Keefe, Bruyette & Woods Issues Positive Forecast for Slide Insurance (NASDAQ:SLDE) Stock Price

Slide Insurance (NASDAQ:SLDE) had its target price raised by stock analysts at Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 16.86% from the stock’s previous close.

Several other equities analysts also recently issued reports on SLDE. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 target price (down from $23.00) on shares of Slide Insurance in a research report on Monday. Texas Capital raised 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 note on Wednesday, May 6th. Finally, Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Slide Insurance Stock Down 1.2%

Shares of NASDAQ SLDE traded down $0.24 during midday trading on Wednesday, hitting $20.54. 240,166 shares of the company’s stock were exchanged, compared to its average volume of 1,566,387. The firm’s fifty day simple moving average is $18.26 and its 200-day simple moving average is $18.00. 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 $2.35 billion and a PE ratio of 5.70. Slide Insurance has a twelve month low of $12.53 and a twelve month high of $21.79.

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, topping analysts’ consensus estimates of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The company had revenue of $389.28 million for the quarter. Research analysts predict that Slide Insurance will post 3.51 EPS for the current fiscal year.

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

Insider Buying and Selling at Slide Insurance

In other news, CEO Bruce Lucas sold 455,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $19.06, for a total value of $8,672,300.00. Following the transaction, the chief executive officer owned 35,429,165 shares of the company’s stock, 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 document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 4,075,159 shares of company stock valued at $76,044,524. Company insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

Hedge funds have recently modified their holdings of the business. Fifth Third Bancorp raised its stake in shares of Slide Insurance by 529,826.4% during the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock worth $7,433,000 after buying an additional 381,475 shares during the last quarter. Cyndeo Wealth Partners LLC purchased a new position in Slide Insurance during the 4th quarter valued at about $2,235,000. Axis Wealth Partners LLC lifted its holdings in shares of Slide Insurance by 100.0% in the first quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company’s stock valued at $3,663,000 after purchasing an additional 101,751 shares in the last quarter. FourThought Financial Partners LLC acquired a new stake in shares of Slide Insurance in the fourth quarter valued at approximately $5,893,000. Finally, World Investment Advisors purchased a new position in shares of Slide Insurance during the 4th quarter worth approximately $1,964,000.

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.