Slide Insurance (NASDAQ:SLDE) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Slide Insurance to “Hold” from “Buy,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $28.33.
• Slide Insurance reported quarterly EPS of $1.09, beating estimates of $0.65, while revenue of $361.05 million fell short of the $398.08 million consensus forecast.
• The stock opened at $27.73, near its 12-month high of $29.15; insiders sold 253,892 shares worth about $6.13 million over the past three months, while several major institutions initiated or expanded positions.

Slide Insurance (NASDAQ:SLDE - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other analysts have also recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on Slide Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Barclays lifted their price target on Slide Insurance from $28.00 to $30.00 and gave the company an "overweight" rating in a research report on Wednesday. Citigroup reissued a "buy" rating on shares of Slide Insurance in a research note on Wednesday. Citizens Jmp increased their price objective on Slide Insurance from $28.00 to $33.00 and gave the stock a "market outperform" rating in a research note on Wednesday. Finally, Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 29th. One research 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 company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $28.33.

Slide Insurance Stock Performance

Slide Insurance stock opened at $27.73 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. Slide Insurance has a 12-month low of $15.11 and a 12-month high of $29.15. The firm's fifty day moving average price is $25.01 and its 200 day moving average price is $20.15. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 6.30 and a beta of 0.13.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.44. Slide Insurance had a net margin of 39.28% and a return on equity of 51.12%. The firm had revenue of $361.05 million for the quarter, compared to the consensus estimate of $398.08 million. On average, research analysts forecast that Slide Insurance will post 3.84 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Gries, Jr. sold 107,510 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $24.44, for a total value of $2,627,544.40. Following the completion of the transaction, the director owned 1,585,211 shares in the company, valued at $38,742,556.84. The trade was a 6.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Matthew Larson sold 11,374 shares of the company's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $24.62, for a total value of $280,027.88. Following the transaction, the insider directly owned 11,374 shares in the company, valued at $280,027.88. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 253,892 shares of company stock valued at $6,128,294. Insiders own 50.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SLDE. BlackRock Inc. bought a new stake in Slide Insurance during the 2nd quarter valued at approximately $98,538,000. Arrowstreet Capital Limited Partnership increased its stake 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 purchasing an additional 2,012,428 shares during the period. Allianz Asset Management GmbH purchased a new stake in shares of Slide Insurance in the second quarter valued at approximately $14,530,000. Man Group plc bought a new position in Slide Insurance during the 2nd quarter worth about $12,229,000. Finally, Bank of America Corp DE bought a new position in shares of Slide Insurance in the 2nd quarter worth $10,954,000.

Slide Insurance Company Profile

Slide Insurance Holdings, Inc is a technology-enabled property and casualty insurance company focused primarily on residential homeowners insurance. Through its digital platform, the company uses data, automation and analytics to support the quoting, underwriting, policy administration and claims processes.

Slide offers homeowners coverage designed to protect residential properties and personal belongings against covered risks, along with related liability protection and optional coverage features.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.