Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Receives $25.40 Average PT from Analysts

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) has received an average recommendation of “Buy” from the nine ratings firms that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $25.40.

SLDE has been the topic of several analyst reports. Barclays raised their price target on shares of Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Zacks Research raised shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Citizens Jmp lifted their price target on Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research note on Thursday, July 30th. Finally, Citigroup reiterated an “outperform” rating on shares of Slide Insurance in a research report on Thursday, July 30th.

Insider Buying and Selling

In related news, COO Shannon Lucas sold 22,548 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $18.95, for a total transaction of $427,284.60. Following the completion of the transaction, the chief operating officer directly owned 1,142,473 shares in the company, valued at $21,649,863.35. This trade represents a 1.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert Gries, Jr. sold 84,636 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were 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 represents a 4.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 768,226 shares of company stock worth $14,260,274 over the last ninety days. 50.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Slide Insurance

Several institutional investors have recently modified their holdings of SLDE. Comerica Bank lifted its holdings in Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after buying an additional 1,281 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Slide Insurance by 8.4% during the 1st quarter. Hsbc Holdings PLC now owns 21,251 shares of the company’s stock worth $384,000 after acquiring an additional 1,641 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Slide Insurance by 11.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock worth $313,000 after purchasing an additional 1,704 shares during the last quarter. CWM LLC acquired a new position in Slide Insurance in the fourth quarter valued at approximately $35,000. Finally, Global Retirement Partners LLC acquired a new position in Slide Insurance in the second quarter valued at approximately $39,000.

Slide Insurance Trading Up 4.0%

NASDAQ SLDE opened at $23.64 on Tuesday. Slide Insurance has a 1 year low of $12.53 and a 1 year high of $23.75. 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 capitalization of $2.76 billion, a PE ratio of 5.77 and a beta of -0.04. The company has a fifty day moving average of $20.34 and a 200 day moving average of $18.80.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share (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 return on equity of 50.69% and a net margin of 40.02%. Research analysts forecast that Slide Insurance will post 3.79 earnings per share for the current year.

Slide Insurance announced that its board has initiated a share repurchase plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Slide Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. Slide Insurance’s payout ratio is presently 6.83%.

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.