Slide Insurance (NASDAQ:SLDE) Upgraded by Texas Capital to Strong-Buy Rating

Texas Capital upgraded shares of Slide Insurance (NASDAQ:SLDE) to a strong-buy rating in a report issued on Wednesday,Zacks.com reports.

Several other equities research analysts also recently commented on the company. Barclays boosted their target price on Slide Insurance from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Slide Insurance in a research report on Friday, December 26th. Keefe, Bruyette & Woods upped their price target on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday, March 9th. Piper Sandler raised their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. Finally, Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $24.40.

Slide Insurance Trading Down 5.4%

NASDAQ:SLDE opened at $16.37 on Wednesday. Slide Insurance has a one year low of $12.53 and a one year high of $25.90. The company’s 50-day simple moving average is $17.32 and its 200 day simple moving average is $16.66. The firm has a market capitalization of $2.04 billion and a P/E ratio of 6.34. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.34 and a quick ratio of 1.34.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, February 24th. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.36. The business had revenue of $347.01 million for the quarter.

Insiders Place Their Bets

In related news, Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $18.35, for a total transaction of $517,690.20. Following the sale, the director directly owned 2,003,053 shares of the company’s stock, valued at $36,756,022.55. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Bruce Lucas sold 241,493 shares of Slide Insurance stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $18.59, for a total value of $4,489,354.87. Following the completion of the sale, the chief executive officer owned 39,460,863 shares of the company’s stock, valued at $733,577,443.17. The trade was a 0.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,025,372 shares of company stock valued at $19,041,559.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLDE. Comerica Bank grew its position in Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after purchasing an additional 1,281 shares during the period. CWM LLC purchased a new position in shares of Slide Insurance in the 4th quarter worth $35,000. Ameritas Investment Partners Inc. purchased a new position in shares of Slide Insurance in the 3rd quarter worth $35,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Slide Insurance in the fourth quarter worth $47,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Slide Insurance by 4,839.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company’s stock valued at $49,000 after acquiring an additional 2,468 shares during the last quarter.

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.