Strs Ohio Increases Stake in Slide Insurance Holdings, Inc. $SLDE

Strs Ohio lifted its stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 579.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,300 shares of the company’s stock after purchasing an additional 28,400 shares during the quarter. Strs Ohio’s holdings in Slide Insurance were worth $649,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Comerica Bank raised its position in shares of Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after purchasing an additional 1,281 shares during the last quarter. CWM LLC purchased a new position in shares of Slide Insurance in the 4th quarter valued at approximately $35,000. Ameritas Investment Partners Inc. purchased a new position in shares of Slide Insurance in the 3rd quarter valued at approximately $35,000. BNP Paribas Financial Markets purchased a new position in shares of Slide Insurance in the 3rd quarter valued at approximately $111,000. Finally, New York State Common Retirement Fund purchased a new position in shares of Slide Insurance in the 3rd quarter valued at approximately $134,000.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday. Keefe, Bruyette & Woods raised their price target on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Monday, March 9th. Piper Sandler raised their price target on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Barclays raised their price target on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Slide Insurance has a consensus rating of “Moderate Buy” and an average target price of $24.80.

Insider Buying and Selling at Slide Insurance

In other news, Director Robert Gries, Jr. sold 28,212 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $18.55, for a total transaction of $523,332.60. Following the sale, the director owned 1,890,205 shares of the company’s stock, valued at $35,063,302.75. This trade represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Bruce Lucas sold 67,205 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $18.88, for a total transaction of $1,268,830.40. Following the sale, the chief executive officer directly owned 36,418,363 shares in the company, valued at $687,578,693.44. The trade was a 0.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 3,883,904 shares of company stock worth $71,679,115.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $18.46 on Friday. The stock has a market capitalization of $2.11 billion and a price-to-earnings ratio of 5.13. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $25.90. The firm’s 50 day simple moving average is $18.29 and its 200-day simple moving average is $17.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.34.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The business had revenue of $389.28 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. Analysts expect that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

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

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.