Healthcare of Ontario Pension Plan Trust Fund Has $2 Million Stock Position in Slide Insurance Holdings, Inc. $SLDE

Healthcare of Ontario Pension Plan Trust Fund lowered its position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 62.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,300 shares of the company’s stock after selling 188,700 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.10% of Slide Insurance worth $2,003,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SLDE. Renaissance Technologies LLC lifted its holdings in shares of Slide Insurance by 32.5% during the 1st quarter. Renaissance Technologies LLC now owns 67,710 shares of the company’s stock valued at $1,219,000 after buying an additional 16,600 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock worth $48,380,000 after buying an additional 2,012,428 shares during the last quarter. Sei Investments Co. increased its holdings in Slide Insurance by 26.5% in the first quarter. Sei Investments Co. now owns 399,507 shares of the company’s stock worth $7,191,000 after buying an additional 83,660 shares during the last quarter. Globeflex Capital L P bought a new position in Slide Insurance during the first quarter valued at approximately $709,000. Finally, State of Wyoming acquired a new stake in Slide Insurance in the first quarter valued at approximately $42,000.

Analysts Set New Price Targets

Several analysts have commented on the stock. Citizens Jmp boosted their target price on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research report on Thursday. Morgan Stanley reissued 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. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Barclays upped their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Citigroup reiterated an “outperform” rating on shares of Slide Insurance in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Slide Insurance has an average rating of “Moderate Buy” and a consensus target price of $24.60.

Slide Insurance Trading Down 1.3%

Shares of SLDE stock opened at $19.97 on Friday. The firm has a market capitalization of $2.29 billion and a P/E ratio of 4.87. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $23.00. The firm’s fifty day simple moving average is $18.97 and its 200 day simple moving average 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. The firm had revenue of $386.82 million during the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 52.25%. As a group, sell-side analysts predict that Slide Insurance Holdings, Inc. will post 3.74 EPS for the current year.

Slide Insurance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, August 14th.

Slide Insurance announced that its board has authorized a share buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, COO Shannon Lucas sold 4,659 shares of Slide Insurance stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $17.12, for a total transaction of $79,762.08. Following the sale, the chief operating officer directly owned 1,118,756 shares of the company’s stock, valued at $19,153,102.72. This trade represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Matthew Paul Larson sold 13,750 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $17.07, for a total value of $234,712.50. Following the transaction, the insider owned 8,998 shares in the company, valued at $153,595.86. This represents a 60.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 insiders.

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.