Globeflex Capital L P Invests $709,000 in Slide Insurance Holdings, Inc. $SLDE

Globeflex Capital L P purchased a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 39,401 shares of the company’s stock, valued at approximately $709,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SLDE. Fifth Third Bancorp lifted its stake in shares of Slide Insurance by 529,826.4% in the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock worth $7,433,000 after acquiring an additional 381,475 shares during the period. World Investment Advisors acquired a new position in shares of Slide Insurance during the fourth quarter valued at approximately $1,964,000. Axis Wealth Partners LLC raised its holdings in Slide Insurance by 100.0% during the first quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company’s stock worth $3,663,000 after purchasing an additional 101,751 shares in the last quarter. FourThought Financial Partners LLC bought a new stake in Slide Insurance during the fourth quarter worth approximately $5,893,000. Finally, First American Bank acquired a new stake in Slide Insurance in the fourth quarter worth approximately $7,079,000.

Insider Buying and Selling at Slide Insurance

In related news, CEO Bruce Lucas sold 455,000 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $19.06, for a total transaction of $8,672,300.00. Following the completion of the sale, the chief executive officer directly owned 35,429,165 shares in the company, valued at approximately $675,279,884.90. This trade represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 3,233,119 shares of company stock valued at $60,890,439 over the last 90 days. Corporate insiders own 50.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SLDE shares. Keefe, Bruyette & Woods lifted their target price on Slide Insurance from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price target (down from $23.00) on shares of Slide Insurance in a report on Monday, July 6th. Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Finally, Barclays dropped their target price on shares of Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Slide Insurance presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

Slide Insurance Price Performance

SLDE opened at $19.82 on Thursday. The firm has a market capitalization of $2.27 billion and a P/E ratio of 5.51. The stock has a fifty day moving average of $18.70 and a 200-day moving average of $18.10. 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 Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $21.79.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The business had revenue of $389.28 million for the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. Equities analysts forecast that Slide Insurance Holdings, Inc. will post 3.59 EPS for the current fiscal year.

Slide Insurance declared that its board has authorized a stock buyback plan on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Slide Insurance 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.