91,494 Shares in Slide Insurance Holdings, Inc. $SLDE Purchased by Suncoast Equity Management

Key Points

• Suncoast Equity Management bought a new stake in Slide Insurance Holdings, purchasing 91,494 shares valued at about $1.78 million in the fourth quarter.
• Several analysts remain constructive on SLDE, with Barclays and Piper Sandler raising price targets and the consensus rating standing at Moderate Buy with a target price of $24.80.
• Slide Insurance reported strong quarterly results, beating EPS estimates at $1.02 per share, and its board authorized a $100 million share buyback program. Meanwhile, insiders have been selling shares, including recent transactions by the COO and another insider.

Suncoast Equity Management purchased a new position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 91,494 shares of the company's stock, valued at approximately $1,782,000. Suncoast Equity Management owned approximately 0.07% of Slide Insurance at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Comerica Bank boosted its stake in Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after purchasing an additional 1,281 shares in the last quarter. CWM LLC purchased a new position in Slide Insurance in the 4th quarter worth about $35,000. Ameritas Investment Partners Inc. purchased a new position in Slide Insurance in the 3rd quarter worth about $35,000. Strs Ohio purchased a new position in Slide Insurance in the 3rd quarter worth about $77,000. Finally, SG Americas Securities LLC raised its position in Slide Insurance by 30.1% in the 4th quarter. SG Americas Securities LLC now owns 24,103 shares of the company's stock worth $470,000 after buying an additional 5,576 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts have weighed in on SLDE shares. Barclays boosted their target price on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 29th. Piper Sandler boosted their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Thursday, February 26th. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Texas Capital raised Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Finally, Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $24.80.

Insider Activity

In related news, COO Shannon Lucas sold 22,548 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total value of $427,284.60. Following the completion of the sale, the chief operating officer directly owned 1,142,473 shares of the company's stock, valued at approximately $21,649,863.35. This represents a 1.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Matthew Paul Larson sold 11,250 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $18.56, for a total transaction of $208,800.00. Following the completion of the sale, the insider directly owned 11,250 shares of the company's stock, valued at $208,800. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 5,807,383 shares of company stock valued at $108,066,010. 50.80% of the stock is owned by insiders.

Slide Insurance Price Performance

Shares of NASDAQ:SLDE opened at $18.03 on Monday. The firm's 50 day moving average price is $18.32 and its 200-day moving average price is $17.80. The stock has a market capitalization of $2.07 billion and a PE ratio of 5.01. Slide Insurance Holdings, Inc. has a twelve month low of $12.53 and a twelve month high of $25.90. 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 (NASDAQ:SLDE - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping 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 expect that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

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

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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