HB Wealth Management LLC Has $2.78 Million Holdings in Slide Insurance Holdings, Inc. $SLDE

Key Points

• HB Wealth Management cut its Slide Insurance stake by 83.9% in the second quarter, selling 748,966 shares and retaining 143,437 shares worth approximately $2.78 million. Several other institutional investors initiated positions during the quarter.
• Analyst sentiment is broadly positive: Slide Insurance has a consensus “Buy” rating and a $25.40 target price, with recent target increases from Citizens JMP and Barclays and a “Strong Buy” upgrade from Zacks Research.
• 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 $0.07 quarterly dividend, while insiders sold roughly $5.5 million of stock over the past 90 days.

HB Wealth Management LLC lessened its stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) by 83.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 143,437 shares of the company's stock after selling 748,966 shares during the quarter. HB Wealth Management LLC owned 0.12% of Slide Insurance worth $2,778,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC bought a new stake in Slide Insurance in the second quarter valued at $2,245,000. Legal & General Group Plc bought a new position in shares of Slide Insurance during the second quarter valued at $216,000. Norges Bank acquired a new stake in shares of Slide Insurance in the 2nd quarter valued at $866,000. Marshall Wace LLP acquired a new stake in shares of Slide Insurance in the 2nd quarter valued at $1,056,000. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Slide Insurance in the 2nd quarter worth about $834,000.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SLDE. Citizens Jmp increased their target price 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. Morgan Stanley set a $22.00 price target on shares of Slide Insurance in a research report on Monday, August 3rd. Zacks Research raised shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Weiss Ratings raised shares of Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 27th. Finally, Barclays lifted their target price on shares of Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $25.40.

Slide Insurance Price Performance

Shares of SLDE stock opened at $24.46 on Wednesday. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.09. The stock has a market capitalization of $2.86 billion, a PE ratio of 5.97 and a beta of 0.07. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.23 and a current ratio of 1.23. The stock's fifty day moving average is $21.68 and its 200-day moving average is $19.33.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.18. The business had revenue of $386.82 million during the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. Equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current fiscal year.

Slide Insurance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, August 14th. Slide Insurance's dividend payout ratio (DPR) is presently 6.83%.

Insider Buying and Selling

In other news, Director Stephen Rohde sold 5,000 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $21.89, for a total transaction of $109,450.00. Following the transaction, the director directly owned 5,000 shares in the company, 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 is accessible through this link. Also, Director Robert Gries, Jr. sold 84,636 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.34, for a total transaction of $1,721,496.24. Following the sale, the director directly owned 1,777,357 shares in the company, valued at $36,151,441.38. This trade represents a 4.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 279,642 shares of company stock valued at $5,512,588. Insiders own 50.80% of the company's stock.

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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