Insider Selling: Slide Insurance (NASDAQ:SLDE) Director Sells $573,549.96 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction 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 completion of the transaction, the director directly owned 1,720,933 shares in the company, valued at $34,986,567.89. The trade was a 1.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Slide Insurance Stock Performance

NASDAQ SLDE opened at $21.13 on Friday. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $23.00. The company has a fifty day moving average of $19.22 and a 200-day moving average of $18.36. The company has a market capitalization of $2.47 billion, a P/E ratio of 5.15 and a beta of -0.04. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.23.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%.The business had revenue of $386.82 million for the quarter. As a group, equities research analysts predict that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current fiscal year.

Slide Insurance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a $0.07 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%.

Slide Insurance announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 28th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Slide Insurance

Several large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Slide Insurance in the 2nd quarter worth approximately $98,538,000. Vanguard Group Inc. lifted its stake 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 boosted its holdings in 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 acquiring an additional 2,012,428 shares in the last quarter. Balyasny Asset Management L.P. increased its position in 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 valued at $34,250,000 after purchasing an additional 380,161 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Slide Insurance during the 2nd quarter valued at $33,063,000.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SLDE shares. Citigroup reaffirmed an “outperform” rating on shares of Slide Insurance in a report on Thursday, July 30th. Morgan Stanley set a $22.00 price objective on Slide Insurance in a research note on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a report on Monday. Zacks Research raised Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Finally, Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $25.40.

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.