Slide Insurance (NASDAQ:SLDE) Director Robert Gries Jr Sells 28,212 Shares of Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 28,212 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $20.33, for a total transaction of $573,549.96. Following the completion of the transaction, the director directly owned 1,720,933 shares in the company, valued at approximately $34,986,567.89. This represents a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Slide Insurance Trading Up 0.4%

Shares of SLDE traded up $0.09 during midday trading on Wednesday, reaching $20.74. The company had a trading volume of 815,965 shares, compared to its average volume of 1,515,645. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The firm has a 50 day simple moving average of $19.06 and a 200-day simple moving average of $18.27. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $23.00. The stock has a market cap of $2.42 billion, a PE ratio of 5.06 and a beta of -0.04.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.18. The business had revenue of $386.82 million during the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. Research analysts forecast that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current fiscal year.

Slide Insurance announced that its Board of Directors has authorized a share repurchase plan 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 plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Slide Insurance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 14th.

Institutional Trading of Slide Insurance

A number of large investors have recently made changes to their positions in SLDE. Arrowstreet Capital Limited Partnership increased its position in Slide Insurance by 298.0% during the first 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. Raymond James Financial Inc. acquired a new stake in shares of Slide Insurance in the second quarter valued at approximately $33,063,000. Balyasny Asset Management L.P. grew its position in shares of Slide Insurance by 314.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock worth $21,753,000 after acquiring an additional 1,045,826 shares during the last quarter. HB Wealth Management LLC grew its position in shares of Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock worth $17,388,000 after acquiring an additional 832,102 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of Slide Insurance in the 4th quarter valued at $13,016,000.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SLDE. Citizens Jmp lifted their target price on Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research report on Thursday, July 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a research note on Monday. Barclays upped their price target on Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Morgan Stanley set a $22.00 price objective on Slide Insurance in a research report on Monday. Finally, Zacks Research raised shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $25.40.

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.