Slide Insurance Holdings, Inc. $SLDE Stock Position Raised by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership increased its stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) by 298.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,687,802 shares of the company's stock after acquiring an additional 2,012,428 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 2.35% of Slide Insurance worth $48,380,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Geode Capital Management LLC purchased a new stake in shares of Slide Insurance during the second quarter valued at $2,245,000. Legal & General Group Plc purchased a new position in Slide Insurance in the 2nd quarter worth about $216,000. Norges Bank acquired a new stake in Slide Insurance during the 2nd quarter worth about $866,000. Marshall Wace LLP acquired a new stake in Slide Insurance during the 2nd quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Slide Insurance during the second quarter valued at about $834,000.

Analysts Set New Price Targets

A number of equities analysts recently commented on SLDE shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods increased their target price on Slide Insurance from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th. Zacks Research cut Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Finally, Barclays lowered their price target on Slide Insurance from $31.00 to $27.00 and set an "overweight" rating on the stock in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.75.

Insider Buying and Selling

In other news, Director Andrew Pardo Wright sold 15,000 shares of the stock in a transaction 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 transaction, the director owned 18,998 shares in the company, valued at $370,650.98. This represents a 44.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Gries, Jr. sold 28,212 shares of Slide Insurance stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $21.04, for a total transaction of $593,580.48. Following the completion of the sale, the director directly owned 1,749,145 shares of the company's stock, valued at approximately $36,802,010.80. The trade was a 1.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 2,902,411 shares of company stock valued at $54,657,242. 50.80% of the stock is owned by company insiders.

Slide Insurance Stock Up 2.9%

SLDE opened at $20.85 on Tuesday. The company has a market capitalization of $2.39 billion and a PE ratio of 5.79. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $21.79. The business has a 50-day moving average of $18.79 and a 200-day moving average of $18.14.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. Equities research analysts forecast that Slide Insurance Holdings, Inc. will post 3.59 EPS for the current fiscal year.

Slide Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 14th.

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

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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