Axis Wealth Partners LLC Has $3.66 Million Holdings in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Axis Wealth Partners doubled its stake in Slide Insurance, now holding 203,502 shares worth about $3.66 million, making SLDE its 11th-largest holding.
• Slide Insurance reported strong first-quarter results, with EPS of $1.02 beating estimates by $0.20 and revenue of $389.28 million, while posting high net margin and return on equity figures.
• The company’s board authorized a $100 million share buyback, and analysts remain broadly positive with a Moderate Buy consensus and a $24.80 price target.

Axis Wealth Partners LLC lifted its position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) by 100.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 203,502 shares of the company's stock after acquiring an additional 101,751 shares during the quarter. Slide Insurance makes up about 1.9% of Axis Wealth Partners LLC's holdings, making the stock its 11th biggest holding. Axis Wealth Partners LLC owned 0.16% of Slide Insurance worth $3,663,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its holdings in shares of Slide Insurance by 1,617.1% in the first quarter. Sterling Capital Management LLC now owns 17,600 shares of the company's stock valued at $317,000 after purchasing an additional 16,575 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Slide Insurance in the fourth quarter worth $382,000. World Investment Advisors purchased a new position in shares of Slide Insurance during the fourth quarter valued at $1,964,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Slide Insurance by 4,839.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock valued at $49,000 after buying an additional 2,468 shares in the last quarter. Finally, Invesco Ltd. raised its position in Slide Insurance by 35.1% during the fourth quarter. Invesco Ltd. now owns 20,066 shares of the company's stock valued at $391,000 after buying an additional 5,212 shares during the period.

Slide Insurance Stock Up 6.3%

Slide Insurance stock opened at $21.25 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $21.79. The firm's fifty day simple moving average is $18.11 and its 200-day simple moving average is $17.94. The company has a market capitalization of $2.43 billion and a P/E ratio of 5.90.

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

Slide Insurance announced that its Board of Directors has authorized a share buyback program on Tuesday, April 28th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have weighed in on SLDE shares. Wall Street Zen raised 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. Barclays upped their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Finally, Zacks Research lowered 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 issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.80.

Insider Buying and Selling

In related news, COO Shannon Lucas sold 4,659 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $79,762.08. Following the completion of the sale, the chief operating officer directly owned 1,118,756 shares in the company, valued at approximately $19,153,102.72. The trade was a 0.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew Pardo Wright sold 15,000 shares of the company's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.51, for a total value of $292,650.00. Following the sale, the director directly owned 18,998 shares of the company's stock, valued at $370,650.98. The trade was a 44.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,523,403 shares of company stock valued at $84,129,443. 50.80% of the stock is owned by corporate 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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