Slide Insurance (NASDAQ:SLDE) Director Robert Gries, Jr. Sells 28,212 Shares

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $21.04, for a total transaction of $593,580.48. Following the completion of the transaction, the director owned 1,749,145 shares in the company, valued at $36,802,010.80. The trade was a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Slide Insurance Stock Performance

NASDAQ:SLDE opened at $20.47 on Thursday. The stock has a 50-day simple moving average of $18.29 and a two-hundred day simple moving average of $18.02. The firm has a market capitalization of $2.35 billion and a PE ratio of 5.69. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $21.79.

Slide Insurance (NASDAQ:SLDE) last posted 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 business had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. Analysts forecast that Slide Insurance Holdings, Inc. will post 3.59 EPS for the current year.

Slide Insurance announced that its Board of Directors has initiated a share repurchase 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 generally an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Slide Insurance

A number of large investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership increased its position in Slide Insurance by 298.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after buying an additional 2,012,428 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Slide Insurance in the 2nd quarter valued at $33,063,000. Capital World Investors lifted its position in 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 acquiring an additional 1,483,180 shares during the period. Balyasny Asset Management L.P. lifted its position in 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 acquiring an additional 1,045,826 shares during the period. Finally, HB Wealth Management LLC increased its holdings in shares of Slide Insurance by 1,375.7% in the fourth 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.

Analyst Ratings Changes

A number of equities analysts have commented on SLDE shares. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 target price (down from $23.00) on shares of Slide Insurance in a research note on Monday. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods increased their target price on Slide Insurance from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Slide Insurance has an average rating of “Moderate Buy” and a consensus target price of $24.00.

About Slide Insurance

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.