Quantinno Capital Management LP Purchases Shares of 52,943 Slide Insurance Holdings, Inc. $SLDE

Quantinno Capital Management LP purchased a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the 1st quarter, Holdings Channel.com reports. The fund purchased 52,943 shares of the company’s stock, valued at approximately $953,000.

A number of other hedge funds also recently modified their holdings of SLDE. Arrowstreet Capital Limited Partnership grew its stake in shares of Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock worth $48,380,000 after purchasing an additional 2,012,428 shares during the last quarter. Raymond James Financial Inc. bought a new position in Slide Insurance during the 2nd quarter worth $33,063,000. Balyasny Asset Management L.P. raised its position in 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 purchasing an additional 1,045,826 shares during the last quarter. HB Wealth Management LLC lifted its holdings in Slide Insurance by 1,375.7% during the 4th quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock worth $17,388,000 after buying an additional 832,102 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in Slide Insurance during the 4th quarter worth about $13,016,000.

Slide Insurance Stock Performance

Shares of SLDE opened at $21.93 on Monday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.02. The firm’s fifty day simple moving average is $19.65 and its two-hundred day simple moving average is $18.55. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $23.00. The stock has a market capitalization of $2.56 billion, a P/E ratio of 5.35 and a beta of -0.04.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.18. The firm had revenue of $386.82 million during the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. As a group, analysts predict that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current year.

Slide Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.28 annualized dividend and a yield of 1.3%. Slide Insurance’s dividend payout ratio (DPR) is currently 6.83%.

Slide Insurance declared that its Board of Directors has initiated a stock buyback program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SLDE. Morgan Stanley set a $22.00 price target on Slide Insurance in a research note on Monday, August 3rd. Zacks Research raised Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Citizens Jmp upped their target price on Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a report on Thursday, July 30th. Citigroup reissued an “outperform” rating on shares of Slide Insurance in a research report on Thursday, July 30th. Finally, Barclays raised their price target on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $25.40.

Insiders Place Their Bets

In other Slide Insurance news, CEO Bruce Lucas sold 44,467 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $761,275.04. Following the transaction, the chief executive officer directly owned 34,506,199 shares of the company’s stock, valued at approximately $590,746,126.88. The trade was a 0.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew Pardo Wright sold 15,000 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.51, for a total value of $292,650.00. Following the transaction, the director owned 18,998 shares in the company, valued at $370,650.98. The trade was a 44.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,301,072 shares of company stock valued at $24,304,217 in the last 90 days. Company insiders own 50.80% of the company’s stock.

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.