5,087,170 Shares in Slide Insurance Holdings, Inc. $SLDE Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 5.09 million Slide Insurance shares worth approximately $98.5 million, giving it a 4.36% stake. Several other institutional investors also initiated positions during the second quarter.
• Slide Insurance reported quarterly EPS of $1.06, exceeding estimates of $0.88, on revenue of $386.8 million. The company posted a 40.02% net margin and 50.69% return on equity.
• Analysts maintain a generally positive view, with an average “Buy” rating and a consensus price target of $25.40. However, insiders sold 494,191 shares worth about $9.1 million over the past 90 days.

BlackRock Inc. purchased a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 5,087,170 shares of the company's stock, valued at approximately $98,538,000. BlackRock Inc. owned approximately 4.36% of Slide Insurance at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC acquired a new stake in shares of Slide Insurance during the second quarter worth $2,245,000. Legal & General Group Plc purchased a new position in Slide Insurance in the 2nd quarter worth $216,000. Norges Bank acquired a new stake in Slide Insurance during the 2nd quarter worth about $866,000. Marshall Wace LLP acquired a new stake in Slide Insurance during the 2nd quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Slide Insurance during the 2nd quarter valued at about $834,000.

Insider Buying and Selling

In related news, Director Robert Gries, Jr. sold 84,636 shares of the company's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.34, for a total value of $1,721,496.24. Following the completion of the transaction, the director owned 1,777,357 shares of the company's stock, valued at approximately $36,151,441.38. This represents a 4.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Bruce Lucas sold 192,695 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $17.03, for a total value of $3,281,595.85. Following the transaction, the chief executive officer owned 34,550,666 shares in the company, valued at $588,397,841.98. This represents a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 494,191 shares of company stock valued at $9,065,901 in the last ninety days. Company insiders own 50.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SLDE. Barclays increased their price objective on Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Wall Street Zen lowered Slide Insurance from a "buy" rating to a "hold" rating in a research report on Saturday. Keefe, Bruyette & Woods increased 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. Morgan Stanley set a $22.00 price target on shares of Slide Insurance in a research report on Monday, August 3rd. Finally, Zacks Research raised shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Slide Insurance currently has an average rating of "Buy" and a consensus target price of $25.40.

Slide Insurance Stock Performance

Shares of SLDE stock opened at $23.48 on Friday. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $23.75. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The stock has a market cap of $2.74 billion, a PE ratio of 5.73 and a beta of -0.04. The business has a 50-day simple moving average of $20.87 and a 200-day simple moving average of $18.96.

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, topping the consensus estimate of $0.88 by $0.18. The firm had revenue of $386.82 million for the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. On average, equities analysts expect that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current year.

Slide Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, August 14th. Slide Insurance's dividend payout ratio (DPR) is currently 6.83%.

Slide Insurance Profile

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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