Slide Insurance (NASDAQ:SLDE) COO Sells $324,557.74 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) COO Shannon Lucas sold 19,058 shares of Slide Insurance stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.03, for a total value of $324,557.74. Following the completion of the transaction, the chief operating officer owned 1,123,415 shares in the company, valued at approximately $19,131,757.45. The trade was a 1.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Shannon Lucas also recently made the following trade(s):

• On Thursday, June 11th, Shannon Lucas sold 4,659 shares of Slide Insurance stock. The shares were sold at an average price of $17.12, for a total value of $79,762.08.
• On Wednesday, May 27th, Shannon Lucas sold 22,548 shares of Slide Insurance stock. The stock was sold at an average price of $18.95, for a total value of $427,284.60.
• On Wednesday, May 20th, Shannon Lucas sold 18,279 shares of Slide Insurance stock. The stock was sold at an average price of $18.78, for a total value of $343,279.62.
• On Tuesday, May 19th, Shannon Lucas sold 27,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total value of $512,190.00.
• On Monday, May 18th, Shannon Lucas sold 45,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.06, for a total value of $857,700.00.
• On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total value of $502,877.28.
• On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $168,840.00.
• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total value of $322,422.21.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total value of $158,606.50.

Slide Insurance Stock Performance

Shares of SLDE stock opened at $16.70 on Monday. The firm has a market capitalization of $1.91 billion and a P/E ratio of 4.64. Slide Insurance Holdings, Inc. has a twelve month low of $12.53 and a twelve 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 stock’s fifty day simple moving average is $18.17 and its 200 day simple moving average is $17.83.

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

Slide Insurance declared that its Board of Directors has approved a stock buyback program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Key Slide Insurance News

Here are the key news stories impacting Slide Insurance this week:

• Negative Sentiment: CEO Bruce Lucas sold shares in two transactions this week, including a large sale of 192,695 shares and another of 44,467 shares, trimming his ownership slightly. SEC filing for Bruce Lucas sale
• Negative Sentiment: COO Shannon Lucas also sold shares in two filings, including 19,058 shares and 4,659 shares, adding to the impression of insider selling at SLDE. SEC filing for Shannon Lucas sale
• Negative Sentiment: Insider Matthew Paul Larson sold 13,750 shares, reducing his stake by more than 60%, which may raise concerns about near-term insider confidence. SEC filing for Matthew Paul Larson sale
• Neutral Sentiment: The company’s last reported quarterly results were strong, with earnings of $1.02 per share beating estimates and revenue of $389.28 million, which may help limit downside from the insider sales.

Analyst Ratings Changes

SLDE has been the topic of several recent research reports. Texas Capital raised Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Keefe, Bruyette & Woods lifted their target price 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 lifted their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, February 26th. Wall Street Zen raised 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 analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Slide Insurance has an average rating of “Moderate Buy” and a consensus target price of $24.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Capital World Investors lifted its stake in shares of Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock valued at $70,767,000 after purchasing an additional 1,483,180 shares during the period. Vanguard Group Inc. lifted its stake in shares of Slide Insurance by 14.7% in the 4th quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock valued at $53,800,000 after purchasing an additional 354,321 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of 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 purchasing an additional 2,012,428 shares during the period. Balyasny Asset Management L.P. lifted its stake in shares of Slide Insurance by 27.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock valued at $34,250,000 after purchasing an additional 380,161 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Slide Insurance in the 2nd quarter valued at about $33,063,000.

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.