Slide Insurance (NASDAQ:SLDE) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Slide Insurance (NASDAQ:SLDE) from a hold rating to a buy rating in a report issued on Saturday.

A number of other research firms also recently commented on SLDE. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Piper Sandler increased their target price on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, February 26th. Keefe, Bruyette & Woods increased their target price on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.80.

Slide Insurance Stock Performance

NASDAQ SLDE opened at $18.46 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.34. Slide Insurance has a 1-year low of $12.53 and a 1-year high of $25.90. The business has a 50 day simple moving average of $18.29 and a two-hundred day simple moving average of $17.50. The stock has a market capitalization of $2.11 billion and a PE ratio of 5.13.

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

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

Insider Activity at Slide Insurance

In related news, COO Shannon Lucas sold 6,647 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $18.88, for a total transaction of $125,495.36. Following the sale, the chief operating officer owned 1,308,133 shares in the company, valued at approximately $24,697,551.04. This represents a 0.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew Pardo Wright sold 15,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $18.75, for a total value of $281,250.00. Following the sale, the director owned 206,837 shares in the company, valued at $3,878,193.75. The trade was a 6.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,883,904 shares of company stock worth $71,679,115 in the last ninety days.

Institutional Trading of Slide Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Great Lakes Advisors LLC purchased a new stake in Slide Insurance during the 3rd quarter valued at $3,113,000. HB Wealth Management LLC purchased a new stake in Slide Insurance during the 3rd quarter valued at $955,000. Cyndeo Wealth Partners LLC purchased a new stake in Slide Insurance during the 4th quarter valued at $2,235,000. Federated Hermes Inc. purchased a new stake in Slide Insurance during the 3rd quarter valued at $9,471,000. Finally, Fifth Third Bancorp increased its stake in Slide Insurance by 529,826.4% in the fourth quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock worth $7,433,000 after purchasing an additional 381,475 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.