Slide Insurance Holdings, Inc. $SLDE Shares Purchased by Blackhawk Capital Partners LLC

Key Points

• Blackhawk Capital Partners LLC increased its Slide Insurance stake by 58.6% in the first quarter, buying 54,771 additional shares and bringing its holdings to 148,222 shares worth about $2.67 million.
• Slide Insurance reported strong quarterly results, with EPS of $1.02 versus the $0.82 consensus estimate and revenue of $389.28 million, while analysts now expect full-year EPS of 3.59.
• The company’s board authorized a $100 million share repurchase program, and analyst sentiment remains generally positive with a Moderate Buy rating and an average price target of $23.75.

Blackhawk Capital Partners LLC grew its stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) by 58.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 148,222 shares of the company's stock after buying an additional 54,771 shares during the period. Slide Insurance accounts for 1.0% of Blackhawk Capital Partners LLC's investment portfolio, making the stock its 23rd biggest position. Blackhawk Capital Partners LLC owned approximately 0.13% of Slide Insurance worth $2,668,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Comerica Bank lifted its holdings in Slide Insurance by 3,462.2% in the 4th 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. Hsbc Holdings PLC raised its position in shares of Slide Insurance by 8.4% in the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock valued at $384,000 after buying an additional 1,641 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Slide Insurance by 11.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock valued at $313,000 after buying an additional 1,704 shares during the last quarter. CWM LLC purchased a new position in shares of Slide Insurance during the fourth quarter valued at approximately $35,000. Finally, Ameritas Investment Partners Inc. purchased a new position in shares of Slide Insurance during the third quarter valued at approximately $35,000.

Slide Insurance Stock Performance

NASDAQ:SLDE opened at $19.74 on Thursday. The company has a market cap of $2.26 billion and a P/E ratio of 5.48. The firm's 50 day moving average is $18.50 and its two-hundred day moving average is $18.07. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $21.79. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The company had revenue of $389.28 million during the quarter. Analysts expect that Slide Insurance Holdings, Inc. will post 3.59 EPS for the current year.

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

Insider Activity at Slide Insurance

In other news, CEO Bruce Lucas sold 455,000 shares of Slide Insurance stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $19.06, for a total value of $8,672,300.00. Following the transaction, the chief executive officer directly owned 35,429,165 shares of the company's stock, valued at $675,279,884.90. The trade was a 1.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 3,374,100 shares of company stock valued at $63,644,818. Company insiders own 50.80% of the company's stock.

Analyst Upgrades and Downgrades

SLDE has been the subject of several recent analyst reports. Texas Capital raised shares of Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods increased their price target on Slide Insurance from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $20.00 price objective (down from $23.00) on shares of Slide Insurance in a research report on Monday, July 6th. Finally, Zacks Research downgraded Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $23.75.

Slide Insurance 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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