The Manufacturers Life Insurance Company Invests $655,000 in Slide Insurance Holdings, Inc. $SLDE

The Manufacturers Life Insurance Company purchased a new position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 36,415 shares of the company’s stock, valued at approximately $655,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position 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 buying an additional 354,321 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in 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 buying an additional 2,012,428 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Slide Insurance by 27.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock valued at $34,250,000 after acquiring an additional 380,161 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Slide Insurance during the second quarter valued at $33,063,000. Finally, Freestone Grove Partners LP grew its position in shares of Slide Insurance by 50.3% during the fourth 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 during the last quarter.

Slide Insurance Price Performance

Shares of SLDE opened at $21.93 on Friday. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $23.00. The stock’s fifty day moving average is $19.65 and its 200-day moving average is $18.53. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 5.35 and a beta of -0.04.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.18. The business had revenue of $386.82 million during the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. Equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current year.

Slide Insurance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, August 14th.

Slide Insurance announced that its board has approved a share buyback program on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

SLDE has been the topic of a number of analyst reports. Morgan Stanley set a $22.00 price objective on shares of Slide Insurance in a report on Monday, August 3rd. Keefe, Bruyette & Woods upped their target price on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Barclays raised their price target on shares of Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Citigroup reaffirmed an “outperform” rating on shares of Slide Insurance in a report on Thursday, July 30th. Finally, Zacks Research raised Slide Insurance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $25.40.

Insider Activity at Slide Insurance

In related news, Director Robert Gries, Jr. sold 84,636 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.34, for a total transaction of $1,721,496.24. Following the sale, the director owned 1,777,357 shares of the company’s stock, valued at $36,151,441.38. The trade was a 4.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Shannon Lucas sold 45,000 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $19.06, for a total value of $857,700.00. Following the completion of the sale, the chief operating officer owned 1,210,300 shares of the company’s stock, valued at $23,068,318. This trade represents a 3.58% 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 1,827,408 shares of company stock valued at $34,334,764. Insiders own 50.80% of the company’s stock.

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.