Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) has received a consensus rating of “Moderate Buy” from the nine brokerages that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $24.80.

Several equities research analysts have weighed in on the company. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods boosted their price target on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Piper Sandler raised their price objective on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. Finally, Barclays lifted their target price on Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th.

Insider Activity at Slide Insurance

In related news, insider Matthew Paul Larson sold 11,250 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $18.67, for a total transaction of $210,037.50. Following the completion of the transaction, the insider directly owned 11,250 shares in the company, valued at $210,037.50. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Bruce Lucas sold 91,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $18.76, for a total transaction of $1,707,160.00. Following the transaction, the chief executive officer owned 36,154,046 shares of the company’s stock, valued at approximately $678,249,902.96. This represents a 0.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 4,196,928 shares of company stock worth $77,562,040 in the last ninety days. Insiders own 50.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SLDE. Comerica Bank boosted its holdings in shares of Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after acquiring an additional 1,281 shares in the last quarter. CWM LLC acquired a new position in Slide Insurance in the 4th quarter worth about $35,000. Ameritas Investment Partners Inc. bought a new position in Slide Insurance in the third quarter valued at about $35,000. State of Wyoming bought a new position in Slide Insurance in the first quarter valued at about $42,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of Slide Insurance during the fourth quarter valued at about $47,000.

Slide Insurance Price Performance

SLDE stock opened at $18.64 on Friday. The company’s 50-day moving average price is $18.21 and its two-hundred day moving average price is $17.61. The firm has a market cap of $2.14 billion and a P/E ratio of 5.18. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance has a 12 month low of $12.53 and a 12 month high of $25.90.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The company 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 earnings per share for the current fiscal year.

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

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.