Key Points
- Director Robert Gries Jr. sold 28,212 Slide Insurance shares at an average price of $20.33, generating $573,549.96. He retained 1,720,933 shares worth approximately $35.0 million.
- Slide Insurance recently exceeded quarterly earnings expectations, reporting $1.06 EPS versus the $0.88 consensus on $386.82 million in revenue. Analysts maintain an overall “Buy” rating with a consensus price target of $25.40.
- The company declared a quarterly dividend of $0.07 per share and has authorized a $100 million share-repurchase program, allowing it to buy back up to 4.3% of outstanding shares.
Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Robert Gries, Jr. sold 28,212 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $20.33, for a total value of $573,549.96. Following the transaction, the director directly owned 1,720,933 shares in the company, valued at approximately $34,986,567.89. This trade represents a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Slide Insurance Trading Up 0.4%
Shares of Slide Insurance stock opened at $20.74 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.23. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $23.00. The stock has a 50 day moving average price of $19.10 and a two-hundred day moving average price of $18.30. The stock has a market capitalization of $2.42 billion, a PE ratio of 5.06 and a beta of -0.04.
Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.18. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%.The company had revenue of $386.82 million for the quarter. As a group, equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current fiscal year.
Slide Insurance Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 14th. Slide Insurance's payout ratio is 6.83%.
Slide Insurance declared that its Board of Directors has initiated a share repurchase plan on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of analysts have commented on the company. Morgan Stanley set a $22.00 price objective on Slide Insurance in a report on Monday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Slide Insurance in a research report on Monday. Zacks Research raised Slide Insurance from a "hold" rating to a "strong-buy" rating in a research report on Monday. Keefe, Bruyette & Woods lifted their price objective on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a report on Monday. Finally, Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $25.40.
Read Our Latest Stock Analysis on Slide Insurance
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Comerica Bank grew its stake in Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after purchasing an additional 1,281 shares during the period. CWM LLC bought a new stake in shares of Slide Insurance during the 4th quarter worth $35,000. Ameritas Investment Partners Inc. bought a new stake in shares of Slide Insurance during the 3rd quarter worth $35,000. State of Wyoming purchased a new position in shares of Slide Insurance in the 1st quarter worth about $42,000. Finally, Aster Capital Management DIFC Ltd bought a new position in Slide Insurance during the fourth quarter valued at about $47,000.
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.
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