Janus Henderson Group PLC Has $3.11 Million Stock Position in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Institutional ownership increased sharply: Janus Henderson raised its Slide Insurance stake by 1,151.3% to 172,683 shares valued at $3.11 million. Several other funds also initiated or expanded positions during the fourth quarter and first quarter.
• Analyst sentiment is broadly positive: Slide Insurance has a consensus “Buy” rating and a $25.40 price target, while Barclays and Citizens JMP recently raised their targets. The company also exceeded quarterly earnings expectations, reporting $1.06 in EPS versus an $0.88 estimate.
• Shareholder returns remain a focus: Slide declared a quarterly dividend of $0.07 per share and authorized a $100 million share-buyback program covering up to 4.3% of shares. However, insiders sold 2.25 million shares worth $42.2 million over the past 90 days.

Janus Henderson Group PLC lifted its holdings in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) by 1,151.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 172,683 shares of the company's stock after acquiring an additional 158,883 shares during the quarter. Janus Henderson Group PLC owned approximately 0.15% of Slide Insurance worth $3,108,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its holdings in Slide Insurance by 529,826.4% during the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company's stock worth $7,433,000 after purchasing an additional 381,475 shares during the last quarter. World Investment Advisors bought a new position in shares of Slide Insurance during the fourth quarter worth $1,964,000. Axis Wealth Partners LLC grew its position in shares of Slide Insurance by 100.0% in the 1st quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company's stock valued at $3,663,000 after purchasing an additional 101,751 shares during the period. FourThought Financial Partners LLC acquired a new position in shares of Slide Insurance in the fourth quarter valued at approximately $5,893,000. Finally, Suncoast Equity Management bought a new position in shares of Slide Insurance during the fourth quarter worth about $1,782,000.

Wall Street Analyst Weigh In

SLDE has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Slide Insurance in a research report on Monday. Barclays upped their price target on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Zacks Research raised Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Finally, Citizens Jmp increased their price target on Slide Insurance from $25.00 to $27.00 and gave the stock a "market outperform" rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $25.40.

Insider Transactions at Slide Insurance

In other news, Director Andrew Pardo Wright sold 15,000 shares of the company's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $19.51, for a total transaction of $292,650.00. Following the transaction, the director owned 18,998 shares of the company's stock, valued at $370,650.98. This represents a 44.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Shannon Lucas sold 4,659 shares of the firm's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value 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 approximately $19,153,102.72. This represents a 0.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 2,245,231 shares of company stock valued at $42,185,736. 50.80% of the stock is currently owned by insiders.

Slide Insurance Price Performance

SLDE opened at $21.13 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.33. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 5.15 and a beta of -0.04. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $23.00. The firm's fifty day moving average price is $19.22 and its two-hundred day moving average price is $18.36.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.88 by $0.18. The firm had revenue of $386.82 million for the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. As a group, analysts anticipate that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current fiscal year.

Slide Insurance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, August 14th.

Slide Insurance announced that its Board of Directors has initiated a share buyback plan on Tuesday, April 28th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Slide Insurance 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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