Slide Insurance (NASDAQ:SLDE) Director Robert Gries, Jr. Sells 84,636 Shares of Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 84,636 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 1,777,357 shares of the company’s stock, valued at $36,151,441.38. This trade represents a 4.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Slide Insurance Stock Down 1.5%

Shares of SLDE opened at $20.47 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market capitalization of $2.35 billion and a price-to-earnings ratio of 5.69. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $21.79. The stock has a fifty day moving average of $18.29 and a 200-day moving average of $18.02.

Slide Insurance (NASDAQ:SLDE) last posted its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. As a group, sell-side analysts anticipate that Slide Insurance Holdings, Inc. will post 3.59 earnings per share for the current fiscal year.

Slide Insurance announced that its board has approved a share buyback plan on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Slide Insurance

Large investors have recently modified their holdings of the stock. Comerica Bank increased its holdings 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 acquiring an additional 1,281 shares during the last quarter. CWM LLC bought a new stake in shares of Slide Insurance during the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. bought a new position in Slide Insurance in the 3rd quarter worth about $35,000. State of Wyoming purchased a new position in Slide Insurance during the 1st quarter valued at about $42,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Slide Insurance in the fourth quarter worth about $47,000.

Wall Street Analysts Forecast Growth

SLDE has been the topic of a number of research analyst reports. Morgan Stanley restated an “equal weight” rating and set a $20.00 price target (down from $23.00) on shares of Slide Insurance in a report on Monday. Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Finally, Barclays lowered their target price on shares of Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.00.

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.