Slide Insurance (NASDAQ:SLDE) Hits New 52-Week High – Time to Buy?

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) reached a new 52-week high on Friday . The stock traded as high as $23.75 and last traded at $23.75, with a volume of 135862 shares traded. The stock had previously closed at $23.46.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SLDE. Keefe, Bruyette & Woods boosted their target price on shares of Slide Insurance from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Citizens Jmp raised their price target on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 30th. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Barclays boosted their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Finally, Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $25.40.

Slide Insurance Trading Up 0.8%

The business has a 50-day moving average price of $20.74 and a two-hundred day moving average price of $18.93. The stock has a market capitalization of $2.76 billion, a P/E ratio of 5.77 and a beta of -0.04. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.02.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.18. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%.The company had revenue of $386.82 million for the quarter. On average, analysts expect that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current fiscal year.

Slide Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, August 14th. Slide Insurance’s dividend payout ratio is presently 6.83%.

Insider Activity

In other news, CEO Bruce Lucas sold 44,467 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $17.12, for a total transaction of $761,275.04. Following the completion of the sale, the chief executive officer owned 34,506,199 shares of the company’s stock, valued at approximately $590,746,126.88. This represents a 0.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $20.33, for a total transaction of $573,549.96. Following the sale, the director owned 1,720,933 shares in the company, valued at $34,986,567.89. This represents a 1.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 494,191 shares of company stock valued at $9,065,901. Corporate insiders own 50.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Comerica Bank raised its position in Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after purchasing an additional 1,281 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Slide Insurance by 8.4% in the 1st quarter. Hsbc Holdings PLC now owns 21,251 shares of the company’s stock valued at $384,000 after purchasing an additional 1,641 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Slide Insurance by 11.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock valued at $313,000 after purchasing an additional 1,704 shares in the last quarter. CWM LLC bought a new position in shares of Slide Insurance in the 4th quarter valued at $35,000. Finally, Global Retirement Partners LLC bought a new position in shares of Slide Insurance in the 2nd quarter valued at $39,000.

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.