Slide Insurance (NASDAQ:SLDE) Hits New 12-Month High – Here’s What Happened

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $21.21 and last traded at $21.30, with a volume of 1178941 shares traded. The stock had previously closed at $19.99.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SLDE shares. Texas Capital raised Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Barclays increased their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Keefe, Bruyette & Woods boosted their target price on shares of Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Finally, Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.80.

Slide Insurance Stock Performance

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 firm has a market capitalization of $2.43 billion and a P/E ratio of 5.90. The firm has a 50-day moving average of $18.16 and a two-hundred day moving average of $17.97.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The business had revenue of $389.28 million for the quarter. On average, analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

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

Insider Buying and Selling

In related news, COO Shannon Lucas sold 4,659 shares of Slide Insurance stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $17.12, for a total transaction of $79,762.08. Following the sale, the chief operating officer directly owned 1,118,756 shares of the company’s stock, valued at approximately $19,153,102.72. The trade was a 0.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew Pardo Wright sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.51, for a total transaction of $292,650.00. Following the transaction, the director owned 18,998 shares of the company’s stock, valued at approximately $370,650.98. This represents a 44.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 4,523,403 shares of company stock worth $84,129,443 in the last quarter. Corporate insiders own 50.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership lifted its stake in shares of Slide Insurance by 298.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after acquiring an additional 2,012,428 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Slide Insurance in the 2nd quarter worth about $33,063,000. Capital World Investors increased its holdings in Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after purchasing an additional 1,483,180 shares in the last quarter. Balyasny Asset Management L.P. raised its position in Slide Insurance by 314.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock valued at $21,753,000 after purchasing an additional 1,045,826 shares during the last quarter. Finally, HB Wealth Management LLC boosted its stake in shares of Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock valued at $17,388,000 after purchasing an additional 832,102 shares in 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.