Avantax Planning Partners Inc. Purchases 149,918 Shares of Slide Insurance Holdings, Inc. $SLDE

Key Points

• Avantax Planning Partners sharply increased its stake in Slide Insurance Holdings by 812.6% in the fourth quarter, buying 149,918 additional shares and bringing its total to 168,368 shares worth about $3.28 million.
• Slide Insurance reported strong quarterly results, posting EPS of $1.02 versus the $0.82 consensus estimate on revenue of $389.28 million. The company also announced a $100 million share repurchase program, covering up to 4.3% of outstanding shares.
• Analyst sentiment remains mostly positive, with multiple firms raising targets or ratings and a consensus price target of $24.80. However, recent insider selling included CEO Bruce Lucas and Director Stephen L. Rohde reducing their holdings.

Avantax Planning Partners Inc. raised its position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) by 812.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 168,368 shares of the company's stock after purchasing an additional 149,918 shares during the quarter. Avantax Planning Partners Inc. owned 0.14% of Slide Insurance worth $3,280,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Comerica Bank grew its stake in shares of Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after buying an additional 1,281 shares during the last quarter. CWM LLC purchased a new position in Slide Insurance during the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new position in Slide Insurance during the 3rd quarter valued at $35,000. Strs Ohio bought a new position in Slide Insurance in the 3rd quarter valued at $77,000. Finally, BNP Paribas Financial Markets bought a new position in Slide Insurance in the 3rd quarter valued at $111,000.

Slide Insurance Trading Up 2.4%

NASDAQ:SLDE opened at $18.64 on Friday. The firm has a 50-day simple moving average of $18.21 and a 200-day simple moving average of $17.61. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $25.90. The firm has a market cap of $2.14 billion and a P/E ratio of 5.18. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. Equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance declared that its Board of Directors has initiated a share repurchase program on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have recently weighed in on SLDE. Piper Sandler lifted 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 shares of Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Texas Capital upgraded shares of Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Keefe, Bruyette & Woods boosted their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Monday, March 9th. Finally, Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $24.80.

Insider Buying and Selling at Slide Insurance

In related news, Director Stephen L. Rohde sold 5,000 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $19.00, for a total transaction of $95,000.00. Following the sale, the director owned 5,000 shares of the company's stock, valued at $95,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Bruce Lucas sold 91,000 shares of Slide Insurance stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $18.76, for a total value of $1,707,160.00. Following the completion of the transaction, the chief executive officer owned 36,154,046 shares in the company, valued at $678,249,902.96. This trade represents a 0.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 4,196,928 shares of company stock worth $77,562,040. 50.80% of the stock is currently owned by company insiders.

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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