Avantax Planning Partners Inc. Grows Stake in Slide Insurance Holdings, Inc. $SLDE

Avantax Planning Partners Inc. raised its holdings in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 812.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 168,368 shares of the company’s stock after buying an additional 149,918 shares during the period. Avantax Planning Partners Inc.’s holdings in Slide Insurance were worth $3,280,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Capital World Investors grew its stake in Slide Insurance by 49.4% during the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after buying an additional 1,483,180 shares during the last quarter. Vanguard Group Inc. raised its stake in Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock valued at $53,800,000 after buying an additional 354,321 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Slide Insurance in the second quarter valued at about $33,063,000. Balyasny Asset Management L.P. boosted its holdings in Slide Insurance by 314.8% in 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 in the last quarter. Finally, HB Wealth Management LLC grew its stake 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.

Wall Street Analyst Weigh In

SLDE has been the topic of several recent analyst reports. Zacks Research downgraded 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 research report on Saturday, May 9th. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. 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 report on Wednesday, April 29th. Finally, Piper Sandler lifted their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.80.

Slide Insurance Trading Up 2.4%

Slide Insurance stock opened at $18.64 on Friday. The stock has a 50-day moving average price of $18.21 and a 200 day moving average price of $17.61. The company has a market capitalization of $2.14 billion and a price-to-earnings ratio of 5.18. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week 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.

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

Slide Insurance announced that its Board of Directors has initiated a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Slide Insurance

In other news, CEO Bruce Lucas sold 273,702 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $18.11, for a total transaction of $4,956,743.22. Following the transaction, the chief executive officer owned 37,620,933 shares in the company, valued at $681,315,096.63. This trade represents a 0.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 4,196,928 shares of company stock worth $77,562,040 in the last quarter. Corporate insiders own 50.80% of the company’s stock.

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.