Insider Selling: Slide Insurance (NASDAQ:SLDE) CFO Sells 9,000 Shares of Stock

Key Points

• CFO Anastasios Omiridis sold 9,000 shares on May 4 at an average price of $18.55 for proceeds of $166,950, leaving him with 330 shares (a 96.46% reduction in his position).
• Slide beat quarterly expectations, reporting $1.02 EPS vs. $0.82 expected and $389.3M revenue, and the board authorized a $100 million share buyback (about 4.3% of shares), signaling management confidence.
• Shares traded at $18.43 (down ~1%), the company has a market cap of $2.11B and a PE of 5.12, and analysts show a consensus "Moderate Buy" with an average target of about $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CFO Anastasios Omiridis sold 9,000 shares of Slide Insurance stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.55, for a total value of $166,950.00. Following the completion of the sale, the chief financial officer owned 330 shares of the company's stock, valued at $6,121.50. This trade represents a 96.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Slide Insurance Trading Down 1.0%

Shares of SLDE stock traded down $0.19 during trading hours on Monday, hitting $18.43. 1,466,513 shares of the company were exchanged, compared to its average volume of 1,723,868. The firm has a fifty day moving average of $18.19 and a 200 day moving average of $17.42. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.03. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $25.90. The firm has a market cap of $2.11 billion and a PE ratio of 5.12.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 50.01%. Analysts expect that Slide Insurance Holdings, Inc. will post 3.36 earnings per share for the current year.

Slide Insurance announced that its Board of Directors has initiated a stock buyback plan on Tuesday, April 28th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

SLDE has been the topic of several research reports. Piper Sandler increased their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Thursday, February 26th. Keefe, Bruyette & Woods boosted their price target on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Monday, March 9th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Zacks Research downgraded Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Wall Street Zen lowered Slide Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $24.80.

Institutional Trading of Slide Insurance

A number of institutional investors have recently added to or reduced their stakes in the business. Comerica Bank increased 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 lifted its stake in shares of Slide Insurance by 8.4% during the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock worth $384,000 after purchasing an additional 1,641 shares in the last quarter. Price T Rowe Associates Inc. MD boosted 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 worth $313,000 after buying an additional 1,704 shares during the period. CWM LLC acquired a new stake in shares of Slide Insurance in the fourth quarter valued at about $35,000. Finally, Ameritas Investment Partners Inc. acquired a new stake in shares of Slide Insurance in the third quarter valued at about $35,000.

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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