Hsbc Holdings PLC Purchases New Position in Slide Insurance Holdings, Inc. $SLDE

Key Points

• HSBC bought 54,464 shares of Slide Insurance during the second quarter, valued at approximately $1.08 million. BlackRock also initiated a much larger position worth about $98.5 million.
• Slide Insurance reported quarterly EPS of $1.06, beating estimates of $0.88, on revenue of $386.82 million. The company also declared a quarterly dividend of $0.07 per share.
• SLDE opened at $23.25, near its 12-month high of $23.75, while analysts maintained a consensus “Buy” rating and an average price target of $25.40; insiders, however, sold 491,691 shares worth $9.02 million over the past three months.

Hsbc Holdings PLC purchased a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 54,464 shares of the company's stock, valued at approximately $1,077,000.

Several other hedge funds have also recently bought and sold shares of SLDE. BlackRock Inc. bought a new stake in shares of Slide Insurance in the 2nd quarter worth about $98,538,000. World Investment Advisors acquired a new position in Slide Insurance in the fourth quarter valued at about $1,964,000. Axis Wealth Partners LLC grew its stake in Slide Insurance by 100.0% during the first quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company's stock worth $3,663,000 after buying an additional 101,751 shares during the last quarter. Emerald Mutual Fund Advisers Trust grew its stake in Slide Insurance by 24.9% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 459,820 shares of the company's stock worth $8,277,000 after buying an additional 91,610 shares during the last quarter. Finally, Blackhawk Capital Partners LLC acquired a new stake in shares of Slide Insurance during the fourth quarter worth approximately $1,820,000.

Insider Buying and Selling at Slide Insurance

In related news, Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $20.33, for a total value of $573,549.96. Following the transaction, the director directly owned 1,720,933 shares in the company, valued at $34,986,567.89. This represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Shannon Lucas sold 4,659 shares of the firm's 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 directly owned 1,118,756 shares in the company, valued at approximately $19,153,102.72. The trade was a 0.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 491,691 shares of company stock valued at $9,021,426. 50.80% of the stock is currently owned by corporate insiders.

Slide Insurance Price Performance

Shares of SLDE stock opened at $23.25 on Tuesday. The stock has a 50-day moving average price of $21.00 and a 200 day moving average price of $19.01. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 5.67 and a beta of -0.04. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $23.75.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.18. The firm 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%. Research analysts expect that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current year.

Slide Insurance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 14th. Slide Insurance's payout ratio is 6.83%.

Analysts Set New Price Targets

SLDE has been the topic of several research reports. 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. Citigroup reissued an "outperform" rating on shares of Slide Insurance in a report on Thursday, July 30th. 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. Finally, Wall Street Zen downgraded Slide Insurance from a "buy" rating to a "hold" rating in a report on Saturday. Two equities 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target 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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