Slide Insurance (NASDAQ:SLDE) Director Robert Gries, Jr. Sells 84,636 Shares of Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 84,636 shares of Slide Insurance stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.34, for a total transaction of $1,721,496.24. Following the completion of the transaction, the director directly owned 1,777,357 shares of the company’s stock, valued at approximately $36,151,441.38. This trade represents a 4.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Slide Insurance Stock Performance

Shares of SLDE stock traded down $0.31 on Wednesday, reaching $20.47. The stock had a trading volume of 1,507,409 shares, compared to its average volume of 1,576,502. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $21.79. The firm has a market capitalization of $2.35 billion and a price-to-earnings ratio of 5.69. The firm’s 50-day moving average is $18.26 and its two-hundred day moving average is $18.00. 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 (NASDAQ:SLDE) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The business had revenue of $389.28 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. On average, research analysts expect that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance declared that its Board of Directors has approved a stock buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of SLDE. Arrowstreet Capital Limited Partnership boosted its position in shares of Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after acquiring an additional 2,012,428 shares during the period. Raymond James Financial Inc. bought a new stake in Slide Insurance in the 2nd quarter valued at about $33,063,000. Capital World Investors grew its position in shares of Slide Insurance by 49.4% during the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after purchasing an additional 1,483,180 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of Slide Insurance by 314.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock worth $21,753,000 after purchasing an additional 1,045,826 shares in the last quarter. Finally, HB Wealth Management LLC increased its holdings in shares of Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock worth $17,388,000 after purchasing an additional 832,102 shares during the period.

Wall Street Analyst Weigh In

SLDE has been the subject of a number of research analyst reports. Barclays reduced their price objective on shares of Slide Insurance from $31.00 to $27.00 and set an “overweight” rating for the company in a research report on Tuesday. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 price target (down from $23.00) on shares of Slide Insurance in a research note on Monday. Finally, Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Slide Insurance presently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

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.