Slide Insurance (NASDAQ:SLDE) Director Robert Gries Jr Sells 107,510 Shares

Key Points

• Director Robert Gries Jr. sold 107,510 Slide Insurance shares at an average price of $24.44, generating approximately $2.63 million. His remaining stake totals 1.59 million shares, a 6.35% reduction in ownership.
• Slide Insurance recently exceeded quarterly earnings expectations, reporting $1.06 in EPS versus the $0.88 consensus on revenue of $386.82 million. Analysts expect $3.79 in full-year EPS.
• The stock traded near its 12-month high at $24.45, while analysts maintained a broadly positive view with a consensus “Buy” rating and a $25.40 target price. The company also pays a quarterly dividend of $0.07 per share.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Robert Gries, Jr. sold 107,510 shares of Slide Insurance stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $24.44, for a total transaction of $2,627,544.40. Following the transaction, the director directly owned 1,585,211 shares of the company's stock, valued at approximately $38,742,556.84. This trade represents a 6.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Slide Insurance Stock Performance

Shares of SLDE traded down $0.26 during trading hours on Thursday, hitting $24.45. The company had a trading volume of 1,087,325 shares, compared to its average volume of 1,436,437. The business has a fifty day moving average of $21.77 and a 200-day moving average of $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. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of 5.96 and a beta of 0.07. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $25.09.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The business had revenue of $386.82 million during the quarter. Equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current fiscal year.

Slide Insurance Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup reiterated an "outperform" rating on shares of Slide Insurance in a research note on Thursday, July 30th. Wall Street Zen lowered Slide Insurance from a "buy" rating to a "hold" rating in a report on Saturday, August 29th. Weiss Ratings upgraded Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 27th. Keefe, Bruyette & Woods increased their price objective on Slide Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Finally, Morgan Stanley set a $22.00 target price on Slide Insurance in a report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $25.40.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SLDE. BlackRock Inc. bought a new stake in shares of Slide Insurance in the second quarter valued at approximately $98,538,000. Vanguard Group Inc. increased its stake in Slide Insurance by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company's stock worth $53,800,000 after acquiring an additional 354,321 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Slide Insurance by 298.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock worth $48,380,000 after acquiring an additional 2,012,428 shares during the period. Balyasny Asset Management L.P. raised its holdings in Slide Insurance by 27.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company's stock valued at $34,250,000 after acquiring an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Slide Insurance in the 2nd quarter valued at $33,063,000.

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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