Healthcare of Ontario Pension Plan Trust Fund Has $2 Million Position in Slide Insurance Holdings, Inc. $SLDE

Healthcare of Ontario Pension Plan Trust Fund lowered its holdings in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 62.9% during the first quarter, HoldingsChannel.com reports. The fund owned 111,300 shares of the company’s stock after selling 188,700 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Slide Insurance were worth $2,003,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SLDE. Arrowstreet Capital Limited Partnership boosted its holdings in Slide Insurance by 298.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after purchasing an additional 2,012,428 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Slide Insurance during the 2nd quarter worth approximately $33,063,000. Balyasny Asset Management L.P. lifted its position in shares of Slide Insurance by 314.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock worth $21,753,000 after buying an additional 1,045,826 shares during the period. HB Wealth Management LLC boosted its stake in Slide Insurance by 1,375.7% in the 4th quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock valued at $17,388,000 after buying an additional 832,102 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Slide Insurance in the fourth quarter valued at $13,016,000.

Insider Activity at Slide Insurance

In related news, Director Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.51, for a total value of $292,650.00. Following the completion of the sale, the director directly owned 18,998 shares in the company, valued at $370,650.98. This trade represents a 44.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Gries, Jr. sold 28,212 shares of the business’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $21.04, for a total value of $593,580.48. Following the sale, the director directly owned 1,749,145 shares of the company’s stock, valued at $36,802,010.80. This represents a 1.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,519,857 shares of company stock valued at $47,298,682 over the last quarter. 50.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SLDE. Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods boosted their target price on shares of Slide Insurance from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Citigroup reissued an “outperform” rating on shares of Slide Insurance in a report on Thursday. Finally, Citizens Jmp boosted their price target on shares of Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.60.

Slide Insurance Price Performance

Shares of SLDE stock opened at $19.97 on Friday. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $23.00. 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’s 50 day moving average is $18.97 and its 200-day moving average is $18.22. The firm has a market capitalization of $2.29 billion and a price-to-earnings ratio of 4.87.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 52.25%. The business had revenue of $386.82 million during the quarter. Sell-side analysts forecast that Slide Insurance Holdings, Inc. will post 3.74 EPS for the current fiscal year.

Slide Insurance announced that its board has authorized a share buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 4.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Slide Insurance Announces Dividend

The company also recently announced 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 1.4%. The ex-dividend date of this dividend is Friday, August 14th.

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.