Slide Insurance (NASDAQ:SLDE) CEO Sells $3,281,595.85 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) CEO Bruce Lucas sold 192,695 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.03, for a total transaction of $3,281,595.85. Following the completion of the sale, the chief executive officer owned 34,550,666 shares in the company, valued at approximately $588,397,841.98. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Thursday, June 11th, Bruce Lucas sold 44,467 shares of Slide Insurance stock. The stock was sold at an average price of $17.12, for a total transaction of $761,275.04.
• On Wednesday, May 27th, Bruce Lucas sold 227,987 shares of Slide Insurance stock. The stock was sold at an average price of $18.95, for a total transaction of $4,320,353.65.
• On Wednesday, May 20th, Bruce Lucas sold 184,817 shares of Slide Insurance stock. The stock was sold at an average price of $18.78, for a total transaction of $3,470,863.26.
• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total transaction of $5,178,810.00.
• On Monday, May 18th, Bruce Lucas sold 455,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.06, for a total transaction of $8,672,300.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total transaction of $5,084,558.04.
• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $1,707,160.00.
• 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 value of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The stock was 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 stock was sold at an average price of $18.77, for a total value of $1,603,633.72.

Slide Insurance Price Performance

NASDAQ SLDE opened at $16.70 on Monday. The stock’s 50-day moving average price is $18.17 and its two-hundred day moving average price is $17.83. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The company has a market cap of $1.91 billion and a PE ratio of 4.64. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $25.90.

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

Slide Insurance announced that its board has initiated a stock buyback program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

SLDE has been the topic of several recent analyst reports. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Keefe, Bruyette & Woods lifted their target price on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, March 9th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Piper Sandler lifted their target price on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. Finally, Barclays lifted their target price on Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Slide Insurance has an average rating of “Moderate Buy” and a consensus price target of $24.80.

Institutional Investors Weigh In On Slide Insurance

Several large investors have recently made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of Slide Insurance by 1,151.3% in the 1st quarter. Janus Henderson Group PLC now owns 172,683 shares of the company’s stock valued at $3,108,000 after buying an additional 158,883 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Slide Insurance by 9.5% in the 1st quarter. California State Teachers Retirement System now owns 25,318 shares of the company’s stock valued at $456,000 after buying an additional 2,189 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Slide Insurance by 221.0% in the 1st quarter. Royal Bank of Canada now owns 5,993 shares of the company’s stock valued at $109,000 after buying an additional 4,126 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Slide Insurance in the 1st quarter valued at approximately $655,000. Finally, Quantinno Capital Management LP bought a new stake in shares of Slide Insurance in the 1st quarter valued at approximately $953,000.

Key Slide Insurance News

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

• Negative Sentiment: CEO Bruce Lucas sold shares in two transactions this week, including a large sale of 192,695 shares and another of 44,467 shares, trimming his ownership slightly. SEC filing for Bruce Lucas sale
• Negative Sentiment: COO Shannon Lucas also sold shares in two filings, including 19,058 shares and 4,659 shares, adding to the impression of insider selling at SLDE. SEC filing for Shannon Lucas sale
• Negative Sentiment: Insider Matthew Paul Larson sold 13,750 shares, reducing his stake by more than 60%, which may raise concerns about near-term insider confidence. SEC filing for Matthew Paul Larson sale
• Neutral Sentiment: The company’s last reported quarterly results were strong, with earnings of $1.02 per share beating estimates and revenue of $389.28 million, which may help limit downside from the insider sales.

Slide Insurance Company Profile

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.