Key Points
- Director Andrew Pardo Wright sold 10,000 Slide Insurance shares on May 15 at an average price of $18.75, totaling $187,500. After the sale, he still held 90,086 shares worth about $1.69 million.
- Slide Insurance recently reported stronger-than-expected quarterly results, posting EPS of $1.02 versus the $0.82 consensus estimate on revenue of $389.28 million. The company also raised attention with a newly authorized $100 million share repurchase program.
- Insider selling has been frequent and may be pressuring sentiment, with multiple executives and directors, including CEO Bruce Lucas and COO Shannon Lucas, also selling shares in mid-May. At the same time, analysts currently rate the stock a Moderate Buy with an average target price of $24.80.
Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Andrew Pardo Wright sold 10,000 shares of Slide Insurance stock in a transaction on Friday, May 15th. The shares were sold at an average price of $18.75, for a total transaction of $187,500.00. Following the completion of the sale, the director directly owned 90,086 shares of the company's stock, valued at approximately $1,689,112.50. This trade represents a 9.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Andrew Pardo Wright also recently made the following trade(s):
- On Monday, May 18th, Andrew Pardo Wright sold 10,086 shares of Slide Insurance stock. The shares were sold at an average price of $19.00, for a total transaction of $191,634.00.
- On Thursday, May 7th, Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock. The shares were sold at an average price of $18.90, for a total transaction of $119,372.40.
- On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total transaction of $281,250.00.
Slide Insurance Trading Down 2.6%
SLDE opened at $18.48 on Wednesday. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90. 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 company has a market cap of $2.12 billion and a P/E ratio of 5.13. The company has a fifty day moving average price of $18.19 and a two-hundred day moving average price of $17.68.
Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The firm had revenue of $389.28 million during the quarter. Analysts predict that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.
Slide Insurance declared that its Board of Directors has authorized a share repurchase program on Tuesday, April 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.
Analyst Ratings Changes
A number of brokerages have recently weighed in on SLDE. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods upped their target price on Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Monday, March 9th. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Barclays upped their target price on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 29th. Finally, Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Slide Insurance presently has a consensus rating of "Moderate Buy" and an average target price of $24.80.
View Our Latest Stock Report on Slide Insurance
Slide Insurance News Roundup
Here are the key news stories impacting Slide Insurance this week:
- Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
- Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
- Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title
Institutional Investors Weigh In On Slide Insurance
Several institutional investors have recently bought and sold shares of the stock. Great Lakes Advisors LLC bought a new position in Slide Insurance in the 3rd quarter valued at $3,113,000. Fifth Third Bancorp grew its stake in Slide Insurance by 529,826.4% in the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company's stock valued at $7,433,000 after purchasing an additional 381,475 shares during the period. Cyndeo Wealth Partners LLC bought a new position in Slide Insurance in the 4th quarter valued at $2,235,000. Federated Hermes Inc. bought a new position in Slide Insurance in the 3rd quarter valued at $9,471,000. Finally, Quantbot Technologies LP bought a new position in Slide Insurance in the 3rd quarter valued at $871,000.
About Slide Insurance
(
Get Free Report)
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.
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