Key Points
- Director Stephen Rohde sold 5,000 Slide Insurance shares at $20 each for $100,000, reducing his direct holdings by 66.67% to 2,500 shares.
- Slide Insurance beat quarterly earnings expectations, reporting $1.06 EPS versus the $0.88 consensus on $386.82 million in revenue. The company also authorized a $100 million share buyback and announced a quarterly dividend of $0.07 per share.
- Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $25.40 price target; shares opened at $20.65 and recently traded between a 1-year low of $12.53 and high of $23.00.
Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Stephen Rohde sold 5,000 shares of Slide Insurance stock in a transaction on Friday, July 31st. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the director directly owned 2,500 shares of the company's stock, valued at $50,000. This trade represents a 66.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Slide Insurance Stock Performance
Shares of SLDE opened at $20.65 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.33. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 5.04 and a beta of -0.04. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $23.00. The firm has a 50 day simple moving average of $19.06 and a 200-day simple moving average of $18.27.
Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The business had revenue of $386.82 million during the quarter. Equities analysts forecast that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current fiscal year.
Slide Insurance declared that its Board of Directors has authorized a share buyback plan on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.
Slide Insurance Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 14th.
Hedge Funds Weigh In On Slide Insurance
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its stake in shares of Slide Insurance by 298.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock worth $48,380,000 after buying an additional 2,012,428 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Slide Insurance during the second quarter worth about $33,063,000. Balyasny Asset Management L.P. grew its holdings in Slide Insurance by 314.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company's stock worth $21,753,000 after acquiring an additional 1,045,826 shares during the period. HB Wealth Management LLC raised its position in Slide Insurance by 1,375.7% in the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company's stock worth $17,388,000 after acquiring an additional 832,102 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Slide Insurance in the fourth quarter worth about $13,016,000.
Analyst Ratings Changes
A number of research firms have weighed in on SLDE. Weiss Ratings restated a "hold (c)" rating on shares of Slide Insurance in a report on Wednesday, May 6th. Citigroup reaffirmed an "outperform" rating on shares of Slide Insurance in a report on Thursday, July 30th. Barclays boosted their price objective on Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Finally, Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Slide Insurance presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.40.
View Our Latest Stock Report on Slide Insurance
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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