Matthew Paul Larson Sells 16,250 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Key Points

• Insider sale: Matthew Paul Larson sold 16,250 shares of Slide Insurance on May 18 at an average price of $19.01, totaling about $308,913. The sale cut his ownership by 50%.
• Stock and earnings snapshot: SLDE fell 2.6% to $18.48 in Tuesday trading, with a market cap of about $2.12 billion. The company recently reported quarterly EPS of $1.02, beating estimates by $0.20 on revenue of $389.28 million.
• Other company developments: Slide Insurance’s board authorized a $100 million share repurchase plan, which could cover up to 4.3% of outstanding shares. Analysts currently rate the stock a “Moderate Buy,” with a consensus price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) insider Matthew Paul Larson sold 16,250 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $19.01, for a total transaction of $308,912.50. Following the completion of the transaction, the insider owned 16,250 shares of the company's stock, valued at $308,912.50. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• 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 value of $210,037.50.
• On Wednesday, April 29th, Matthew Paul Larson sold 44,752 shares of Slide Insurance stock. The shares were sold at an average price of $20.02, for a total value of $895,935.04.
• On Monday, April 27th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total value 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 value 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 shares were 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 shares were sold at an average price of $18.00, for a total value 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 value of $202,500.00.
• On Tuesday, March 3rd, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The shares were sold at an average price of $19.01, for a total value of $213,862.50.

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 posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating analysts' consensus estimates 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%. 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 of Directors has initiated a share repurchase plan on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Slide Insurance

Several hedge funds have recently made changes to their positions in SLDE. Janus Henderson Group PLC grew its stake in Slide Insurance by 1,151.3% in the first quarter. Janus Henderson Group PLC now owns 172,683 shares of the company's stock worth $3,108,000 after purchasing an additional 158,883 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Slide Insurance by 9.5% during the 1st quarter. California State Teachers Retirement System now owns 25,318 shares of the company's stock valued at $456,000 after buying an additional 2,189 shares in the last quarter. Royal Bank of Canada grew its position in shares of Slide Insurance by 221.0% in the 1st quarter. Royal Bank of Canada now owns 5,993 shares of the company's stock worth $109,000 after buying an additional 4,126 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of Slide Insurance in the 1st quarter worth about $655,000. Finally, Quantinno Capital Management LP bought a new position in shares of Slide Insurance in the 1st quarter worth about $953,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SLDE shares. Piper Sandler lifted their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Thursday, February 26th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Barclays lifted their price target on shares of Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, April 29th. Weiss Ratings restated a "hold (c)" rating on shares of Slide Insurance in a report on Wednesday, May 6th. Finally, Zacks Research cut shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Slide Insurance currently has an average rating of "Moderate Buy" and a consensus price target of $24.80.

More Slide Insurance News

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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