Slide Insurance (NASDAQ:SLDE) Stock Rating Lowered by Zacks Research

Slide Insurance (NASDAQ:SLDE) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Other equities research analysts have also issued reports about the stock. Keefe, Bruyette & Woods raised their price objective on shares of Slide Insurance from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Citigroup reissued an “outperform” rating on shares of Slide Insurance in a report on Thursday, July 30th. Barclays raised their price target on Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Morgan Stanley set a $22.00 price target on Slide Insurance in a report on Monday, August 3rd. Finally, Citizens Jmp upped their price objective on Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.40.

Slide Insurance Stock Down 0.8%

Shares of NASDAQ:SLDE opened at $22.31 on Tuesday. The firm’s 50 day moving average price is $22.81 and its 200 day moving average price is $20.00. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 5.44 and a beta of 0.07. Slide Insurance has a fifty-two week low of $14.20 and a fifty-two week high of $26.75. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, topping 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. As a group, equities research analysts predict that Slide Insurance will post 3.79 earnings per share for the current fiscal year.

Insider Transactions at Slide Insurance

In other Slide Insurance news, CRO Charles Powell sold 2,080 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $25.00, for a total value of $52,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew Larson sold 11,374 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $26.00, for a total value of $295,724.00. Following the completion of the sale, the insider directly owned 11,374 shares of the company’s stock, valued at $295,724. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 357,990 shares of company stock valued at $8,164,610 in the last 90 days. Company insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Slide Insurance during the 2nd quarter worth $98,538,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after buying an additional 2,012,428 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of Slide Insurance by 27.2% during the first quarter. Lazard Asset Management LLC now owns 849,967 shares of the company’s stock worth $15,299,000 after buying an additional 181,795 shares during the period. Allianz Asset Management GmbH purchased a new position in shares of Slide Insurance during the second quarter worth about $14,530,000. Finally, Man Group plc acquired a new position in shares of Slide Insurance in the second quarter valued at approximately $12,229,000.

About Slide Insurance

Slide Insurance is a technology-enabled property and casualty insurance company focused primarily on homeowners insurance. The company uses data, analytics and digital tools to provide coverage, manage policies and support claims for residential property owners.

Its products are designed for homeowners and may include coverage for the dwelling, personal property, liability and related risks, subject to the terms of each policy. Slide operates in catastrophe-exposed property insurance markets, where technology and risk-management capabilities are important to underwriting and claims administration.

Slide was founded by Bruce Lucas, an insurance industry executive who previously led Heritage Insurance Holdings.