Robert Gries Jr Sells 84,636 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 84,636 shares of Slide Insurance stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.34, for a total value of $1,721,496.24. Following the transaction, the director owned 1,777,357 shares in the company, valued at $36,151,441.38. This trade represents a 4.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Slide Insurance Stock Down 1.5%

NASDAQ SLDE traded down $0.31 during trading hours on Wednesday, reaching $20.47. 1,507,409 shares of the company’s stock were exchanged, compared to its average volume of 1,576,502. The company’s 50-day moving average is $18.26 and its two-hundred day moving average is $18.00. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $21.79. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $2.35 billion and a price-to-earnings ratio of 5.69.

Slide Insurance (NASDAQ:SLDE) last announced 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 firm had revenue of $389.28 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. On average, analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance announced that its Board of Directors has approved a share repurchase program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 target price (down from $23.00) on shares of Slide Insurance in a report on Monday. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods increased their price objective on Slide Insurance from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday. Barclays dropped their target price on Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, Texas Capital raised Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Hedge Funds Weigh In On Slide Insurance

Several hedge funds have recently modified their holdings of the stock. Capital World Investors raised its holdings in Slide Insurance by 49.4% during the third quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after acquiring an additional 1,483,180 shares in the last quarter. Vanguard Group Inc. raised its stake 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 worth $53,800,000 after purchasing an additional 354,321 shares in the last quarter. Arrowstreet Capital Limited Partnership raised 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 in the last quarter. Balyasny Asset Management L.P. boosted its holdings 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 during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Slide Insurance in the second quarter valued at $33,063,000.

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.