Texas Capital Upgrades Slide Insurance (NASDAQ:SLDE) to “Strong-Buy”

Slide Insurance (NASDAQ:SLDE) was upgraded by investment analysts at Texas Capital to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities analysts have also recently commented on the company. Piper Sandler increased their target price on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Zacks Research upgraded Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Barclays raised their price objective on Slide Insurance from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $24.40.

Slide Insurance Stock Performance

NASDAQ:SLDE opened at $16.37 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $2.04 billion and a PE ratio of 6.34. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $25.90. The company has a fifty day moving average of $17.32 and a two-hundred day moving average of $16.66.

Slide Insurance (NASDAQ:SLDE) last announced its earnings results on Tuesday, February 24th. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.36. The company had revenue of $347.01 million during the quarter.

Insider Buying and Selling

In other news, COO Shannon Lucas sold 23,884 shares of the business’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $18.59, for a total transaction of $444,003.56. Following the transaction, the chief operating officer owned 1,609,041 shares of the company’s stock, valued at approximately $29,912,072.19. The trade was a 1.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Bruce Lucas sold 241,493 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $18.59, for a total transaction of $4,489,354.87. Following the sale, the chief executive officer owned 39,460,863 shares of the company’s stock, valued at approximately $733,577,443.17. The trade was a 0.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,025,372 shares of company stock worth $19,041,559 in the last quarter.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SLDE. Comerica Bank raised its position in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after purchasing an additional 1,281 shares during the period. CWM LLC acquired a new position in shares of Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new position in shares of Slide Insurance during the 3rd quarter worth $35,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Slide Insurance during the 4th quarter worth about $47,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Slide Insurance by 4,839.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company’s stock valued at $49,000 after buying an additional 2,468 shares during the period.

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”). 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.