Bruce Lucas Sells 91,000 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) CEO Bruce Lucas sold 91,000 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $18.76, for a total transaction of $1,707,160.00. Following the sale, the chief executive officer directly owned 36,154,046 shares of the company’s stock, valued at approximately $678,249,902.96. This represents a 0.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Bruce Lucas also recently made the following trade(s):

• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total transaction of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total value of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total value of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total value of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total value of $2,920,680.58.
• On Monday, April 27th, Bruce Lucas sold 136,500 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $2,559,375.00.
• On Monday, April 20th, Bruce Lucas sold 118,055 shares of Slide Insurance stock. The shares were sold at an average price of $19.55, for a total value of $2,307,975.25.
• On Tuesday, April 14th, Bruce Lucas sold 190,836 shares of Slide Insurance stock. The stock was sold at an average price of $18.04, for a total value of $3,442,681.44.
• On Monday, April 13th, Bruce Lucas sold 259,055 shares of Slide Insurance stock. The stock was sold at an average price of $18.05, for a total value of $4,675,942.75.
• On Thursday, April 9th, Bruce Lucas sold 273,702 shares of Slide Insurance stock. The shares were sold at an average price of $18.11, for a total transaction of $4,956,743.22.

Slide Insurance Stock Up 0.4%

Slide Insurance stock opened at $18.63 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $25.90. The company has a 50-day simple moving average of $18.24 and a 200-day simple moving average of $17.58. The firm has a market capitalization of $2.13 billion and a P/E ratio of 5.18.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. As a group, equities analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

Slide Insurance announced that its board has authorized a share buyback plan on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

SLDE has been the topic of several analyst reports. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Barclays increased their price target on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Piper Sandler upped their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, February 26th. 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 company. According to MarketBeat, Slide Insurance presently has an average rating of “Moderate Buy” and a consensus target price of $24.80.

Institutional Investors Weigh In On Slide Insurance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLDE. Great Lakes Advisors LLC acquired a new position in shares of Slide Insurance during the 3rd quarter valued at $3,113,000. HB Wealth Management LLC acquired a new stake in shares of Slide Insurance in the third quarter valued at $955,000. Cyndeo Wealth Partners LLC acquired a new stake in shares of Slide Insurance in the fourth quarter valued at $2,235,000. Fifth Third Bancorp boosted its stake in Slide Insurance by 529,826.4% during the fourth quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock valued at $7,433,000 after buying an additional 381,475 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new position in Slide Insurance during the third quarter worth about $9,471,000.

More Slide Insurance News

Here are the key news stories impacting Slide Insurance this week:

• Negative Sentiment: CEO Bruce Lucas sold 91,000 shares at an average price of $18.76, following a much larger sale earlier in the week of 173,317 shares. Heavy insider selling from the CEO is often seen as a bearish signal by investors. SEC filing
• Negative Sentiment: COO Shannon Lucas also sold shares twice in the period, including 9,000 shares on May 11 and 17,141 shares on May 7, adding to concerns that management may be reducing exposure after the stock’s recent strength. SEC filing
• Negative Sentiment: Director Andrew Pardo Wright sold 6,316 shares, and had already sold 15,000 shares earlier in the month, reinforcing the pattern of insider selling across multiple executives and directors. SEC filing
• Neutral Sentiment: Slide Insurance’s recent earnings report was solid, with EPS of $1.02 versus estimates of $0.82, and the company also authorized a $100 million share repurchase program, which supports the longer-term story. Related article

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.