Slide Insurance (NASDAQ:SLDE) Price Target Raised to $26.00

Slide Insurance (NASDAQ:SLDE) had its price target lifted by equities researchers at Keefe, Bruyette & Woods from $24.00 to $26.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 26.24% from the company’s current price.

Several other equities analysts have also recently weighed in on SLDE. Citigroup reaffirmed an “outperform” rating on shares of Slide Insurance in a research report on Thursday. Morgan Stanley set a $22.00 price objective on Slide Insurance in a research note on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Barclays lifted their target price on Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.40.

Slide Insurance Stock Up 3.1%

SLDE traded up $0.63 during trading on Monday, hitting $20.60. 521,436 shares of the company’s stock were exchanged, compared to its average volume of 1,520,539. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $23.00. The stock has a market cap of $2.36 billion, a P/E ratio of 5.03 and a beta of -0.04. The business’s 50 day moving average is $18.97 and its two-hundred day moving average is $18.22. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings data 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. The firm had revenue of $386.82 million during the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 52.25%. As a group, equities analysts expect that Slide Insurance will post 3.74 earnings per share for the current fiscal year.

Slide Insurance declared that its board has approved a stock buyback program on Tuesday, April 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Slide Insurance

In related news, COO Shannon Lucas sold 45,000 shares of Slide Insurance stock in a transaction on Monday, May 18th. The stock was sold at an average price of $19.06, for a total transaction of $857,700.00. Following the sale, the chief operating officer directly owned 1,210,300 shares in the company, valued at approximately $23,068,318. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Bruce Lucas sold 455,000 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $19.06, for a total value of $8,672,300.00. Following the completion of the transaction, the chief executive officer owned 35,429,165 shares of the company’s stock, valued at $675,279,884.90. This trade represents a 1.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,437,005 shares of company stock worth $45,737,406 in the last 90 days. Insiders own 50.80% of the company’s stock.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors have recently added to or reduced their stakes in SLDE. Vanguard Group Inc. raised its position in Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock worth $53,800,000 after acquiring an additional 354,321 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Slide Insurance by 298.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock worth $48,380,000 after purchasing an additional 2,012,428 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Slide Insurance by 27.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock worth $34,250,000 after purchasing an additional 380,161 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Slide Insurance in the 2nd quarter worth approximately $33,063,000. Finally, Freestone Grove Partners LP lifted its stake in Slide Insurance by 50.3% in the fourth quarter. Freestone Grove Partners LP now owns 986,543 shares of the company’s stock valued at $19,218,000 after purchasing an additional 330,165 shares during the last quarter.

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.