Slide Insurance (NASDAQ:SLDE) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Slide Insurance from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $25.40.
• Slide Insurance reported quarterly EPS of $1.06, beating estimates of $0.88, on revenue of $386.82 million. The company posted a 40.02% net margin and 50.69% return on equity.
• Shares opened at $22.31 and have traded between $14.20 and $26.75 over the past year. Insiders sold approximately $8.16 million of stock over the last three months, while several institutional investors added positions.

Slide Insurance (NASDAQ:SLDE - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday, Zacks reports.

SLDE has been the subject of a number of other reports. Citizens Jmp raised their price objective on Slide Insurance from $25.00 to $27.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 30th. Citigroup reaffirmed an "outperform" rating on shares of Slide Insurance in a research note on Thursday, July 30th. Barclays lifted their price target on shares of Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods boosted their price target on shares of Slide Insurance from $24.00 to $26.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Finally, Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, September 19th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $25.40.

Slide Insurance Trading Down 0.8%

Shares of Slide Insurance stock opened at $22.31 on Tuesday. The stock has a 50 day moving average of $22.81 and a 200 day moving average of $20.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 5.44 and a beta of 0.07. Slide Insurance has a fifty-two week low of $14.20 and a fifty-two week high of $26.75.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $1.06 EPS 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 company had revenue of $386.82 million for the quarter. As a group, research analysts predict that Slide Insurance will post 3.79 earnings per share for the current year.

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Stephen Rohde sold 7,500 shares of Slide Insurance stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $26.40, for a total value of $198,000.00. Following the completion of the transaction, the director directly owned 7,500 shares of the company's stock, valued at $198,000. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert Gries, Jr. sold 107,510 shares of the business's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $24.44, for a total transaction of $2,627,544.40. Following the sale, the director owned 1,585,211 shares in the company, valued at $38,742,556.84. This trade represents a 6.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 357,990 shares of company stock worth $8,164,610 in the last three months. 50.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds have recently added to or reduced their stakes in SLDE. WINTON GROUP Ltd boosted its position in Slide Insurance by 153.5% in the 2nd quarter. WINTON GROUP Ltd now owns 28,500 shares of the company's stock valued at $552,000 after buying an additional 17,256 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Slide Insurance during the second quarter worth $688,000. Allianz Asset Management GmbH acquired a new stake in shares of Slide Insurance in the second quarter valued at $14,530,000. Corient Private Wealth LP raised its stake in shares of Slide Insurance by 12.3% in the second quarter. Corient Private Wealth LP now owns 39,503 shares of the company's stock valued at $765,000 after acquiring an additional 4,323 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Slide Insurance in the second quarter valued at $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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