Bruce Lucas Sells 173,317 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) CEO Bruce Lucas sold 173,317 shares of the business’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $18.81, for a total transaction of $3,260,092.77. Following the completion of the sale, the chief executive officer directly owned 36,245,046 shares of the company’s stock, valued at approximately $681,769,315.26. The trade was a 0.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• 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 transaction of $1,707,160.00.
• 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.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The stock was 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 stock was 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 stock was sold at an average price of $18.11, for a total transaction of $4,956,743.22.

Slide Insurance Price Performance

Slide Insurance stock opened at $18.63 on Wednesday. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90. The firm has a market capitalization of $2.13 billion and a price-to-earnings ratio of 5.18. The company has a fifty day simple moving average of $18.24 and a 200-day simple moving average of $17.58. 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 (NASDAQ:SLDE) last released its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The business had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. On average, equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance announced that its board has initiated a share repurchase plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in 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 a sign that the company’s board of directors believes its shares are undervalued.

Slide Insurance News Summary

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods upped their price target on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Piper Sandler upped their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Texas Capital raised shares of Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Barclays upped their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Finally, Zacks Research lowered 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, six have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Slide Insurance currently has a consensus rating of “Moderate Buy” and an average price target of $24.80.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Comerica Bank boosted its stake in Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after buying an additional 1,281 shares during the period. CWM LLC purchased a new position in Slide Insurance during the fourth quarter worth about $35,000. Ameritas Investment Partners Inc. purchased a new position in Slide Insurance during the third quarter worth about $35,000. Aster Capital Management DIFC Ltd purchased a new position in Slide Insurance during the fourth quarter worth about $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Slide Insurance by 4,839.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company’s stock worth $49,000 after buying an additional 2,468 shares during the period.

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.