Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Receives Consensus Recommendation of “Buy” from Analysts

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) has received an average rating of “Buy” from the nine ratings firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $25.40.

Several research firms recently issued reports on SLDE. Citizens Jmp upped their price objective on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a report on Thursday, July 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a report on Monday, August 3rd. Zacks Research raised Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Morgan Stanley set a $22.00 target price on shares of Slide Insurance in a research note on Monday, August 3rd.

Slide Insurance Price Performance

Shares of NASDAQ:SLDE opened at $21.60 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.02. Slide Insurance has a 1 year low of $12.53 and a 1 year high of $23.00. The business has a fifty day simple moving average of $19.75 and a 200 day simple moving average of $18.59. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 5.27 and a beta of -0.04.

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

Slide Insurance announced that its board has authorized 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 buy up to 4.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Slide Insurance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 14th. Slide Insurance’s payout ratio is 6.83%.

Insiders Place Their Bets

In other Slide Insurance news, CEO Bruce Lucas sold 227,987 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $18.95, for a total transaction of $4,320,353.65. Following the completion of the transaction, the chief executive officer directly owned 34,743,361 shares in the company, valued at $658,386,690.95. This represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Gries, Jr. sold 84,636 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.34, for a total transaction of $1,721,496.24. Following the sale, the director owned 1,777,357 shares of the company’s stock, valued at $36,151,441.38. This trade represents a 4.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,001,072 shares of company stock worth $18,613,217 in the last 90 days. 50.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Comerica Bank increased its position in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after purchasing an additional 1,281 shares during the period. CWM LLC acquired a new position in Slide Insurance during the 4th quarter valued at about $35,000. Global Retirement Partners LLC acquired a new position in Slide Insurance during the 2nd quarter valued at about $39,000. Meeder Asset Management Inc. bought a new position in shares of Slide Insurance in the 2nd quarter valued at about $40,000. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Slide Insurance in the 3rd quarter valued at about $35,000.

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.