Robert Gries, Jr. Sells 28,212 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 28,212 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $20.33, for a total transaction of $573,549.96. Following the transaction, the director owned 1,720,933 shares in the company, valued at approximately $34,986,567.89. The trade was a 1.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Slide Insurance Stock Up 2.8%

Slide Insurance stock opened at $21.33 on Friday. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $23.00. The firm has a market capitalization of $2.49 billion, a PE ratio of 5.20 and a beta of -0.04. The company’s 50-day moving average is $19.16 and its 200-day moving average is $18.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.33.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. The company had revenue of $386.82 million during the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. Sell-side analysts anticipate that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current year.

Slide Insurance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 14th.

Slide Insurance declared that its board has approved a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Slide Insurance

Several institutional investors and hedge funds have recently bought and sold shares of the company. Comerica Bank raised its position 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 buying an additional 1,281 shares in the last quarter. CWM LLC acquired a new stake in shares of Slide Insurance during the 4th quarter worth approximately $35,000. Global Retirement Partners LLC bought a new position in Slide Insurance in the second quarter valued at approximately $39,000. Ameritas Investment Partners Inc. acquired a new position in Slide Insurance during the third quarter valued at approximately $35,000. Finally, State of Wyoming acquired a new position in Slide Insurance during the first quarter valued at approximately $42,000.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Morgan Stanley set a $22.00 price target on shares of Slide Insurance in a research note on Monday. Keefe, Bruyette & Woods boosted their price objective on Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Monday. Zacks Research raised Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research note on Monday. Finally, Barclays lifted their price target on Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $25.40.

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.