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

Key Points

• Wall Street Zen upgraded Slide Insurance from “hold” to “buy,” joining a generally positive analyst view. The stock has a consensus “Buy” rating and an average price target of $25.40.
• Slide Insurance reported quarterly EPS of $1.06, beating estimates of $0.88 by $0.18, on revenue of $386.82 million. Analysts expect full-year EPS of approximately $3.79.
• SLDE opened at $24.95, near its 12-month high of $26.75, while institutional investors including BlackRock and Arrowstreet Capital built significant positions. Insiders, however, sold 418,992 shares worth $9.3 million over the past three months.

Slide Insurance (NASDAQ:SLDE - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday, Wall Street Zen reports.

Other research analysts also recently issued reports about the company. Zacks Research upgraded Slide Insurance from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods increased their target price on Slide Insurance from $24.00 to $26.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Citigroup reissued an "outperform" rating on shares of Slide Insurance in a research report on Thursday, July 30th. Barclays boosted their price target on Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Finally, Citizens Jmp upped their price objective on Slide Insurance from $25.00 to $27.00 and gave the company a "market outperform" rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $25.40.

Slide Insurance Price Performance

SLDE stock opened at $24.95 on Friday. The firm has a 50 day moving average of $22.39 and a 200-day moving average of $19.72. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 6.09 and a beta of 0.07. 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 $13.26 and a 12-month high of $26.75.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate 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 during the quarter. As a group, equities analysts expect that Slide Insurance will post 3.79 EPS for the current fiscal year.

Insider Activity

In other Slide Insurance news, Director Robert Gries, Jr. sold 61,762 shares of the business's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $24.28, for a total value of $1,499,581.36. Following the completion of the transaction, the director directly owned 1,523,449 shares in the company, valued at approximately $36,989,341.72. The trade was a 3.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen L. Rohde sold 7,500 shares of the stock in a transaction 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 represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 418,992 shares of company stock worth $9,301,056 in the last three months. 50.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Slide Insurance

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Slide Insurance during the 2nd quarter valued at $98,538,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Slide Insurance by 298.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock worth $48,380,000 after buying an additional 2,012,428 shares during the last quarter. Allianz Asset Management GmbH purchased a new position in shares of Slide Insurance in the 2nd quarter worth $14,530,000. Man Group plc purchased a new position in shares of Slide Insurance in the 2nd quarter worth $12,229,000. Finally, Bank of America Corp DE acquired a new position in Slide Insurance in the second quarter valued at $10,954,000.

Slide Insurance Company Profile

Slide Insurance is a technology-enabled property and casualty insurance company focused on personal residential coverage. Through its insurance operations, the company provides homeowners insurance and related products designed to protect homes and personal property against covered risks, including weather-related events.

Slide uses data-driven underwriting, digital tools and automated claims and policy-management capabilities to support the distribution and servicing of insurance policies.

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