Algert Global LLC Buys New Shares in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Algert Global LLC initiated a position in Slide Insurance, buying 94,390 shares valued at approximately $1.83 million, or 0.08% of the company.
• Analysts remain broadly positive, with a consensus “Buy” rating and an average price target of $25.40. Barclays and Keefe, Bruyette & Woods recently raised their targets, while Zacks upgraded the stock to “strong buy.”
• Slide Insurance reported quarterly EPS of $1.06, beating estimates by $0.18, and announced a quarterly dividend of $0.07 per share. Shares opened at $23.48, near the company’s 52-week high of $23.75, although insiders sold 494,191 shares in the latest quarter.

Algert Global LLC bought a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 94,390 shares of the company's stock, valued at approximately $1,828,000. Algert Global LLC owned 0.08% of Slide Insurance at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SLDE. Comerica Bank raised its position in shares of 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 buying an additional 1,281 shares during the period. Hsbc Holdings PLC grew its stake in Slide Insurance by 8.4% during the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock worth $384,000 after buying an additional 1,641 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Slide Insurance by 11.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock valued at $313,000 after acquiring an additional 1,704 shares in the last quarter. CWM LLC acquired a new stake in Slide Insurance in the 4th quarter valued at $35,000. Finally, Global Retirement Partners LLC purchased a new position in Slide Insurance in the second quarter valued at about $39,000.

Analysts Set New Price Targets

Several equities analysts recently commented on SLDE shares. Weiss Ratings raised Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday. Barclays lifted their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Wall Street Zen lowered shares of Slide Insurance from a "buy" rating to a "hold" rating in a report on Saturday. Zacks Research raised shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods boosted their price objective 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. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $25.40.

Slide Insurance Stock Up 0.1%

Shares of NASDAQ:SLDE opened at $23.48 on Friday. The company's fifty day moving average is $20.87 and its two-hundred day moving average is $18.96. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.23 and a current ratio of 1.23. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $23.75. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 5.73 and a beta of -0.04.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The business had revenue of $386.82 million during the quarter. Equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current year.

Slide Insurance Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. Slide Insurance's payout ratio is currently 6.83%.

Insider Activity at Slide Insurance

In related news, 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 completion of the transaction, the chief executive officer directly owned 34,550,666 shares of the company's stock, valued at $588,397,841.98. This represents a 0.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Shannon Lucas sold 19,058 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $17.03, for a total value of $324,557.74. Following the completion of the transaction, the chief operating officer directly owned 1,123,415 shares of the company's stock, valued at approximately $19,131,757.45. The trade was a 1.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 494,191 shares of company stock valued at $9,065,901. Company insiders own 50.80% of the company's stock.

Slide Insurance Company 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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