Quantinno Capital Management LP Acquires Shares of 52,943 Slide Insurance Holdings, Inc. $SLDE

Key Points

• Quantinno Capital Management initiated a Slide Insurance position of 52,943 shares valued at approximately $953,000, while several other institutional investors also recently added or increased holdings.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $25.40; recent targets range from $22 to $28.
• Slide Insurance reported quarterly EPS of $1.06, exceeding estimates of $0.88, and announced a $0.07 quarterly dividend. The company also authorized a $100 million share-repurchase program, covering up to 4.3% of outstanding shares.

Quantinno Capital Management LP bought a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 52,943 shares of the company's stock, valued at approximately $953,000.

Other large investors also recently modified their holdings of the company. Comerica Bank raised its stake in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after purchasing an additional 1,281 shares in the last quarter. CWM LLC bought a new stake in Slide Insurance during the fourth quarter worth about $35,000. Ameritas Investment Partners Inc. acquired a new stake in Slide Insurance during the third quarter worth about $35,000. State of Wyoming acquired a new stake in Slide Insurance during the first quarter worth about $42,000. Finally, Aster Capital Management DIFC Ltd bought a new position in Slide Insurance in the 4th quarter valued at about $47,000.

Analysts Set New Price Targets

SLDE has been the subject of several analyst reports. Morgan Stanley set a $22.00 target price 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 report on Monday, August 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Slide Insurance from $24.00 to $26.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Barclays boosted their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Finally, Citigroup restated an "outperform" rating on shares of Slide Insurance in a research note on Thursday, July 30th. Two investment 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.

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Andrew Pardo Wright sold 31,002 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $18.01, for a total value of $558,346.02. Following the completion of the transaction, the director directly owned 48,998 shares in the company, valued at approximately $882,453.98. This trade represents a 38.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Shannon Lucas sold 27,000 shares of Slide Insurance stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $18.97, for a total value of $512,190.00. Following the sale, the chief operating officer directly owned 1,183,300 shares in the company, valued at $22,447,201. The trade was a 2.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,301,072 shares of company stock valued at $24,304,217 over the last three months. 50.80% of the stock is currently owned by corporate insiders.

Slide Insurance Stock Performance

Slide Insurance stock opened at $21.93 on Monday. 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 stock has a market cap of $2.56 billion, a PE ratio of 5.35 and a beta of -0.04. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $23.00. The business's 50-day moving average price is $19.65 and its two-hundred day moving average price is $18.55.

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 analysts' consensus estimates of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The firm had revenue of $386.82 million during the quarter. As a group, analysts expect that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current fiscal year.

Slide Insurance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.07 per share. 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's payout ratio is presently 6.83%.

Slide Insurance declared that its Board of Directors has initiated a share repurchase plan on Tuesday, April 28th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

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.

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