,374 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $26.00, for a total transaction of $295,724.00. Following the transaction, the insider owned 11,374 shares of the company’s stock, valued at $295,724. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 357,990 shares of company stock worth $8,164,610. Corporate insiders own 50.80% of the company’s stock.

Hedge Funds Weigh In On Slide Insurance

Several large investors have recently bought and sold shares of SLDE. BlackRock Inc. acquired a new stake in shares of Slide Insurance during the second quarter valued at about $98,538,000. Arrowstreet Capital Limited Partnership boosted its position in Slide Insurance by 298.0% during the 1st 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. Lazard Asset Management LLC boosted its position in Slide Insurance by 27.2% during the 1st quarter. Lazard Asset Management LLC now owns 849,967 shares of the company’s stock worth $15,299,000 after buying an additional 181,795 shares during the period. Allianz Asset Management GmbH bought a new stake in Slide Insurance during the 2nd quarter worth approximately $14,530,000. Finally, Man Group plc acquired a new position in Slide Insurance in the 2nd quarter valued at approximately $12,229,000.

Slide Insurance Company Profile

Slide Insurance is a technology-enabled property and casualty insurance company focused primarily on homeowners insurance. The company uses data, analytics and digital tools to provide coverage, manage policies and support claims for residential property owners.

Its products are designed for homeowners and may include coverage for the dwelling, personal property, liability and related risks, subject to the terms of each policy. Slide operates in catastrophe-exposed property insurance markets, where technology and risk-management capabilities are important to underwriting and claims administration.

Slide was founded by Bruce Lucas, an insurance industry executive who previously led Heritage Insurance Holdings.