Slide Insurance (NASDAQ:SLDE) Posts Earnings Results, Beats Estimates By $0.18 EPS

Slide Insurance (NASDAQ:SLDE) released its quarterly earnings data on Tuesday. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18, FiscalAI reports. The company had revenue of $386.82 million for the quarter. Slide Insurance had a return on equity of 52.25% and a net margin of 40.02%.

Slide Insurance Stock Performance

SLDE opened at $22.14 on Thursday. The company’s 50 day moving average is $18.92 and its 200 day moving average is $18.19. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.54 billion and a price-to-earnings ratio of 5.40. Slide Insurance has a 12-month low of $12.53 and a 12-month high of $23.00.

Slide Insurance Announces Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, August 14th.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Citigroup reissued an “outperform” rating on shares of Slide Insurance in a research report on Thursday. Barclays lifted their price target on Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday. Morgan Stanley restated an “equal weight” rating and issued a $20.00 price objective (down from $23.00) on shares of Slide Insurance in a report on Monday, July 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Slide Insurance declared that its board has initiated a share repurchase program on Tuesday, April 28th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Slide Insurance

In related news, Director Robert Gries, Jr. sold 84,636 shares of the stock in a transaction 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 in the company, valued at approximately $36,151,441.38. This represents a 4.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Bruce Lucas sold 455,000 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $19.06, for a total value of $8,672,300.00. Following the transaction, the chief executive officer owned 35,429,165 shares of the company’s stock, valued at approximately $675,279,884.90. The trade was a 1.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,628,743 shares of company stock worth $49,342,172 in the last quarter. Corporate insiders own 50.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp boosted its position in Slide Insurance by 529,826.4% during the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock valued at $7,433,000 after acquiring an additional 381,475 shares in the last quarter. World Investment Advisors acquired a new position in shares of Slide Insurance during the fourth quarter worth $1,964,000. Axis Wealth Partners LLC increased 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 worth $3,663,000 after purchasing an additional 101,751 shares in the last quarter. FourThought Financial Partners LLC purchased a new stake in shares of Slide Insurance during the 4th quarter valued at $5,893,000. Finally, Suncoast Equity Management acquired a new stake in shares of Slide Insurance in the 4th quarter worth $1,782,000.

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.