Jupiter Topco LLC Takes Position in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Jupiter Topco LLC initiated a position of 188,163 Slide Insurance shares valued at approximately $3.65 million, while BlackRock and other institutional investors also established or expanded positions.
• Slide Insurance reported quarterly earnings of $1.06 per share, exceeding the $0.88 consensus estimate, on revenue of $386.82 million. The company posted a 40.02% net margin and declared a quarterly dividend of $0.07 per share.
• Shares opened at $23.29, near their 52-week high, and analysts maintain a consensus “Buy” rating with a $25.40 average price target, despite insiders selling roughly $9.02 million in stock over the past 90 days.

Jupiter Topco LLC bought a new position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 188,163 shares of the company's stock, valued at approximately $3,645,000. Jupiter Topco LLC owned approximately 0.16% of Slide Insurance as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Slide Insurance during the 2nd quarter valued at about $98,538,000. Hsbc Holdings PLC bought a new stake in shares of Slide Insurance in the second quarter worth about $1,077,000. World Investment Advisors bought a new stake in shares of Slide Insurance in the fourth quarter worth about $1,964,000. Axis Wealth Partners LLC lifted its position in shares of Slide Insurance by 100.0% in 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 in the last quarter. Finally, Emerald Mutual Fund Advisers Trust lifted its position in shares of Slide Insurance by 24.9% in 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 in the last quarter.

Slide Insurance Stock Up 0.2%

NASDAQ SLDE opened at $23.29 on Wednesday. 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 Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $23.75. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 5.68 and a beta of 0.06. The company has a fifty day moving average of $21.12 and a two-hundred day moving average of $19.06.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.18. The business 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%. On average, analysts predict that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current year.

Slide Insurance Announces Dividend

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

Insider Activity

In other news, COO Shannon Lucas sold 4,659 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total transaction of $79,762.08. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $20.33, for a total value of $573,549.96. Following the completion of the sale, the director owned 1,720,933 shares in the company, valued at approximately $34,986,567.89. The trade was a 1.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 491,691 shares of company stock worth $9,021,426 in the last ninety days. 50.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Weiss Ratings raised Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 27th. Barclays increased their target price on Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their target price on shares of Slide Insurance from $24.00 to $26.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Wall Street Zen cut shares of Slide Insurance from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Citizens Jmp upped their price target on shares of Slide Insurance from $25.00 to $27.00 and gave the company a "market outperform" rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus 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.

Want to see what other hedge funds are holding SLDE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source