Bank of New York Mellon Corp Purchases New Shares in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Bank of New York Mellon initiated a position in Slide Insurance, purchasing 178,131 shares valued at approximately $3.45 million, while several other institutional investors also increased or initiated holdings.
• Slide Insurance reported quarterly EPS of $1.06, exceeding the $0.88 analyst consensus, on revenue of $386.82 million. The company posted a 40.02% net margin and 50.69% return on equity.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a $25.40 target price; however, insiders have sold roughly 491,691 shares worth $9.02 million over the past 90 days.

Bank of New York Mellon Corp purchased a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 178,131 shares of the company's stock, valued at approximately $3,450,000. Bank of New York Mellon Corp owned approximately 0.15% of Slide Insurance as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SLDE. World Investment Advisors bought a new position in shares of Slide Insurance in the fourth quarter worth about $1,964,000. Axis Wealth Partners LLC grew its stake in shares of Slide Insurance by 100.0% during the first quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company's stock valued at $3,663,000 after purchasing an additional 101,751 shares during the last quarter. Emerald Mutual Fund Advisers Trust grew its stake in shares of Slide Insurance by 24.9% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 459,820 shares of the company's stock valued at $8,277,000 after purchasing an additional 91,610 shares during the last quarter. FourThought Financial Partners LLC acquired a new stake in shares of Slide Insurance in the fourth quarter valued at approximately $5,893,000. Finally, Blackhawk Capital Partners LLC acquired a new stake in shares of Slide Insurance in the fourth quarter valued at approximately $1,820,000.

Slide Insurance Price Performance

Shares of NASDAQ:SLDE opened at $24.67 on Monday. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $25.09. The company has a 50 day moving average of $21.48 and a 200-day moving average of $19.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 6.02 and a beta of 0.07.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $386.82 million during the quarter. On average, sell-side analysts forecast that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current year.

Slide Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders 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 annualized dividend and a dividend yield of 1.1%. Slide Insurance's payout ratio is presently 6.83%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Citizens Jmp boosted their price objective on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 30th. Weiss Ratings upgraded Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 27th. Barclays lifted their target price on 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 downgraded Slide Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Morgan Stanley set a $22.00 price target on Slide Insurance in a research note 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 stock. Based on data from MarketBeat, Slide Insurance currently has a consensus rating of "Buy" and a consensus target price of $25.40.

Insider Buying and Selling at Slide Insurance

In other news, Director Andrew Wright sold 15,000 shares of the firm's stock in a transaction 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 transaction, the director directly owned 18,998 shares in the company, valued at $370,650.98. This trade represents a 44.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen Rohde sold 5,000 shares of Slide Insurance stock in a transaction on Friday, August 14th. The stock was sold at an average price of $21.89, for a total value of $109,450.00. Following the sale, the director directly owned 5,000 shares of the company's stock, valued at approximately $109,450. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 491,691 shares of company stock worth $9,021,426. 50.80% of the stock is currently owned by insiders.

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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