Globeflex Capital L P Invests $709,000 in Slide Insurance Holdings, Inc. $SLDE

Globeflex Capital L P purchased a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 39,401 shares of the company’s stock, valued at approximately $709,000.

Several other hedge funds also recently modified their holdings of SLDE. Fifth Third Bancorp boosted its holdings in Slide Insurance by 529,826.4% in the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock valued at $7,433,000 after purchasing an additional 381,475 shares during the period. World Investment Advisors bought a new position in shares of Slide Insurance during the 4th quarter worth about $1,964,000. Axis Wealth Partners LLC raised its position in shares of Slide Insurance by 100.0% during the first quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company’s stock valued at $3,663,000 after buying an additional 101,751 shares during the last quarter. FourThought Financial Partners LLC bought a new stake in shares of Slide Insurance in the fourth quarter valued at about $5,893,000. Finally, First American Bank acquired a new stake in Slide Insurance during the fourth quarter worth about $7,079,000.

Slide Insurance Stock Down 3.6%

Shares of NASDAQ SLDE opened at $19.82 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $2.27 billion and a PE ratio of 5.51. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $21.79. The business has a fifty day moving average of $18.70 and a two-hundred day moving average of $18.10.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data 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. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The company had revenue of $389.28 million during the quarter. As a group, equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.59 earnings per share for the current fiscal year.

Slide Insurance announced that its Board of Directors has approved a share repurchase program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SLDE. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Barclays decreased their price objective on Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Morgan Stanley restated an “equal weight” rating and set a $20.00 price objective (down from $23.00) on shares of Slide Insurance in a research report on Monday, July 6th. Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Keefe, Bruyette & Woods raised their target price on Slide Insurance from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

Insider Buying and Selling at Slide Insurance

In other news, Director Robert Gries, Jr. sold 28,212 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $21.04, for a total transaction of $593,580.48. Following the transaction, the director directly owned 1,749,145 shares in the company, valued at approximately $36,802,010.80. This represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Shannon Lucas sold 4,659 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $79,762.08. Following the transaction, the chief operating officer directly owned 1,118,756 shares in the company, valued at approximately $19,153,102.72. This represents a 0.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,233,119 shares of company stock worth $60,890,439 over the last 90 days. Company insiders own 50.80% of the company’s stock.

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.