Canada Pension Plan Investment Board Takes Position in Slide Insurance Holdings, Inc. $SLDE

Canada Pension Plan Investment Board bought a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 30,100 shares of the company’s stock, valued at approximately $583,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SLDE. Geode Capital Management LLC acquired a new position in Slide Insurance during the second quarter worth approximately $2,245,000. Legal & General Group Plc acquired a new stake in shares of Slide Insurance in the second quarter valued at approximately $216,000. Norges Bank bought a new position in shares of Slide Insurance during the 2nd quarter worth approximately $866,000. Marshall Wace LLP bought a new position in shares of Slide Insurance during the 2nd quarter worth approximately $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Slide Insurance during the 2nd quarter worth approximately $834,000.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SLDE. Citigroup restated an “outperform” rating on shares of Slide Insurance in a research note on Thursday, July 30th. Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Citizens Jmp increased their price objective on shares of Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research report on Thursday, July 30th. Morgan Stanley set a $22.00 target price on shares of Slide Insurance in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $25.40.

Slide Insurance Stock Up 0.2%

SLDE stock opened at $23.29 on Wednesday. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $23.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 5.68 and a beta of 0.06. The business’s fifty day moving average price is $21.12 and its two-hundred day moving average price is $19.06.

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

Slide Insurance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were paid a $0.07 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.28 annualized dividend and a yield of 1.2%. Slide Insurance’s payout ratio is 6.83%.

Insider Buying and Selling at Slide Insurance

In other Slide Insurance news, Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $20.33, for a total transaction of $573,549.96. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Shannon Lucas sold 4,659 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total transaction of $79,762.08. Following the transaction, the chief operating officer owned 1,118,756 shares in the company, valued at approximately $19,153,102.72. The trade was a 0.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 491,691 shares of company stock worth $9,021,426. 50.80% of the stock is currently owned by company insiders.

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.