Key Points
- Director Andrew Pardo Wright sold 15,000 shares of Slide Insurance on June 29 for about $292,650 at an average price of $19.51, cutting his direct ownership by 44.12%.
- This was part of a series of recent insider sales by Wright, including multiple transactions in late June and throughout May totaling hundreds of thousands of dollars.
- Despite the insider selling, Slide Insurance’s stock was up 3.2% and the company has seen positive fundamentals, including a recent earnings beat and a board-approved $100 million share buyback.
Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Andrew Pardo Wright sold 15,000 shares of the firm's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.51, for a total value of $292,650.00. Following the sale, the director directly owned 18,998 shares of the company's stock, valued at $370,650.98. The trade was a 44.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Andrew Pardo Wright also recently made the following trade(s):
- On Friday, June 26th, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.03, for a total value of $285,450.00.
- On Wednesday, June 24th, Andrew Pardo Wright sold 31,002 shares of Slide Insurance stock. The stock was sold at an average price of $18.01, for a total value of $558,346.02.
- 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 Friday, May 15th, Andrew Pardo Wright sold 10,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total transaction of $187,500.00.
- On Thursday, May 7th, Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock. The stock was sold at an average price of $18.90, for a total value of $119,372.40.
- On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $281,250.00.
Slide Insurance Trading Up 3.2%
Shares of NASDAQ:SLDE opened at $19.99 on Thursday. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $21.02. The company's 50 day moving average is $18.06 and its two-hundred day moving average is $17.92. The company has a market cap of $2.29 billion and a PE ratio of 5.55. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03.
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 return on equity of 48.38% and a net margin of 38.86%.The business had revenue of $389.28 million for the quarter. Equities analysts predict that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.
Slide Insurance declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.
Wall Street Analysts Forecast Growth
SLDE has been the subject of several recent analyst reports. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Zacks Research lowered shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. 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 research note on Wednesday, April 29th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $24.80.
Get Our Latest Analysis on SLDE
Institutional Investors Weigh In On Slide Insurance
Hedge funds have recently modified their holdings of the stock. Comerica Bank increased its position in 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 purchasing an additional 1,281 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Slide Insurance by 8.4% in the 1st quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock valued at $384,000 after purchasing an additional 1,641 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Slide Insurance by 11.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock valued at $313,000 after buying an additional 1,704 shares during the period. CWM LLC acquired a new stake in shares of Slide Insurance during the 4th quarter worth $35,000. Finally, California State Teachers Retirement System increased its holdings in shares of Slide Insurance by 9.5% during the 1st quarter. California State Teachers Retirement System now owns 25,318 shares of the company's stock worth $456,000 after buying an additional 2,189 shares during the last quarter.
Slide Insurance Company Profile
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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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