Allworth Financial LP Takes Position in Slide Insurance Holdings, Inc. $SLDE

Allworth Financial LP acquired a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 306,742 shares of the company’s stock, valued at approximately $5,975,000.

Other large investors have also recently made changes to their positions in the company. Comerica Bank lifted its stake in shares of Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after buying an additional 1,281 shares in the last quarter. CWM LLC bought a new stake in Slide Insurance during the fourth quarter worth $35,000. Ameritas Investment Partners Inc. bought a new stake in Slide Insurance during the third quarter worth $35,000. Strs Ohio bought a new stake in Slide Insurance during the third quarter worth $77,000. Finally, BNP Paribas Financial Markets bought a new stake in Slide Insurance during the third quarter worth $111,000.

Slide Insurance Stock Up 0.9%

SLDE opened at $18.80 on Friday. The business’s fifty day simple moving average is $18.20 and its 200 day simple moving average is $17.62. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.90. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The stock has a market cap of $2.15 billion and a PE ratio of 5.22.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. As a group, research analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its board has authorized a stock repurchase program on Tuesday, April 28th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase 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.

Insider Buying and Selling

In other Slide Insurance news, Director Stephen L. Rohde sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $19.00, for a total value of $95,000.00. Following the completion of the sale, the director owned 5,000 shares of the company’s stock, valued at $95,000. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew Pardo Wright sold 6,316 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $18.90, for a total transaction of $119,372.40. Following the transaction, the director owned 100,086 shares in the company, valued at $1,891,625.40. The trade was a 5.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,196,928 shares of company stock worth $77,562,040 over the last ninety days. Corporate insiders own 50.80% of the company’s stock.

Wall Street Analysts Forecast Growth

SLDE has been the subject of several recent research reports. Keefe, Bruyette & Woods upped their price target on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Texas Capital raised shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Finally, Piper Sandler lifted their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.80.

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.