Axis Wealth Partners LLC Acquires Shares of 101,751 Slide Insurance Holdings, Inc. $SLDE

Key Points

• Axis Wealth Partners LLC acquired 101,751 shares of Slide Insurance (~$1.98M), now owning about 0.08% of the company and making SLDE roughly 1.1% of Axis's portfolio (its 28th-largest holding).
• Multiple institutional investors materially increased positions (e.g., Capital World Investors to 4.48M shares and Vanguard to 2.76M), while analysts have largely raised targets to the $23–$24 range and the consensus rating is a Buy with an average target of $24.40.
• CEO Bruce Lucas sold 273,702 shares for about $4.96M and insiders have sold ~3.06M shares (~$56M) in the last 90 days; Slide recently reported a beat with $1.23 EPS vs. $0.87 expected and trades at a market cap of ~$2.35B (P/E 7.34).

Axis Wealth Partners LLC acquired a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 101,751 shares of the company's stock, valued at approximately $1,982,000. Slide Insurance comprises about 1.1% of Axis Wealth Partners LLC's portfolio, making the stock its 28th biggest position. Axis Wealth Partners LLC owned about 0.08% of Slide Insurance as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Capital World Investors boosted its stake in Slide Insurance by 49.4% in the third quarter. Capital World Investors now owns 4,483,180 shares of the company's stock valued at $70,767,000 after acquiring an additional 1,483,180 shares during the last quarter. Vanguard Group Inc. raised its holdings in Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company's stock worth $53,800,000 after purchasing an additional 354,321 shares during the period. Raymond James Financial Inc. acquired a new stake in Slide Insurance in the second quarter worth $33,063,000. Balyasny Asset Management L.P. raised its holdings in Slide Insurance by 314.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company's stock worth $21,753,000 after purchasing an additional 1,045,826 shares during the period. Finally, HB Wealth Management LLC raised its holdings in Slide Insurance by 1,375.7% in the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company's stock worth $17,388,000 after purchasing an additional 832,102 shares during the period.

Analysts Set New Price Targets

Several research firms have weighed in on SLDE. Piper Sandler increased their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. Keefe, Bruyette & Woods increased their target price on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Monday, March 9th. Wall Street Zen lowered shares of Slide Insurance from a "buy" rating to a "hold" rating in a report on Saturday, April 11th. Zacks Research upgraded shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 17th. Finally, Texas Capital upgraded shares of Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Slide Insurance has an average rating of "Buy" and an average target price of $24.40.

Slide Insurance Stock Performance

Shares of SLDE opened at $18.93 on Tuesday. The firm has a 50-day moving average of $18.09 and a 200-day moving average of $17.35. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $25.90. The company has a market cap of $2.35 billion and a PE ratio of 7.34. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.34 and a quick ratio of 1.34.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $0.36. The firm had revenue of $347.01 million during the quarter. As a group, equities analysts forecast that Slide Insurance Holdings, Inc. will post 3.26 earnings per share for the current year.

Insider Activity at Slide Insurance

In other news, CEO Bruce Lucas sold 273,702 shares of Slide Insurance stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $18.11, for a total value of $4,956,743.22. Following the completion of the transaction, the chief executive officer owned 37,620,933 shares of the company's stock, valued at $681,315,096.63. This trade represents a 0.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 3,059,578 shares of company stock valued at $56,002,750.

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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