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 stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $18.55, for a total value of $523,332.60. Following the completion of the sale, the director directly owned 1,890,205 shares of the company’s stock, valued at approximately $35,063,302.75. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Slide Insurance Stock Performance

Shares of Slide Insurance stock opened at $18.46 on Friday. The company has a market cap of $2.11 billion and a PE ratio of 5.13. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.90. The business has a 50 day moving average price of $18.29 and a 200-day moving average price of $17.50. The company has a quick ratio of 1.34, a current ratio of 1.33 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. Equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its Board of Directors has approved a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Slide Insurance

A number of institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors increased its position in shares of Slide Insurance by 49.4% during the third quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock valued at $70,767,000 after acquiring an additional 1,483,180 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Slide Insurance by 14.7% during the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock valued at $53,800,000 after acquiring an additional 354,321 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of Slide Insurance by 27.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock valued at $34,250,000 after acquiring an additional 380,161 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Slide Insurance during the second quarter valued at approximately $33,063,000. Finally, Freestone Grove Partners LP increased its position in Slide Insurance by 50.3% in the fourth quarter. Freestone Grove Partners LP now owns 986,543 shares of the company’s stock worth $19,218,000 after buying an additional 330,165 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SLDE shares. Piper Sandler increased their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. Barclays increased their price objective on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Texas Capital raised Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Slide Insurance currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.80.

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.