Slide Insurance (NASDAQ:SLDE) CEO Bruce Lucas Sells 269,881 Shares of Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) CEO Bruce Lucas sold 269,881 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $18.84, for a total transaction of $5,084,558.04. Following the transaction, the chief executive officer directly owned 35,884,165 shares in the company, valued at $676,057,668.60. The trade was a 0.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

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

• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total value of $5,178,810.00.
• On Monday, May 18th, Bruce Lucas sold 455,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.06, for a total value of $8,672,300.00.
• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $1,707,160.00.
• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total value of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total value of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The stock was 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 stock was 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 stock was 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 stock was sold at an average price of $19.55, for a total transaction of $2,307,975.25.

Slide Insurance Stock Performance

NASDAQ:SLDE opened at $18.48 on Wednesday. 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 company has a market cap of $2.12 billion and a P/E ratio of 5.13. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $25.90. The firm’s 50 day moving average is $18.19 and its two-hundred day moving average is $17.68.

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 analysts’ consensus estimates of $0.82 by $0.20. The company 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 declared that its board has authorized a share 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 buy up to 4.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

SLDE has been the topic of a number of research reports. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Keefe, Bruyette & Woods raised their price objective on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Finally, Piper Sandler raised their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, February 26th. One investment 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 company’s stock. Based on data from MarketBeat.com, Slide Insurance presently has an average rating of “Moderate Buy” and an average price target of $24.80.

Key Headlines Impacting Slide Insurance

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

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds have recently made changes to their positions in SLDE. Arrowstreet Capital Limited Partnership raised 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 acquiring an additional 2,012,428 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Slide Insurance in the 2nd quarter valued at $33,063,000. Capital World Investors raised 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 acquiring an additional 1,483,180 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of Slide Insurance by 314.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock valued at $21,753,000 after buying an additional 1,045,826 shares during the period. Finally, HB Wealth Management LLC raised its holdings in shares of Slide Insurance by 1,375.7% during the 4th quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock valued at $17,388,000 after buying an additional 832,102 shares during the period.

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.