Slide Insurance (NASDAQ:SLDE) Insider Sells 11,374 Shares of Stock

Key Points

• Insider sale: Matthew Larson sold 11,374 Slide Insurance shares for approximately $280,028 at an average price of $24.62, reducing his ownership by 50%. He previously sold 13,750 shares in June.
• Strong quarterly results: Slide reported quarterly EPS of $1.06, exceeding estimates of $0.88, on revenue of $386.82 million. Analysts expect full-year EPS of $3.79.
• Positive market sentiment: The stock traded near $24.46, close to its 12-month high of $25.09, while analysts maintained an overall “Buy” rating and an average price target of $25.40.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) insider Matthew Larson sold 11,374 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $24.62, for a total value of $280,027.88. Following the transaction, the insider directly owned 11,374 shares of the company's stock, valued at approximately $280,027.88. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• On Wednesday, June 10th, Matthew Larson sold 13,750 shares of Slide Insurance stock. The shares were sold at an average price of $17.07, for a total transaction of $234,712.50.

Slide Insurance Price Performance

Slide Insurance stock traded down $0.21 during midday trading on Tuesday, reaching $24.46. The company had a trading volume of 1,180,519 shares, compared to its average volume of 1,438,531. The company has a market capitalization of $2.86 billion, a P/E ratio of 5.97 and a beta of 0.07. The firm's fifty day simple moving average is $21.58 and its 200-day simple moving average is $19.27. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.09. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (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 firm had revenue of $386.82 million for the quarter. As a group, equities analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current year.

Slide Insurance Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Slide Insurance during the 2nd quarter worth $98,538,000. Hsbc Holdings PLC purchased a new stake in Slide Insurance in the 2nd quarter valued at about $1,077,000. World Investment Advisors acquired a new position in Slide Insurance in the fourth quarter valued at about $1,964,000. Axis Wealth Partners LLC boosted its stake in Slide Insurance by 100.0% during the first quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company's stock worth $3,663,000 after buying an additional 101,751 shares during the period. Finally, Emerald Mutual Fund Advisers Trust boosted its stake in Slide Insurance by 24.9% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 459,820 shares of the company's stock worth $8,277,000 after buying an additional 91,610 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Citigroup reiterated an "outperform" rating on shares of Slide Insurance in a report on Thursday, July 30th. Citizens Jmp upped their target price on Slide Insurance from $25.00 to $27.00 and gave the company a "market outperform" rating in a report on Thursday, July 30th. Zacks Research raised Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Wall Street Zen cut shares of Slide Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Weiss Ratings raised shares of Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $25.40.

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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