Slide Insurance (NASDAQ:SLDE) Sets New 12-Month High – What’s Next?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shares hit a new 52-week high on Friday . The stock traded as high as $23.16 and last traded at $23.14, with a volume of 130712 shares changing hands. The stock had previously closed at $22.52.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SLDE shares. Citizens Jmp raised their price objective on Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research report on Thursday, July 30th. Zacks Research raised Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Keefe, Bruyette & Woods raised their target price on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Morgan Stanley set a $22.00 target price on shares of Slide Insurance in a research note on Monday, August 3rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $25.40.

Slide Insurance Stock Performance

The business has a fifty day simple moving average of $20.08 and a two-hundred day simple moving average of $18.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market cap of $2.65 billion, a PE ratio of 5.53 and a beta of -0.04.

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

Slide Insurance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 14th. Slide Insurance’s dividend payout ratio (DPR) is presently 6.83%.

Slide Insurance announced 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 repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Slide Insurance

In related news, Director Andrew Pardo Wright sold 15,000 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were 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 approximately $370,650.98. This represents a 44.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen L. Rohde sold 5,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $21.89, for a total transaction of $109,450.00. Following the transaction, the director directly owned 5,000 shares of the company’s stock, valued at approximately $109,450. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 800,539 shares of company stock valued at $14,862,952. 50.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Slide Insurance

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Slide Insurance during the 2nd quarter worth about $98,538,000. Vanguard Group Inc. increased its stake in Slide Insurance by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock worth $53,800,000 after buying an additional 354,321 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 acquiring an additional 2,012,428 shares during the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Slide Insurance by 27.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock valued at $34,250,000 after acquiring an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Slide Insurance in the second quarter worth approximately $33,063,000.

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.