Allianz Asset Management GmbH Makes New Investment in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Allianz Asset Management initiated a 750,146-share position in Slide Insurance during the second quarter, valued at approximately $14.5 million. California State Teachers Retirement System also significantly increased its stake by 2,565.5%.
• Analysts remain broadly positive, with the stock carrying a consensus “Buy” rating and an average price target of $25.40. Barclays and Keefe, Bruyette & Woods recently raised their targets to $28 and $26, respectively.
• Slide Insurance reported quarterly earnings of $1.06 per share, beating estimates of $0.88, on revenue of $386.82 million. Shares opened at $24.46, near their 52-week high, while insiders sold $5.5 million of stock over the past three months.

Allianz Asset Management GmbH bought a new position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 750,146 shares of the company's stock, valued at approximately $14,530,000. Allianz Asset Management GmbH owned 0.64% of Slide Insurance at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of SLDE. Corient Private Wealth LP boosted its position in Slide Insurance by 12.3% during the 2nd quarter. Corient Private Wealth LP now owns 39,503 shares of the company's stock valued at $765,000 after acquiring an additional 4,323 shares in the last quarter. California State Teachers Retirement System grew its stake in Slide Insurance by 2,565.5% in the second quarter. California State Teachers Retirement System now owns 674,851 shares of the company's stock worth $13,072,000 after purchasing an additional 649,533 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Slide Insurance in the second quarter worth $836,000. Two Sigma Securities LLC purchased a new position in Slide Insurance during the second quarter valued at $432,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Slide Insurance by 36.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,671 shares of the company's stock valued at $710,000 after buying an additional 9,700 shares during the period.

Analysts Set New Price Targets

A number of brokerages have weighed in on SLDE. Weiss Ratings upgraded shares of Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 27th. Citigroup reiterated an "outperform" rating on shares of Slide Insurance in a report on Thursday, July 30th. Zacks Research raised Slide Insurance from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Barclays upped their price target on Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Slide Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $25.40.

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Robert Gries, Jr. sold 28,212 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $20.33, for a total transaction of $573,549.96. Following the transaction, the director owned 1,720,933 shares in the company, valued at approximately $34,986,567.89. This represents a 1.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Larson sold 11,374 shares of the firm's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $24.62, for a total transaction of $280,027.88. Following the sale, the insider directly owned 11,374 shares in the company, valued at approximately $280,027.88. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 279,642 shares of company stock valued at $5,512,588 over the last three months. 50.80% of the stock is owned by insiders.

Slide Insurance Trading Down 0.9%

NASDAQ:SLDE opened at $24.46 on Wednesday. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 5.97 and a beta of 0.07. 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 company's 50 day moving average price is $21.68 and its 200-day moving average price is $19.33. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.09.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The company had revenue of $386.82 million during the quarter. On average, equities research analysts forecast that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current fiscal year.

Slide Insurance Announces Dividend

The firm 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 of this dividend was Friday, August 14th. This represents a $0.28 annualized dividend and a dividend yield of 1.1%. Slide Insurance's dividend payout ratio (DPR) is 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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