30,126 Shares in Slide Insurance Holdings, Inc. $SLDE Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the second quarter, HoldingsChannel reports. The fund acquired 30,126 shares of the company’s stock, valued at approximately $584,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Slide Insurance in the 2nd quarter worth about $98,538,000. Vanguard Group Inc. lifted its holdings in shares of Slide Insurance by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock valued at $53,800,000 after buying an additional 354,321 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Slide Insurance by 298.0% in the 1st 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 in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Slide Insurance by 27.6% in 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 buying an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Slide Insurance in the second quarter worth approximately $33,063,000.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SLDE shares. Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Keefe, Bruyette & Woods raised their price target 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. Weiss Ratings raised shares of Slide Insurance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 27th. Citizens Jmp upped their price objective on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a report on Thursday, July 30th. Finally, Citigroup restated an “outperform” rating on shares of Slide Insurance in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Slide Insurance has a consensus rating of “Buy” and a consensus target price of $25.40.

Slide Insurance Price Performance

Shares of Slide Insurance stock opened at $24.67 on Monday. The stock has a market capitalization of $2.88 billion, a P/E ratio of 6.02 and a beta of 0.07. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The stock has a 50 day moving average price of $21.48 and a two-hundred day moving average price of $19.22. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.09.

Slide Insurance (NASDAQ:SLDE) last released its quarterly 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 net margin of 40.02% and a return on equity of 50.69%. The company had revenue of $386.82 million for the quarter. Equities analysts expect that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current year.

Slide Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, August 14th. Slide Insurance’s dividend payout ratio (DPR) is 6.83%.

Insider Transactions at Slide Insurance

In other news, CEO Bruce Lucas sold 192,695 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.03, for a total value of $3,281,595.85. Following the sale, the chief executive officer directly owned 34,550,666 shares of the company’s stock, valued at approximately $588,397,841.98. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Larson sold 13,750 shares of Slide Insurance stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.07, for a total value of $234,712.50. Following the completion of the transaction, the insider owned 8,998 shares in the company, valued at $153,595.86. The trade was a 60.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 491,691 shares of company stock worth $9,021,426. Corporate insiders own 50.80% of the company’s stock.

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.