Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) have earned a consensus rating of “Moderate Buy” from the nine ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $24.80.

SLDE has been the topic of several research reports. Barclays boosted their price target on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Keefe, Bruyette & Woods boosted their price target on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th.

Slide Insurance Stock Performance

NASDAQ:SLDE opened at $16.50 on Thursday. The stock has a market cap of $1.89 billion and a P/E ratio of 4.58. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The stock’s 50-day moving average is $18.25 and its 200-day moving average is $17.81. Slide Insurance has a 1-year low of $12.53 and a 1-year high of $25.90.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.20. The company 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%. Equities research analysts anticipate that Slide Insurance will post 3.51 earnings per share for the current year.

Slide Insurance announced that its Board of Directors has approved a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Matthew Paul Larson sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $17.79, for a total value of $44,475.00. Following the sale, the insider directly owned 2,500 shares in the company, valued at $44,475. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Bruce Lucas sold 227,987 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total value of $4,320,353.65. Following the completion of the sale, the chief executive officer owned 34,743,361 shares in the company, valued at $658,386,690.95. The trade was a 0.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 5,208,537 shares of company stock valued at $96,821,007. Insiders own 50.80% of the company’s stock.

Hedge Funds Weigh In On Slide Insurance

A number of institutional investors and hedge funds have recently modified their holdings of SLDE. Comerica Bank boosted its holdings in shares of Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after buying an additional 1,281 shares in the last quarter. CWM LLC bought a new position in shares of Slide Insurance during the 4th quarter worth approximately $35,000. Ameritas Investment Partners Inc. bought a new position in shares of Slide Insurance during the 3rd quarter worth approximately $35,000. State of Wyoming bought a new position in shares of Slide Insurance during the 1st quarter worth approximately $42,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Slide Insurance during the 4th quarter worth approximately $47,000.

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.