Slide Insurance’s (SLDE) Equal Weight Rating Reiterated at Morgan Stanley

Slide Insurance (NASDAQ:SLDE)‘s stock had its “equal weight” rating reissued by stock analysts at Morgan Stanley in a research report issued on Monday,Benzinga reports. They currently have a $20.00 price objective on the stock, down from their prior price objective of $23.00. Morgan Stanley’s target price would suggest a potential downside of 5.88% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. Keefe, Bruyette & Woods boosted their target price on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.60.

Slide Insurance Stock Performance

SLDE stock opened at $21.25 on Monday. The company has a 50-day simple moving average of $18.16 and a 200 day simple moving average of $17.97. The company has a market capitalization of $2.43 billion and a P/E ratio of 5.90. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $21.79.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The company 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%. Sell-side analysts predict that Slide Insurance will post 3.51 earnings per share for the current fiscal year.

Slide Insurance declared that its Board of Directors has authorized a stock repurchase plan 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 plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Slide Insurance

In other Slide Insurance news, CEO Bruce Lucas sold 44,467 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $17.12, for a total value of $761,275.04. Following the completion of the sale, the chief executive officer directly owned 34,506,199 shares of the company’s stock, valued at $590,746,126.88. The trade was a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Matthew Paul Larson sold 13,750 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $17.07, for a total transaction of $234,712.50. Following the transaction, the insider owned 8,998 shares in the company, valued at approximately $153,595.86. This trade represents a 60.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 4,333,941 shares of company stock valued at $80,703,934. Insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

Several large investors have recently made changes to their positions in SLDE. Comerica Bank raised its stake in shares of 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 acquiring an additional 1,281 shares in the last quarter. CWM LLC acquired a new stake in shares of Slide Insurance in the fourth 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 acquired a new position in Slide Insurance in the 1st quarter valued at $42,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in Slide Insurance during the 4th quarter worth $47,000.

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.