Great Lakes Advisors LLC Purchases Shares of 145,325 Slide Insurance Holdings, Inc. $SLDE

Key Points

• Great Lakes Advisors acquired 145,325 shares of Slide Insurance worth approximately $2.8 million, while several other institutional investors—including BlackRock and Raymond James—also initiated or expanded positions.
• Slide Insurance reported quarterly EPS of $1.06, exceeding the $0.88 consensus estimate, on $386.82 million in revenue. The company posted a 40.02% net margin and 50.69% return on equity.
• The company authorized a $100 million share buyback and declared a quarterly dividend of $0.07, equal to a 1.2% yield. Analysts maintain an overall “Buy” rating with an average price target of $25.40, above the reported $22.52 share price.

Great Lakes Advisors LLC acquired a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 145,325 shares of the company's stock, valued at approximately $2,815,000. Great Lakes Advisors LLC owned 0.12% of Slide Insurance at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SLDE. BlackRock Inc. acquired a new position in Slide Insurance during the 2nd quarter worth $98,538,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Slide Insurance by 298.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock valued at $48,380,000 after buying an additional 2,012,428 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Slide Insurance in the 2nd quarter valued at about $33,063,000. Balyasny Asset Management L.P. grew 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 buying an additional 1,045,826 shares in the last quarter. Finally, HB Wealth Management LLC increased its stake 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 buying an additional 832,102 shares during the period.

Slide Insurance Trading Up 0.2%

SLDE opened at $22.52 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.23 and a current ratio of 1.23. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $23.00. The company has a market cap of $2.63 billion, a P/E ratio of 5.49 and a beta of -0.04. The business's 50-day simple moving average is $20.08 and its 200-day simple moving average is $18.71.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results 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. The business had revenue of $386.82 million during the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. As a group, equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current fiscal year.

Slide Insurance declared that its board has initiated a stock buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

Slide Insurance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, August 14th. Slide Insurance's dividend payout ratio is currently 6.83%.

Insider Buying and Selling

In related news, Director Robert Gries, Jr. sold 84,636 shares of the company's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.34, for a total value of $1,721,496.24. Following the completion of the sale, the director owned 1,777,357 shares in the company, valued at $36,151,441.38. This represents a 4.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Shannon Lucas sold 22,548 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $18.95, for a total transaction of $427,284.60. Following the sale, the chief operating officer owned 1,142,473 shares of the company's stock, valued at $21,649,863.35. This trade represents a 1.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 800,539 shares of company stock valued at $14,862,952 over the last ninety days. Company insiders own 50.80% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Citizens Jmp lifted their price target on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 30th. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Finally, Citigroup reiterated an "outperform" rating on shares of Slide Insurance in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $25.40.

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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