Slide Insurance Holdings, Inc. $SLDE Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) by 152.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 152,359 shares of the company's stock after buying an additional 92,029 shares during the quarter. Bank of New York Mellon Corp owned 0.13% of Slide Insurance worth $2,742,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Blackhawk Capital Partners LLC raised its holdings in Slide Insurance by 58.6% in the first quarter. Blackhawk Capital Partners LLC now owns 148,222 shares of the company's stock valued at $2,668,000 after acquiring an additional 54,771 shares in the last quarter. Emerald Mutual Fund Advisers Trust grew its holdings in Slide Insurance by 24.9% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 459,820 shares of the company's stock worth $8,277,000 after acquiring an additional 91,610 shares in the last quarter. Emerald Advisers LLC increased its position in shares of Slide Insurance by 40.5% in the 1st quarter. Emerald Advisers LLC now owns 85,885 shares of the company's stock worth $1,546,000 after purchasing an additional 24,740 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Slide Insurance by 10.9% in the 1st quarter. Fifth Third Bancorp now owns 423,202 shares of the company's stock worth $7,618,000 after purchasing an additional 41,655 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Slide Insurance by 8.4% in the 1st quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock valued at $384,000 after purchasing an additional 1,641 shares in the last quarter.

Insider Buying and Selling

In other Slide Insurance news, COO Shannon Lucas sold 45,000 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $19.06, for a total value of $857,700.00. Following the sale, the chief operating officer directly owned 1,210,300 shares of the company's stock, valued at $23,068,318. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Gries, Jr. sold 84,636 shares of the company's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.34, for a total transaction of $1,721,496.24. Following the transaction, the director owned 1,777,357 shares of the company's stock, valued at $36,151,441.38. This represents a 4.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,245,231 shares of company stock worth $42,185,736 in the last three months. 50.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on SLDE. Zacks Research upgraded Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Citigroup reaffirmed an "outperform" rating on shares of Slide Insurance in a report on Thursday, July 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Slide Insurance in a research report on Monday, August 3rd. Morgan Stanley set a $22.00 price target on Slide Insurance in a report on Monday, August 3rd. Finally, Barclays upped their price target on Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Slide Insurance presently has an average rating of "Buy" and a consensus target price of $25.40.

Slide Insurance Price Performance

SLDE opened at $21.13 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The company's 50-day moving average price is $19.22 and its 200 day moving average price is $18.36. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $23.00. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 5.15 and a beta of -0.04.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.18. The company 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%. As a group, sell-side analysts expect that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current year.

Slide Insurance announced that its Board of Directors has approved a stock repurchase plan on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Slide Insurance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors 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 yield of 1.3%. The ex-dividend date is Friday, August 14th.

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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