Insider Selling: Slide Insurance (NASDAQ:SLDE) Director Sells 61,762 Shares of Stock

Key Points

• Insider sale: Slide Insurance director Robert Gries, Jr. sold 61,762 shares for approximately $1.50 million, reducing his stake by 3.9% to 1.52 million shares.
• Stock performance and fundamentals: SLDE traded down 1.1% to $24.45, near its 52-week high of $25.09. The company recently reported quarterly EPS of $1.06, exceeding the $0.88 consensus estimate, with $386.82 million in revenue.
• Investor outlook: Slide Insurance declared a quarterly dividend of $0.07, while analysts maintain an overall “Buy” rating and a consensus price target of $25.40.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Robert Gries, Jr. sold 61,762 shares of Slide Insurance stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $24.28, for a total value of $1,499,581.36. Following the completion of the transaction, the director owned 1,523,449 shares in the company, valued at approximately $36,989,341.72. This represents a 3.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Slide Insurance Trading Down 1.1%

Shares of NASDAQ SLDE traded down $0.26 during midday trading on Thursday, reaching $24.45. The company had a trading volume of 1,087,325 shares, compared to its average volume of 1,436,437. The stock has a market cap of $2.86 billion, a PE ratio of 5.96 and a beta of 0.07. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $25.09. The firm's fifty day moving average price is $21.77 and its 200-day moving average price is $19.38. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly 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 return on equity of 50.69% and a net margin of 40.02%.The business had revenue of $386.82 million for the quarter. On average, equities research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current year.

Slide Insurance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a $0.07 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.28 annualized dividend and a dividend yield of 1.1%. Slide Insurance's dividend payout ratio (DPR) is currently 6.83%.

Institutional Investors Weigh In On Slide Insurance

Institutional investors and hedge funds have recently modified their holdings of the stock. Comerica Bank increased its position in shares of Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after buying an additional 1,281 shares during the period. Global Retirement Partners LLC bought a new position in Slide Insurance in the second quarter worth about $39,000. Meeder Asset Management Inc. purchased a new stake in Slide Insurance in the second quarter worth about $40,000. Ameritas Investment Partners Inc. purchased a new stake in Slide Insurance in the third quarter worth about $35,000. Finally, State of Wyoming bought a new stake in Slide Insurance during the 1st quarter valued at approximately $42,000.

Analyst Upgrades and Downgrades

SLDE has been the subject of several analyst reports. Morgan Stanley set a $22.00 price target on shares of Slide Insurance in a research report on Monday, August 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of Slide Insurance from $24.00 to $26.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Barclays upped their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Citizens Jmp raised their target price on Slide Insurance from $25.00 to $27.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 30th. Finally, Zacks Research upgraded Slide Insurance from a "hold" rating to a "strong-buy" rating in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $25.40.

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.

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