Slide Insurance (NASDAQ:SLDE) Releases Quarterly Earnings Results, Beats Estimates By $0.30 EPS

Slide Insurance (NASDAQ:SLDE) announced its quarterly earnings data on Wednesday. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.49 by $0.30, Zacks reports. The company had revenue of $265.69 million during the quarter, compared to analysts’ expectations of $279.36 million.

Slide Insurance Price Performance

Shares of Slide Insurance stock traded down $0.28 on Friday, reaching $16.34. The company’s stock had a trading volume of 472,764 shares, compared to its average volume of 1,186,086. Slide Insurance has a 52-week low of $12.53 and a 52-week high of $25.90. The business has a 50-day simple moving average of $14.93.

Hedge Funds Weigh In On Slide Insurance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Slide Insurance by 25.2% during the third quarter. Vanguard Group Inc. now owns 2,407,498 shares of the company’s stock worth $38,002,000 after purchasing an additional 484,542 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Slide Insurance in the 2nd quarter worth about $33,063,000. Squarepoint Ops LLC purchased a new stake in Slide Insurance during the 2nd quarter worth approximately $9,964,000. Balyasny Asset Management L.P. acquired a new position in shares of Slide Insurance during the second quarter valued at approximately $7,196,000. Finally, Bank of America Corp DE purchased a new position in shares of Slide Insurance in the second quarter valued at approximately $4,724,000.

Slide Insurance announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SLDE shares. Barclays started coverage on Slide Insurance in a report on Monday, July 14th. They issued an “overweight” rating and a $25.00 price objective on the stock. Piper Sandler raised their price target on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods upped their price objective on shares of Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday. Weiss Ratings reissued a “sell (d+)” rating on shares of Slide Insurance in a report on Wednesday, October 8th. Finally, Citigroup started coverage on shares of Slide Insurance in a research report on Monday, July 14th. They set an “outperform” rating for the company. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.67.

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”).