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

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) have received a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $23.75.

Several equities research analysts recently weighed in on the company. Barclays dropped their target price on Slide Insurance from $31.00 to $27.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods upped their price target on shares of Slide Insurance from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price target (down from $23.00) on shares of Slide Insurance in a research report on Monday, July 6th. Finally, Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th.

Insiders Place Their Bets

In other Slide Insurance news, CEO Bruce Lucas sold 44,467 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $17.12, for a total transaction of $761,275.04. Following the transaction, the chief executive officer directly owned 34,506,199 shares of the company’s stock, valued at approximately $590,746,126.88. The trade was a 0.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Gries, Jr. sold 28,212 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 1,749,145 shares of the company’s stock, valued at approximately $36,802,010.80. This represents a 1.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,233,119 shares of company stock valued at $60,890,439 over the last quarter. 50.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Slide Insurance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock worth $53,800,000 after purchasing an additional 354,321 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of 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. Balyasny Asset Management L.P. grew its position in shares of Slide Insurance by 27.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock worth $34,250,000 after buying an additional 380,161 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Slide Insurance in the 2nd quarter worth about $33,063,000. Finally, Freestone Grove Partners LP increased its stake in shares of Slide Insurance by 50.3% in the 4th quarter. Freestone Grove Partners LP now owns 986,543 shares of the company’s stock worth $19,218,000 after acquiring an additional 330,165 shares in the last quarter.

Slide Insurance Stock Down 0.6%

Shares of NASDAQ SLDE opened at $19.71 on Friday. The stock has a market capitalization of $2.26 billion and a P/E ratio of 5.48. Slide Insurance has a one year low of $12.53 and a one year high of $21.79. The firm’s 50 day simple moving average is $18.72 and its two-hundred day simple moving average is $18.11. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The company 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%. As a group, analysts expect that Slide Insurance will post 3.59 EPS for the current fiscal year.

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

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.