Beth Witte Bruce Sells 23,500 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Beth Witte Bruce sold 23,500 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $19.01, for a total transaction of $446,735.00. Following the completion of the sale, the director directly owned 179,645 shares in the company, valued at $3,415,051.45. This trade represents a 11.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Beth Witte Bruce also recently made the following trade(s):

• On Tuesday, May 26th, Beth Witte Bruce sold 21,063 shares of Slide Insurance stock. The stock was sold at an average price of $18.70, for a total transaction of $393,878.10.
• On Friday, May 22nd, Beth Witte Bruce sold 2,437 shares of Slide Insurance stock. The stock was sold at an average price of $18.70, for a total transaction of $45,571.90.
• On Friday, February 27th, Beth Witte Bruce sold 25,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total transaction of $473,500.00.

Slide Insurance Stock Performance

NASDAQ:SLDE opened at $18.28 on Friday. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $2.09 billion and a PE ratio of 5.08. The firm has a 50-day moving average price of $18.31 and a 200 day moving average price of $17.79.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The firm had revenue of $389.28 million during the quarter. Research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

SLDE has been the subject of several recent analyst reports. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods raised their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.80.

Institutional Trading of Slide Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Great Lakes Advisors LLC acquired a new stake in Slide Insurance during the 3rd quarter worth $3,113,000. Fifth Third Bancorp grew its position in shares of Slide Insurance by 529,826.4% during the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock worth $7,433,000 after buying an additional 381,475 shares during the period. Cyndeo Wealth Partners LLC acquired a new position in shares of Slide Insurance during the 4th quarter worth about $2,235,000. Federated Hermes Inc. acquired a new position in shares of Slide Insurance during the 3rd quarter worth about $9,471,000. Finally, Quantbot Technologies LP acquired a new position in shares of Slide Insurance during the 3rd quarter worth about $871,000.

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.