Slide Insurance (NASDAQ:SLDE) CEO Bruce Lucas Sells 455,000 Shares of Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) CEO Bruce Lucas sold 455,000 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $19.06, for a total transaction of $8,672,300.00. Following the transaction, the chief executive officer directly owned 35,429,165 shares in the company, valued at approximately $675,279,884.90. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.97, for a total transaction of $5,178,810.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The shares were sold at an average price of $18.84, for a total transaction of $5,084,558.04.
• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total transaction of $1,707,160.00.
• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The shares were sold at an average price of $18.81, for a total transaction of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total transaction of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total transaction of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total value of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The shares were sold at an average price of $18.94, for a total value of $2,920,680.58.
• On Monday, April 27th, Bruce Lucas sold 136,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total value of $2,559,375.00.
• On Monday, April 20th, Bruce Lucas sold 118,055 shares of Slide Insurance stock. The shares were sold at an average price of $19.55, for a total value of $2,307,975.25.

Slide Insurance Stock Performance

NASDAQ SLDE opened at $18.48 on Wednesday. The stock’s 50 day simple moving average is $18.19 and its 200-day simple moving average is $17.68. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $2.12 billion and a PE ratio of 5.13. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share 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 net margin of 38.86% and a return on equity of 48.38%. As a group, equities research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance declared that its board has authorized a stock buyback program on Tuesday, April 28th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

SLDE has been the topic of several research reports. 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 note on Monday, March 9th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Finally, Piper Sandler lifted their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. One 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.80.

Hedge Funds Weigh In On Slide Insurance

A number of institutional investors have recently bought and sold shares of the company. Great Lakes Advisors LLC purchased a new stake in Slide Insurance in the third quarter valued at $3,113,000. Fifth Third Bancorp raised its position in Slide Insurance by 529,826.4% in the fourth quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock valued at $7,433,000 after purchasing an additional 381,475 shares during the period. Cyndeo Wealth Partners LLC purchased a new stake in Slide Insurance in the fourth quarter valued at $2,235,000. Federated Hermes Inc. purchased a new stake in Slide Insurance in the third quarter valued at $9,471,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Slide Insurance in the 3rd quarter valued at approximately $871,000.

Key Slide Insurance News

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

• Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
• Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
• Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title

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.