Sei Investments Co. Increases Stock Holdings in Slide Insurance Holdings, Inc. $SLDE

Sei Investments Co. boosted its holdings in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 26.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 399,507 shares of the company’s stock after buying an additional 83,660 shares during the quarter. Sei Investments Co.’s holdings in Slide Insurance were worth $7,191,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SLDE. Comerica Bank boosted its holdings in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after acquiring an additional 1,281 shares in the last quarter. CWM LLC acquired a new position in shares of Slide Insurance during the fourth quarter valued at about $35,000. Ameritas Investment Partners Inc. acquired a new position in shares of Slide Insurance during the third quarter valued at about $35,000. State of Wyoming purchased a new position in shares of Slide Insurance in the 1st quarter valued at approximately $42,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Slide Insurance in the 4th quarter worth approximately $47,000.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SLDE shares. Morgan Stanley restated an “equal weight” rating and set a $20.00 price target (down from $23.00) on shares of Slide Insurance in a research note on Monday, July 6th. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Keefe, Bruyette & Woods upped their target price on Slide Insurance from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Finally, Citizens Jmp raised 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. One equities research 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. Based on data from MarketBeat, Slide Insurance currently has an average rating of “Moderate Buy” and a consensus target price of $24.60.

Insider Activity at Slide Insurance

In other Slide Insurance news, CEO Bruce Lucas sold 44,467 shares of Slide Insurance stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $17.12, for a total transaction of $761,275.04. Following the completion of the transaction, the chief executive officer owned 34,506,199 shares in the company, valued at approximately $590,746,126.88. This trade represents a 0.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Andrew Pardo Wright sold 15,000 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $19.51, for a total value of $292,650.00. Following the completion of the transaction, the director directly owned 18,998 shares of the company’s stock, valued at approximately $370,650.98. This trade represents a 44.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 2,437,005 shares of company stock worth $45,737,406 in the last three months. Company insiders own 50.80% of the company’s stock.

Slide Insurance Stock Performance

Shares of NASDAQ SLDE opened at $19.97 on Monday. The company has a 50 day simple moving average of $18.97 and a two-hundred day simple moving average of $18.22. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 4.87 and a beta of -0.04. The company has a current ratio of 1.33, a quick 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 $23.00.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share 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 52.25%. The firm had revenue of $386.82 million for the quarter. As a group, analysts predict that Slide Insurance Holdings, Inc. will post 3.74 earnings per share for the current year.

Slide Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 14th.

Slide Insurance announced that its Board of Directors has approved a share repurchase program on Tuesday, April 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits 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 of directors believes its shares are undervalued.

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.