Empowered Funds LLC Invests $1.25 Million in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Empowered Funds LLC acquired 64,629 shares of Slide Insurance, valued at approximately $1.25 million, giving it a 0.06% stake. Other institutional investors also increased or initiated positions.
• Slide Insurance reported quarterly EPS of $1.06, exceeding the $0.88 consensus estimate, on revenue of $386.82 million. The company also paid a quarterly dividend of $0.07 per share, equivalent to a 1.1% annual yield.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $25.40. Meanwhile, insiders sold 491,691 shares worth roughly $9.02 million over the past 90 days.

Empowered Funds LLC acquired a new stake 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 Securities and Exchange Commission (SEC). The firm acquired 64,629 shares of the company's stock, valued at approximately $1,252,000. Empowered Funds LLC owned about 0.06% of Slide Insurance at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Comerica Bank lifted its position in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after buying an additional 1,281 shares during the last quarter. Hsbc Holdings PLC grew its stake in Slide Insurance by 8.4% in the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock worth $384,000 after purchasing an additional 1,641 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Slide Insurance by 11.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock worth $313,000 after acquiring an additional 1,704 shares during the period. CWM LLC purchased a new position in Slide Insurance during the fourth quarter valued at approximately $35,000. Finally, Global Retirement Partners LLC bought a new position in shares of Slide Insurance in the 2nd quarter worth $39,000.

Insider Buying and Selling at Slide Insurance

In other news, Director Stephen Rohde sold 5,000 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $21.89, for a total transaction of $109,450.00. Following the sale, the director owned 5,000 shares of the company's stock, valued at approximately $109,450. This 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 can be accessed through the SEC website. Also, COO Shannon Lucas sold 4,659 shares of Slide Insurance stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $17.12, for a total transaction of $79,762.08. Following the completion of the transaction, the chief operating officer owned 1,118,756 shares of the company's stock, valued at $19,153,102.72. This trade represents a 0.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 491,691 shares of company stock worth $9,021,426 over the last ninety days. Company insiders own 50.80% of the company's stock.

Slide Insurance Trading Down 0.2%

SLDE opened at $24.67 on Friday. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.09. The business has a fifty day simple moving average of $21.48 and a 200-day simple moving average of $19.20. The firm has a market cap of $2.88 billion, a P/E ratio of 6.02 and a beta of 0.07. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.18. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%.The firm had revenue of $386.82 million for the quarter. On average, equities analysts expect that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current year.

Slide Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were paid a dividend of $0.07 per share. The ex-dividend date was Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a yield of 1.1%. Slide Insurance's dividend payout ratio is 6.83%.

Wall Street Analyst Weigh In

SLDE has been the topic of several research analyst reports. Citigroup restated an "outperform" rating on shares of Slide Insurance in a research note on Thursday, July 30th. Keefe, Bruyette & Woods upped their target price on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Morgan Stanley set a $22.00 price target on Slide Insurance in a report on Monday, August 3rd. Weiss Ratings upgraded Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 27th. Finally, Barclays boosted their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $25.40.

About Slide Insurance

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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