Vanguard Group Inc. Acquires 354,321 Shares of Slide Insurance Holdings, Inc. $SLDE

Vanguard Group Inc. raised its position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 14.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,761,819 shares of the company’s stock after purchasing an additional 354,321 shares during the quarter. Vanguard Group Inc.’s holdings in Slide Insurance were worth $53,800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital World Investors raised its stake in shares of Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock valued at $70,767,000 after purchasing an additional 1,483,180 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Slide Insurance in the 2nd quarter valued at about $33,063,000. Balyasny Asset Management L.P. raised its stake in shares of Slide Insurance by 314.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock valued at $21,753,000 after purchasing an additional 1,045,826 shares during the period. HB Wealth Management LLC raised its stake in shares of Slide Insurance by 1,375.7% in the 4th quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock valued at $17,388,000 after purchasing an additional 832,102 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Slide Insurance by 377.4% in the 3rd quarter. Millennium Management LLC now owns 722,895 shares of the company’s stock valued at $11,411,000 after purchasing an additional 571,483 shares during the period.

Insiders Place Their Bets

In other news, CEO Bruce Lucas sold 273,702 shares of the business’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $18.11, for a total transaction of $4,956,743.22. Following the completion of the sale, the chief executive officer owned 37,620,933 shares in the company, valued at $681,315,096.63. The trade was a 0.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 4,196,928 shares of company stock worth $77,562,040 over the last 90 days. 50.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SLDE. Barclays lifted their target price on Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods lifted their target price on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Finally, Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Slide Insurance currently has an average rating of “Moderate Buy” and a consensus price target of $24.80.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $18.80 on Friday. The business’s 50 day moving average price is $18.20 and its two-hundred day moving average price is $17.62. The company has a market cap of $2.15 billion and a PE ratio of 5.22. 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 twelve month low of $12.53 and a twelve month high of $25.90.

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, topping analysts’ consensus estimates of $0.82 by $0.20. The firm 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%. On average, analysts predict that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

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

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.