Bruce Lucas Sells 184,817 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Key Points

• CEO Bruce Lucas sold 184,817 shares of Slide Insurance on May 20 at an average price of $18.78, for proceeds of about $3.47 million. The sale left him with 34.97 million shares valued at roughly $656.8 million.
• Lucas has been actively trimming his stake, with multiple additional sales disclosed in recent days, including large transactions on May 19, May 18, and May 15. The most recent sale was part of a broader pattern of insider selling in late April and May.
• Slide Insurance reported solid quarterly results, beating earnings estimates with EPS of $1.02 on revenue of $389.28 million. The company also announced a $100 million share repurchase program, while analysts currently rate the stock a consensus Moderate Buy with a target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CEO Bruce Lucas sold 184,817 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $18.78, for a total transaction of $3,470,863.26. Following the transaction, the chief executive officer directly owned 34,971,348 shares of the company's stock, valued at approximately $656,761,915.44. This trade represents a 0.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Bruce Lucas also recently made the following trade(s):

• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.97, for a total transaction of $5,178,810.00.
• On Monday, May 18th, Bruce Lucas sold 455,000 shares of Slide Insurance stock. The shares were sold at an average price of $19.06, for a total transaction of $8,672,300.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The shares were sold at an average price of $18.84, for a total transaction of $5,084,558.04.
• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total transaction of $1,707,160.00.
• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The shares were sold at an average price of $18.81, for a total transaction of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total transaction of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total transaction of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total transaction of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The shares were sold at an average price of $18.94, for a total transaction of $2,920,680.58.
• On Monday, April 27th, Bruce Lucas sold 136,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total transaction of $2,559,375.00.

Slide Insurance Stock Performance

Shares of SLDE traded up $0.02 during midday trading on Friday, hitting $18.63. 712,825 shares of the stock traded hands, compared to its average volume of 1,694,064. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90. The firm has a market capitalization of $2.13 billion and a PE ratio of 5.17. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The business's 50 day moving average price is $18.25 and its two-hundred day moving average price is $17.73.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.20. The company had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. Equities research analysts predict that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance announced that its board has authorized a stock repurchase program on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SLDE shares. Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Keefe, Bruyette & Woods upped their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Monday, March 9th. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Weiss Ratings reiterated a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Finally, Barclays boosted their price target on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Slide Insurance has an average rating of "Moderate Buy" and a consensus target price of $24.80.

Institutional Investors Weigh In On Slide Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Capital World Investors raised its position in Slide Insurance by 49.4% in the third quarter. Capital World Investors now owns 4,483,180 shares of the company's stock worth $70,767,000 after acquiring an additional 1,483,180 shares in the last quarter. Vanguard Group Inc. raised its holdings in Slide Insurance by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company's stock worth $53,800,000 after buying an additional 354,321 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in 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 period. Balyasny Asset Management L.P. raised its holdings in Slide Insurance by 27.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company's stock worth $34,250,000 after buying an additional 380,161 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Slide Insurance during the 2nd quarter worth about $33,063,000.

About Slide Insurance

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.

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