Man Group plc Takes Position in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Man Group initiated a position in Slide Insurance, purchasing 631,340 shares worth approximately $12.2 million, while other major institutions including BlackRock, Vanguard and Arrowstreet also increased or initiated holdings.
• Analysts remain broadly positive, with Slide Insurance receiving an average “Buy” rating and a consensus price target of $25.40. Recent targets range from Morgan Stanley’s $22 to Barclays’ $28.
• Slide Insurance exceeded quarterly earnings expectations, reporting EPS of $1.06 versus the $0.88 consensus estimate, and declared a quarterly dividend of $0.07 per share, representing a 1.2% annualized yield.

Man Group plc purchased a new position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 631,340 shares of the company's stock, valued at approximately $12,229,000. Man Group plc owned approximately 0.54% of Slide Insurance at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Slide Insurance in the 2nd quarter worth approximately $98,538,000. Vanguard Group Inc. grew its stake in shares of Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company's stock worth $53,800,000 after acquiring an additional 354,321 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock worth $48,380,000 after acquiring an additional 2,012,428 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Slide Insurance by 27.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company's stock valued at $34,250,000 after acquiring an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Slide Insurance in the 2nd quarter worth about $33,063,000.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SLDE shares. Morgan Stanley set a $22.00 price target on shares of Slide Insurance in a research report on Monday, August 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Slide Insurance in a research note on Monday, August 3rd. Citizens Jmp boosted their price target on Slide Insurance from $25.00 to $27.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 30th. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Finally, Barclays lifted their price objective on Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Two 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 company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $25.40.

Slide Insurance Stock Performance

Shares of SLDE opened at $23.46 on Friday. The firm has a market capitalization of $2.74 billion, a P/E ratio of 5.72 and a beta of -0.04. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $23.75. The business has a fifty day moving average of $20.74 and a 200 day moving average of $18.93.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.18. The business had revenue of $386.82 million for the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. As a group, sell-side analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current year.

Slide Insurance Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. Slide Insurance's dividend payout ratio (DPR) is presently 6.83%.

Insider Buying and Selling at Slide Insurance

In other Slide Insurance news, Director Andrew Pardo Wright sold 15,000 shares of the company's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $19.51, for a total transaction of $292,650.00. Following the completion of the sale, the director directly owned 18,998 shares of the company's stock, valued at approximately $370,650.98. This represents a 44.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Bruce Lucas sold 44,467 shares of the 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 $761,275.04. Following the completion of the transaction, the chief executive officer owned 34,506,199 shares in the company, valued at $590,746,126.88. The trade was a 0.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 494,191 shares of company stock valued at $9,065,901. 50.80% of the stock is owned by corporate insiders.

About Slide Insurance

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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