Slide Insurance Holdings, Inc. $SLDE Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 565,510 shares of Slide Insurance in the second quarter, valued at approximately $11.0 million and representing a 0.48% stake.
• Slide Insurance insiders sold 372,990 shares worth $8.46 million over the past 90 days, including substantial sales by directors Robert Gries Jr. and Andrew Wright.
• Analysts remain broadly positive, with the stock carrying a consensus “Buy” rating and a $25.40 price target. Slide also exceeded quarterly EPS estimates, reporting $1.06 versus the expected $0.88.

Bank of America Corp DE purchased a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 565,510 shares of the company's stock, valued at approximately $10,954,000. Bank of America Corp DE owned 0.48% of Slide Insurance as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new position in shares of Slide Insurance in the second quarter valued at approximately $39,000. Meeder Asset Management Inc. acquired a new stake in shares of Slide Insurance during the second quarter worth $40,000. State of Wyoming purchased a new position in Slide Insurance in the 1st quarter valued at $42,000. Caitong International Asset Management Co. Ltd grew its position in Slide Insurance by 4,839.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock valued at $49,000 after buying an additional 2,468 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in Slide Insurance by 221.0% in the 1st quarter. Royal Bank of Canada now owns 5,993 shares of the company's stock valued at $109,000 after buying an additional 4,126 shares during the period.

Insider Activity at Slide Insurance

In other news, Director Robert Gries, Jr. sold 107,510 shares of Slide Insurance stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $24.44, for a total transaction of $2,627,544.40. Following the completion of the sale, the director directly owned 1,585,211 shares in the company, valued at approximately $38,742,556.84. This trade represents a 6.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew Wright sold 15,000 shares of the business's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.51, for a total value of $292,650.00. Following the sale, the director directly owned 18,998 shares in the company, valued at $370,650.98. This trade represents a 44.12% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 372,990 shares of company stock valued at $8,457,260. 50.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on SLDE. Barclays upped their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Morgan Stanley set a $22.00 price target on shares of Slide Insurance in a research note on Monday, August 3rd. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, September 19th. Zacks Research upgraded shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings raised Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 27th. Two investment 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. According to MarketBeat.com, Slide Insurance presently has an average rating of "Buy" and a consensus price target of $25.40.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $23.10 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.23 and a current ratio of 1.23. Slide Insurance Holdings, Inc. has a one year low of $13.26 and a one year high of $26.75. The firm has a market capitalization of $2.70 billion, a P/E ratio of 5.63 and a beta of 0.07. The company's fifty day moving average is $22.68 and its two-hundred day moving average is $19.88.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, beating 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 business had revenue of $386.82 million during the quarter. Analysts forecast that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current fiscal year.

Slide Insurance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, August 14th. Slide Insurance's dividend payout ratio is presently 6.83%.

About Slide Insurance

Slide Insurance is a technology-enabled property and casualty insurance company focused on personal residential coverage. Through its insurance operations, the company provides homeowners insurance and related products designed to protect homes and personal property against covered risks, including weather-related events.

Slide uses data-driven underwriting, digital tools and automated claims and policy-management capabilities to support the distribution and servicing of insurance policies.

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