Key Points
- Slide Insurance COO Shannon Lucas sold 22,548 shares on May 27 at an average price of $18.95, worth about $427,285, trimming ownership by 1.94% to 1.14 million shares.
- Lucas has been a frequent seller in recent weeks, with multiple transactions in late April and May totaling hundreds of thousands of dollars each, indicating a steady reduction in holdings.
- Slide Insurance recently reported better-than-expected quarterly results, including EPS of $1.02 versus estimates of $0.82, and its board approved a $100 million share repurchase program covering up to 4.3% of shares outstanding.
Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 22,548 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $18.95, for a total value of $427,284.60. Following the completion of the transaction, the chief operating officer directly owned 1,142,473 shares of the company's stock, valued at $21,649,863.35. This trade represents a 1.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Shannon Lucas also recently made the following trade(s):
- On Wednesday, May 20th, Shannon Lucas sold 18,279 shares of Slide Insurance stock. The stock was sold at an average price of $18.78, for a total value of $343,279.62.
- On Tuesday, May 19th, Shannon Lucas sold 27,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total value of $512,190.00.
- On Monday, May 18th, Shannon Lucas sold 45,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.06, for a total value of $857,700.00.
- On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total value of $502,877.28.
- On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $168,840.00.
- On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total value of $322,422.21.
- On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $125,495.36.
- On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total value of $158,606.50.
- On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The stock was sold at an average price of $19.24, for a total value of $363,963.08.
- On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total value of $288,853.94.
Slide Insurance Stock Performance
SLDE opened at $17.83 on Tuesday. The company has a market capitalization of $2.04 billion and a price-to-earnings ratio of 4.95. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90. The business has a 50 day moving average price of $18.33 and a two-hundred day moving average price of $17.81.
Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The company had revenue of $389.28 million during the quarter. Research analysts predict that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.
Slide Insurance announced that its Board of Directors has approved a share repurchase plan on Tuesday, April 28th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.
Institutional Trading of Slide Insurance
A number of hedge funds have recently modified their holdings of the business. Comerica Bank raised its holdings in shares of Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after acquiring an additional 1,281 shares in the last quarter. CWM LLC purchased a new stake in shares of Slide Insurance during the fourth quarter worth $35,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Slide Insurance during the third quarter worth $35,000. State of Wyoming purchased a new stake in shares of Slide Insurance during the first quarter worth $42,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Slide Insurance during the fourth quarter worth $47,000.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the company. Zacks Research downgraded Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Barclays increased their price objective on Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a research report on Wednesday, April 29th. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. One research 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, Slide Insurance has an average rating of "Moderate Buy" and an average target price of $24.80.
Read Our Latest Stock Analysis on SLDE
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.
Further Reading
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