Texas Capital Upgrades Slide Insurance (NASDAQ:SLDE) to “Strong-Buy”

Slide Insurance (NASDAQ:SLDE) was upgraded by analysts at Texas Capital to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

SLDE has been the topic of several other research reports. Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Weiss Ratings restated a “hold (c-)” rating on shares of Slide Insurance in a research report on Friday, December 26th. Piper Sandler upped their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. Barclays raised their target price on Slide Insurance from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Finally, Keefe, Bruyette & Woods boosted their price target on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Slide Insurance has a consensus rating of “Buy” and a consensus price target of $24.40.

Slide Insurance Stock Down 5.4%

SLDE stock opened at $16.37 on Wednesday. Slide Insurance has a 52 week low of $12.53 and a 52 week high of $25.90. The business has a 50-day simple moving average of $17.32 and a 200 day simple moving average of $16.66. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.04 billion and a PE ratio of 6.34.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.36. The firm had revenue of $347.01 million for the quarter.

Insider Activity at Slide Insurance

In other Slide Insurance news, CEO Bruce Lucas sold 98,716 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $18.44, for a total value of $1,820,323.04. Following the sale, the chief executive officer owned 38,895,317 shares in the company, valued at $717,229,645.48. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Shannon Lucas sold 9,763 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $18.44, for a total transaction of $180,029.72. Following the transaction, the chief operating officer owned 1,553,108 shares of the company’s stock, valued at $28,639,311.52. This trade represents a 0.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,025,372 shares of company stock valued at $19,041,559.

Institutional Investors Weigh In On Slide Insurance

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC acquired a new position in Slide Insurance in the 2nd quarter worth about $2,245,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Slide Insurance during the second quarter valued at about $2,667,000. Legal & General Group Plc acquired a new stake in shares of Slide Insurance during the second quarter valued at about $216,000. American Century Companies Inc. bought a new stake in shares of Slide Insurance during the second quarter worth about $56,229,000. Finally, Boston Partners acquired a new position in shares of Slide Insurance in the second quarter valued at approximately $10,701,000.

About Slide Insurance

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.