Slide Insurance (NASDAQ:SLDE) Sets New 52-Week High – Time to Buy?

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.22 and last traded at $24.18, with a volume of 2226068 shares changing hands. The stock had previously closed at $23.29.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Barclays boosted their price target on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Citizens Jmp boosted their target price on shares of Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research note on Thursday, July 30th. Zacks Research raised shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Wall Street Zen cut shares of Slide Insurance from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. Finally, Morgan Stanley set a $22.00 price target on Slide Insurance in a research note 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. Based on data from MarketBeat, Slide Insurance has a consensus rating of “Buy” and an average target price of $25.40.

Slide Insurance Stock Down 0.2%

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 stock has a 50-day moving average of $21.48 and a two-hundred day moving average of $19.20. The company has a market cap of $2.88 billion, a P/E ratio of 6.02 and a beta of 0.07.

Slide Insurance (NASDAQ:SLDE) last issued its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.18. The company had revenue of $386.82 million for the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. On average, research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current fiscal year.

Slide Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, August 14th. Slide Insurance’s dividend payout ratio (DPR) is 6.83%.

Insider Buying and Selling at Slide Insurance

In other news, COO Shannon Lucas sold 19,058 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $17.03, for a total transaction of $324,557.74. Following the transaction, the chief operating officer directly owned 1,123,415 shares of the company’s stock, valued at approximately $19,131,757.45. The trade was a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew Wright sold 31,002 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $18.01, for a total transaction of $558,346.02. Following the completion of the sale, the director directly owned 48,998 shares of the company’s stock, valued at approximately $882,453.98. This represents a 38.75% 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 491,691 shares of company stock worth $9,021,426 over the last three months. 50.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLDE. Geode Capital Management LLC purchased a new stake in Slide Insurance during the 2nd quarter valued at $2,245,000. Legal & General Group Plc purchased a new stake in Slide Insurance during the 2nd quarter valued at approximately $216,000. Norges Bank purchased a new stake in Slide Insurance in the 2nd quarter worth $866,000. Marshall Wace LLP purchased a new stake in shares of Slide Insurance in the second quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Slide Insurance during the 2nd quarter valued at approximately $834,000.

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.