Slide Insurance (NASDAQ:SLDE) Stock Price Expected to Rise, Citizens Jmp Analyst Says

Slide Insurance (NASDAQ:SLDE) had its price objective lifted by Citizens Jmp from $25.00 to $27.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would indicate a potential upside of 35.20% from the company’s previous close.

SLDE has been the subject of a number of other research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price target (down from $23.00) on shares of Slide Insurance in a research report on Monday, July 6th. Barclays increased their target price on shares of Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday. Citigroup reaffirmed an “outperform” rating on shares of Slide Insurance in a report on Thursday. Finally, Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.60.

Slide Insurance Stock Down 1.3%

Slide Insurance stock opened at $19.97 on Thursday. Slide Insurance has a 52 week low of $12.53 and a 52 week high of $23.00. The stock has a market cap of $2.29 billion and a price-to-earnings ratio of 4.87. The company’s 50-day moving average price is $18.97 and its two-hundred day moving average price is $18.22. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 52.25%. The company had revenue of $386.82 million during the quarter. On average, analysts expect that Slide Insurance will post 3.74 EPS for the current fiscal year.

Slide Insurance announced that its board has initiated a share buyback plan on Tuesday, April 28th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Slide Insurance news, Director Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock in a transaction on Monday, June 29th. The shares were sold at an average price of $19.51, for a total transaction of $292,650.00. Following the completion of the transaction, the director directly owned 18,998 shares of the company’s stock, valued at $370,650.98. The trade was a 44.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Shannon Lucas sold 4,659 shares of the company’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 $79,762.08. Following the completion of the transaction, the chief operating officer directly owned 1,118,756 shares in the company, valued at $19,153,102.72. The trade was a 0.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,519,857 shares of company stock valued at $47,298,682 in the last quarter. 50.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds have recently added to or reduced their stakes in SLDE. Arrowstreet Capital Limited Partnership increased its holdings in Slide Insurance by 298.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after buying an additional 2,012,428 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Slide Insurance in the second quarter worth $33,063,000. Balyasny Asset Management L.P. grew its position in shares of Slide Insurance by 314.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock valued at $21,753,000 after buying an additional 1,045,826 shares during the last quarter. HB Wealth Management LLC increased its position in shares of Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock worth $17,388,000 after buying an additional 832,102 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in Slide Insurance in the fourth quarter valued at approximately $13,016,000.

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.