Key Points
- CEO Bruce Lucas sold 192,695 shares of Slide Insurance stock for about $3.28 million at an average price of $17.03, reducing his stake slightly. He also made another sale the next day, adding to a recent pattern of insider selling.
- Slide Insurance shares were down 1.4% and opened at $16.70, while the stock trades near its 50-day and 200-day moving averages. The company currently has a market cap of about $1.91 billion and a low debt-to-equity ratio of 0.03.
- The company recently reported better-than-expected quarterly results, with EPS of $1.02 versus the $0.82 estimate and revenue of $389.28 million. It also announced a $100 million share buyback program, which could support the stock.
Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 4,659 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $79,762.08. Following the completion of the sale, the chief operating officer owned 1,118,756 shares of the company's stock, valued at approximately $19,153,102.72. The trade was a 0.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Shannon Lucas also recently made the following trade(s):
- On Wednesday, June 10th, Shannon Lucas sold 19,058 shares of Slide Insurance stock. The stock was sold at an average price of $17.03, for a total value of $324,557.74.
- On Wednesday, May 27th, Shannon Lucas sold 22,548 shares of Slide Insurance stock. The stock was sold at an average price of $18.95, for a total value of $427,284.60.
- 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 transaction 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 transaction 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 transaction of $158,606.50.
Slide Insurance Trading Down 1.4%
Shares of Slide Insurance stock opened at $16.70 on Friday. The company has a market capitalization of $1.91 billion and a P/E ratio of 4.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The company has a fifty day moving average of $18.17 and a 200 day moving average of $17.83. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $25.90.
Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping 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 company had revenue of $389.28 million during the quarter. On average, sell-side analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.
Slide Insurance declared that its board has approved a stock 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 shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.
Slide Insurance News Summary
Here are the key news stories impacting Slide Insurance this week:
- Negative Sentiment: CEO Bruce Lucas sold shares in two transactions this week, including a large sale of 192,695 shares and another of 44,467 shares, trimming his ownership slightly. SEC filing for Bruce Lucas sale
- Negative Sentiment: COO Shannon Lucas also sold shares in two filings, including 19,058 shares and 4,659 shares, adding to the impression of insider selling at SLDE. SEC filing for Shannon Lucas sale
- Negative Sentiment: Insider Matthew Paul Larson sold 13,750 shares, reducing his stake by more than 60%, which may raise concerns about near-term insider confidence. SEC filing for Matthew Paul Larson sale
- Neutral Sentiment: The company’s last reported quarterly results were strong, with earnings of $1.02 per share beating estimates and revenue of $389.28 million, which may help limit downside from the insider sales.
Analysts Set New Price Targets
Several research analysts have commented on the stock. Barclays increased their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, April 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a report on Wednesday, May 6th. Keefe, Bruyette & Woods increased their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Monday, March 9th. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Finally, Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.80.
Read Our Latest Stock Analysis on SLDE
Institutional Trading of Slide Insurance
Hedge funds have recently made changes to their positions in the business. Comerica Bank raised its position in shares of Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after buying an additional 1,281 shares in the last quarter. CWM LLC purchased a new stake in shares of Slide Insurance during the 4th quarter valued at about $35,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Slide Insurance during the 3rd quarter valued at about $35,000. State of Wyoming purchased a new stake in shares of Slide Insurance during the 1st quarter valued at about $42,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Slide Insurance during the 4th quarter valued at about $47,000.
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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