Insider Selling: Slide Insurance (NASDAQ:SLDE) COO Sells 27,000 Shares of Stock

Key Points

• Slide Insurance COO Shannon Lucas sold 27,000 shares on May 19 at an average price of $18.97, for proceeds of about $512,190. After the sale, Lucas still held 1,183,300 shares, and the transaction reduced ownership by 2.23%.
• The insider selling has been repeated over several recent trading days, with Lucas also selling shares on multiple dates in May and late April. The article notes that other insiders, including the CEO, also sold stock during the same period.
• Slide Insurance shares fell 2.6% to $18.48 on the day, while the company remains supported by solid recent fundamentals: it beat quarterly earnings estimates, authorized a $100 million share buyback, and has received mostly positive analyst ratings.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 27,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $18.97, for a total value of $512,190.00. Following the transaction, the chief operating officer owned 1,183,300 shares in the company, valued at $22,447,201. This trade represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Shannon Lucas also recently made the following trade(s):

• On Monday, May 18th, Shannon Lucas sold 45,000 shares of Slide Insurance stock. The shares were sold at an average price of $19.06, for a total value of $857,700.00.
• On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total value of $502,877.28.
• On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total transaction of $168,840.00.
• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total transaction of $322,422.21.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total transaction of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total transaction of $158,606.50.
• On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total transaction of $363,963.08.
• On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total transaction of $288,853.94.
• On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total value of $253,125.00.
• On Monday, April 20th, Shannon Lucas sold 11,676 shares of Slide Insurance stock. The stock was sold at an average price of $19.55, for a total value of $228,265.80.

Slide Insurance Trading Down 2.6%

SLDE stock traded down $0.50 during midday trading on Tuesday, hitting $18.48. The company had a trading volume of 1,257,810 shares, compared to its average volume of 1,627,024. The stock has a market cap of $2.12 billion and a price-to-earnings ratio of 5.13. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.90. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The stock's 50 day moving average price is $18.19 and its 200 day moving average price is $17.68.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.82 by $0.20. The company had revenue of $389.28 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. As a group, equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance declared that its board has initiated a share repurchase plan on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Slide Insurance

Several hedge funds have recently made changes to their positions in the company. Comerica Bank raised its holdings in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after purchasing an additional 1,281 shares in the last quarter. CWM LLC purchased a new position in Slide Insurance during the fourth quarter valued at $35,000. Ameritas Investment Partners Inc. bought a new stake in shares of Slide Insurance during the 3rd quarter valued at $35,000. State of Wyoming purchased a new stake in shares of Slide Insurance in the 1st quarter worth about $42,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Slide Insurance in the 4th quarter worth about $47,000.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Barclays raised their target price on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Texas Capital raised Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods lifted their price objective on Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Monday, March 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Finally, Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Slide Insurance has an average rating of "Moderate Buy" and a consensus target price of $24.80.

Slide Insurance News Roundup

Here are the key news stories impacting Slide Insurance this week:

• Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
• Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
• Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title

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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