Bruce Lucas Sells 273,000 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Key Points

• CEO Bruce Lucas sold 273,000 Slide Insurance shares on May 19 at an average price of $18.97, worth about $5.18 million. After the sale, he still directly owned 35.16 million shares valued at roughly $666.9 million.
• Lucas has been selling shares repeatedly in recent weeks, with multiple transactions from April 20 through May 18 adding up to several million dollars in stock sales. The heavy insider selling may be weighing on investor sentiment.
• Slide Insurance reported solid quarterly results and authorized buybacks, posting EPS of $1.02 versus estimates of $0.82 and announcing a $100 million share repurchase plan. Analysts currently rate the stock a “Moderate Buy” with a consensus price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CEO Bruce Lucas sold 273,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $18.97, for a total value of $5,178,810.00. Following the completion of the sale, the chief executive officer directly owned 35,156,165 shares of the company's stock, valued at $666,912,450.05. The trade was a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 value of $8,672,300.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total value of $5,084,558.04.
• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $1,707,160.00.
• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total value of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total value of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The stock was sold at an average price of $19.24, for a total value of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total value of $2,920,680.58.
• On Monday, April 27th, Bruce Lucas sold 136,500 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $2,559,375.00.
• On Monday, April 20th, Bruce Lucas sold 118,055 shares of Slide Insurance stock. The stock was sold at an average price of $19.55, for a total value of $2,307,975.25.

Slide Insurance Stock Performance

Shares of SLDE stock traded down $0.50 on Tuesday, hitting $18.48. The company had a trading volume of 1,257,810 shares, compared to its average volume of 1,627,024. The firm has a market cap of $2.12 billion and a P/E ratio of 5.13. The company has a 50-day moving average price of $18.19 and a 200-day moving average price of $17.68. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance Holdings, Inc. has a twelve month low of $12.53 and a twelve month high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $389.28 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. As a group, equities research analysts predict that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance declared that its Board of Directors has authorized a stock buyback plan on Tuesday, April 28th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Key Stories Impacting Slide Insurance

Here are the key news stories impacting Slide Insurance this week:

• Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
• Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
• Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods lifted their price target on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Finally, Piper Sandler boosted their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Slide Insurance presently has an average rating of "Moderate Buy" and a consensus price target of $24.80.

Institutional Investors Weigh In On Slide Insurance

Several large investors have recently bought and sold shares of SLDE. Arrowstreet Capital Limited Partnership grew its position in shares of Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock valued at $48,380,000 after purchasing an additional 2,012,428 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Slide Insurance in the second quarter valued at approximately $33,063,000. Capital World Investors grew its position in shares of Slide Insurance by 49.4% in the third quarter. Capital World Investors now owns 4,483,180 shares of the company's stock valued at $70,767,000 after purchasing an additional 1,483,180 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of Slide Insurance by 314.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company's stock valued at $21,753,000 after purchasing an additional 1,045,826 shares in the last quarter. Finally, HB Wealth Management LLC grew its position in shares of Slide Insurance by 1,375.7% in the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company's stock valued at $17,388,000 after purchasing an additional 832,102 shares in the last quarter.

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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