Insider Selling: Slide Insurance (NASDAQ:SLDE) Director Sells $105,000.00 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Stephen Rohde sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $21.00, for a total value of $105,000.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $105,000. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Slide Insurance Stock Up 1.6%

SLDE opened at $20.96 on Thursday. The stock’s fifty day simple moving average is $19.44 and its 200 day simple moving average is $18.47. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $23.00. The stock has a market cap of $2.45 billion, a PE ratio of 5.11 and a beta of -0.04. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.02.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 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 firm had revenue of $386.82 million during the quarter. As a group, research analysts expect that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current year.

Slide Insurance announced that its Board of Directors has approved a stock repurchase program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Slide Insurance Dividend Announcement

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

Wall Street Analyst Weigh In

SLDE has been the topic of several research analyst reports. Keefe, Bruyette & Woods increased 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. Citigroup reaffirmed an “outperform” rating on shares of Slide Insurance in a research report on Thursday, July 30th. Citizens Jmp increased their target price on Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 30th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $25.40.

Institutional Trading of Slide Insurance

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC acquired a new stake in shares of Slide Insurance during the 2nd quarter worth $2,245,000. Legal & General Group Plc acquired a new position in Slide Insurance in the second quarter valued at about $216,000. Norges Bank bought a new stake in Slide Insurance during the second quarter worth about $866,000. Marshall Wace LLP bought a new stake in Slide Insurance during the second quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Slide Insurance during the second quarter worth about $834,000.

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.