Slide Insurance (NASDAQ:SLDE) Price Target Raised to $28.00

Key Points

• Citizens JMP raised Slide Insurance’s price target to $28 from $27 and maintained a “market outperform” rating, implying 11.38% upside from the prior close. Analysts overall give the stock a “Moderate Buy” consensus with an average target of $25.60.
• Slide Insurance reported quarterly EPS of $1.06, beating the $0.88 consensus estimate by $0.18, alongside $386.82 million in revenue, a 40.02% net margin and a 50.69% return on equity.
• Shares opened at $25.14, near their 12-month high of $26.75, while institutional investors increased or initiated positions. However, insiders sold 245,142 shares worth roughly $5.85 million over the past three months.

Slide Insurance (NASDAQ:SLDE - Get Free Report) had its price target increased by equities researchers at Citizens Jmp from $27.00 to $28.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. Citizens Jmp's target price would indicate a potential upside of 11.38% from the company's previous close.

Several other analysts have also recently weighed in on the company. Morgan Stanley set a $22.00 price target on Slide Insurance in a report on Monday, August 3rd. Keefe, Bruyette & Woods upped their price target on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Barclays raised their price objective on Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, September 19th. Finally, Citigroup restated an "outperform" rating on shares of Slide Insurance in a report on Monday. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $25.60.

Slide Insurance Stock Performance

Shares of NASDAQ SLDE opened at $25.14 on Monday. 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 12 month low of $14.20 and a 12 month high of $26.75. The stock has a 50 day moving average of $23.32 and a 200-day moving average of $20.34. The company has a market capitalization of $2.94 billion, a P/E ratio of 6.13 and a beta of 0.13.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted 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. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. The business had revenue of $386.82 million for the quarter. As a group, equities research analysts predict that Slide Insurance will post 3.84 EPS for the current year.

Insider Activity at Slide Insurance

In other news, CRO Charles Powell sold 2,080 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $25.00, for a total transaction of $52,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Stephen Rohde sold 7,500 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $26.40, for a total value of $198,000.00. Following the transaction, the director directly owned 7,500 shares in the company, valued at approximately $198,000. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 245,142 shares of company stock worth $5,849,534 over the last three months. 50.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. WINTON GROUP Ltd lifted its position in shares of Slide Insurance by 153.5% during the 2nd quarter. WINTON GROUP Ltd now owns 28,500 shares of the company's stock worth $552,000 after buying an additional 17,256 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $688,000. Allianz Asset Management GmbH bought a new position in Slide Insurance during the second quarter worth about $14,530,000. Corient Private Wealth LP boosted its holdings in Slide Insurance by 12.3% in the 2nd quarter. Corient Private Wealth LP now owns 39,503 shares of the company's stock worth $765,000 after buying an additional 4,323 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Slide Insurance in the second quarter worth $836,000.

Slide Insurance Company Profile

Slide Insurance is a technology-enabled property and casualty insurance company focused primarily on homeowners insurance. The company uses data, analytics and digital tools to provide coverage, manage policies and support claims for residential property owners.

Its products are designed for homeowners and may include coverage for the dwelling, personal property, liability and related risks, subject to the terms of each policy. Slide operates in catastrophe-exposed property insurance markets, where technology and risk-management capabilities are important to underwriting and claims administration.

Slide was founded by Bruce Lucas, an insurance industry executive who previously led Heritage Insurance Holdings.

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