Slide Insurance (NASDAQ:SLDE) Hits New 12-Month High – Should You Buy?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $24.22 and last traded at $24.18, with a volume of 2226068 shares changing hands. The stock had previously closed at $23.29.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SLDE shares. Citizens Jmp raised their price target on Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods upped their price target on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Wall Street Zen downgraded shares of Slide Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $25.40.

Slide Insurance Price Performance

The company has a market cap of $2.82 billion, a price-to-earnings ratio of 5.90 and a beta of 0.07. The company’s 50-day simple moving average is $21.23 and its 200-day simple moving average is $19.11. 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 (NASDAQ:SLDE) last posted its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.18. The business had revenue of $386.82 million for the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. On average, equities research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current year.

Slide Insurance Announces Dividend

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

Insider Transactions at Slide Insurance

In other Slide Insurance news, insider Matthew Paul Larson sold 13,750 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $17.07, for a total value of $234,712.50. Following the completion of the transaction, the insider directly owned 8,998 shares of the company’s stock, valued at $153,595.86. This represents a 60.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Bruce Lucas sold 192,695 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $17.03, for a total value of $3,281,595.85. Following the sale, the chief executive officer owned 34,550,666 shares of the company’s stock, valued at $588,397,841.98. This represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 491,691 shares of company stock worth $9,021,426 over the last three months. Insiders own 50.80% of the company’s stock.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds have recently bought and sold shares of SLDE. Comerica Bank increased its holdings in Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after purchasing an additional 1,281 shares during the last quarter. CWM LLC acquired a new stake in Slide Insurance in the fourth quarter valued at $35,000. Ameritas Investment Partners Inc. bought a new position in Slide Insurance during the 3rd quarter valued at $35,000. Global Retirement Partners LLC acquired a new position in Slide Insurance during the 2nd quarter worth $39,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Slide Insurance in the 2nd quarter worth about $40,000.

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.