Insider Selling: Slide Insurance (NASDAQ:SLDE) Insider Sells 11,250 Shares of Stock

Key Points

• Insider selling continued at Slide Insurance: Matthew Paul Larson sold 11,250 shares on May 26 at an average price of $18.56, cutting his ownership by 50%. He has also made multiple large sales in recent weeks.
• The company reported solid quarterly results: Slide Insurance posted $1.02 EPS on revenue of $389.28 million, beating analyst expectations. The company also reported strong profitability metrics, including a net margin of 38.86%.
• Slide Insurance authorized a buyback and has mixed analyst sentiment: Its board approved a $100 million share repurchase plan, equal to about 4.3% of shares. Analysts currently rate the stock a “Moderate Buy” with a consensus target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) insider Matthew Paul Larson sold 11,250 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $18.56, for a total transaction of $208,800.00. Following the sale, the insider directly owned 11,250 shares in the company, valued at approximately $208,800. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Matthew Paul Larson also recently made the following trade(s):

• On Monday, May 18th, Matthew Paul Larson sold 16,250 shares of Slide Insurance stock. The stock was sold at an average price of $19.01, for a total transaction of $308,912.50.
• On Monday, May 11th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The stock was sold at an average price of $18.67, for a total transaction of $210,037.50.
• On Wednesday, April 29th, Matthew Paul Larson sold 44,752 shares of Slide Insurance stock. The stock was sold at an average price of $20.02, for a total transaction of $895,935.04.
• On Monday, April 27th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total transaction of $211,162.50.
• On Monday, April 20th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The stock was sold at an average price of $19.39, for a total transaction of $218,137.50.
• On Thursday, April 16th, Matthew Paul Larson sold 8,750 shares of Slide Insurance stock. The stock was sold at an average price of $19.00, for a total transaction of $166,250.00.
• On Monday, April 13th, Matthew Paul Larson sold 10,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.00, for a total transaction of $180,000.00.
• On Monday, April 6th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The stock was sold at an average price of $18.00, for a total transaction of $202,500.00.
• On Monday, March 30th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The stock was sold at an average price of $18.00, for a total transaction of $202,500.00.
• On Tuesday, March 24th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The stock was sold at an average price of $18.00, for a total transaction of $202,500.00.

Slide Insurance Stock Performance

Shares of SLDE traded up $0.08 during trading hours on Wednesday, hitting $18.69. The company's stock had a trading volume of 1,880,105 shares, compared to its average volume of 1,576,356. The business has a 50 day simple moving average of $18.31 and a two-hundred day simple moving average of $17.78. The company has a market cap of $2.14 billion and a price-to-earnings ratio of 5.19. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90. 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 (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.82 by $0.20. The company had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. On average, equities 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 of Directors has approved a stock repurchase plan on Tuesday, April 28th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several 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. Barclays boosted their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Texas Capital raised shares of Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Finally, Zacks Research cut shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Slide Insurance presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.80.

Hedge Funds Weigh In On Slide Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Great Lakes Advisors LLC purchased a new position in Slide Insurance in the 3rd quarter worth approximately $3,113,000. Fifth Third Bancorp grew its stake in Slide Insurance by 529,826.4% in the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company's stock worth $7,433,000 after buying an additional 381,475 shares in the last quarter. Cyndeo Wealth Partners LLC purchased a new position in Slide Insurance in the 4th quarter worth approximately $2,235,000. Federated Hermes Inc. purchased a new position in Slide Insurance in the 3rd quarter worth approximately $9,471,000. Finally, Quantbot Technologies LP purchased a new position in Slide Insurance in the 3rd quarter worth approximately $871,000.

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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