Blackhawk Capital Partners LLC Invests $1.82 Million in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Blackhawk Capital Partners initiated a new position in Slide Insurance Holdings, buying 93,451 shares valued at about $1.82 million in the fourth quarter.
• 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 showed high profitability, with a 48.38% return on equity and a 38.86% net margin.
• The company’s board approved a $100 million share repurchase plan, while analysts currently rate the stock a Moderate Buy with an average price target of $24.80.

Blackhawk Capital Partners LLC bought a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 93,451 shares of the company's stock, valued at approximately $1,820,000. Blackhawk Capital Partners LLC owned 0.08% of Slide Insurance as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SLDE. Raymond James Financial Inc. acquired a new position in shares of Slide Insurance during the second quarter worth approximately $33,063,000. Capital World Investors raised its position in shares of Slide Insurance by 49.4% during the third quarter. Capital World Investors now owns 4,483,180 shares of the company's stock worth $70,767,000 after purchasing an additional 1,483,180 shares during the period. Balyasny Asset Management L.P. raised its position in shares of Slide Insurance by 314.8% during 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. HB Wealth Management LLC raised its position in shares of Slide Insurance by 1,375.7% during 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. Finally, Federated Hermes Inc. acquired a new position in shares of Slide Insurance during the third quarter worth approximately $9,471,000.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SLDE. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday. Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Texas Capital raised Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Finally, Piper Sandler increased their price target on Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Thursday, February 26th. One 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 company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.80.

Slide Insurance Trading Up 0.5%

NASDAQ SLDE opened at $18.56 on Tuesday. The firm has a market capitalization of $2.13 billion and a P/E ratio of 5.16. The business has a fifty day simple moving average of $18.25 and a 200 day simple moving average of $17.55. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $25.90. 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 (NASDAQ:SLDE - Get Free Report) last announced 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 during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. On average, analysts predict 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 plan on Tuesday, April 28th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Slide Insurance News Summary

Here are the key news stories impacting Slide Insurance this week:

• Negative Sentiment: CEO Bruce Lucas sold 91,000 shares at an average price of $18.76, trimming his stake by 0.25%. Large CEO selling can weigh on investor sentiment because it may signal limited near-term upside. SEC filing
• Negative Sentiment: Bruce Lucas also sold 173,317 shares earlier in the week at $18.81, adding to the impression that top executives are reducing exposure after the stock’s recent run. SEC filing
• Negative Sentiment: COO Shannon Lucas sold 9,000 shares at $18.76 and separately sold 17,141 shares at $18.81, while director Andrew Pardo Wright sold 6,316 shares at $18.90. Multiple insider sales in a short period can pressure sentiment, even if the amounts are relatively small versus the company’s ownership base. SEC filing
• Neutral Sentiment: Short interest was reported at 0 shares, so there is no meaningful bearish short positioning data to point to right now. Related article

Insider Transactions at Slide Insurance

In other Slide Insurance news, CEO Bruce Lucas sold 273,702 shares of the company's stock in a transaction on Thursday, April 9th. The stock was 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 in the company, valued at $681,315,096.63. This represents a 0.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 4,180,678 shares of company stock valued at $77,257,003. 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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