Key Points
- Director Stephen Rohde sold 5,000 Slide Insurance shares at an average price of $21, totaling $105,000 and reducing his direct ownership by 50% to 5,000 shares.
- Slide Insurance reported quarterly EPS of $1.06, beating estimates of $0.88, on revenue of $386.82 million. The stock opened at $20.66, down 2.2%.
- The company declared a quarterly dividend of $0.07 per share and has a $100 million share-repurchase authorization, while analysts maintain a consensus “Buy” rating with an average price target of $25.40.
Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Stephen Rohde sold 5,000 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $21.00, for a total value of $105,000.00. Following the completion of the sale, the director directly owned 5,000 shares of the company's stock, valued at approximately $105,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Slide Insurance Stock Down 2.2%
Slide Insurance stock opened at $20.66 on Tuesday. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 5.04 and a beta of -0.04. The company's 50 day simple moving average is $19.28 and its 200 day simple moving average is $18.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $23.00.
Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.88 by $0.18. The firm had revenue of $386.82 million during the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. As a group, sell-side analysts anticipate that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current year.
Slide Insurance Dividend Announcement
The company also recently disclosed 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. The ex-dividend date is Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.4%.
Slide Insurance announced that its Board of Directors has approved a stock buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.
Hedge Funds Weigh In On Slide Insurance
Several hedge funds and other institutional investors have recently made changes to their positions in SLDE. Geode Capital Management LLC acquired a new position in Slide Insurance during the second quarter worth $2,245,000. Legal & General Group Plc acquired a new stake in Slide Insurance in the second quarter valued at $216,000. Norges Bank bought a new position in shares of Slide Insurance in the 2nd quarter valued at about $866,000. Marshall Wace LLP acquired a new position in shares of Slide Insurance during the 2nd quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Slide Insurance during the 2nd quarter worth about $834,000.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on SLDE shares. Zacks Research upgraded Slide Insurance from a "hold" rating to a "strong-buy" rating in a report on Monday, August 3rd. Citigroup reiterated an "outperform" rating on shares of Slide Insurance in a report on Thursday, July 30th. Citizens Jmp increased their target price on Slide Insurance from $25.00 to $27.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 30th. Morgan Stanley set a $22.00 target price on shares of Slide Insurance in a report on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Slide Insurance in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $25.40.
View Our Latest Analysis on SLDE
Slide Insurance Company Profile
(
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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