Slide Insurance (NASDAQ:SLDE) Hits New 1-Year High - What's Next?

Key Points

• Slide Insurance shares reached a new 52-week high of $23.75, above the 50-day and 200-day moving averages. Analysts maintain a consensus “Buy” rating with an average price target of $25.40.
• The company reported quarterly EPS of $1.06, beating estimates of $0.88, on revenue of $386.82 million. Slide posted a 40.02% net margin and 50.69% return on equity.
• Slide declared a quarterly dividend of $0.07 per share, equivalent to an annualized yield of about 1.2%. However, insiders sold roughly $9.1 million of stock over the past three months while retaining 50.8% ownership.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $23.75 and last traded at $23.75, with a volume of 135862 shares. The stock had previously closed at $23.46.

Analyst Ratings Changes

SLDE has been the topic of several research reports. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Barclays boosted their price target on Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Zacks Research upgraded Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Citigroup reissued an "outperform" rating on shares of Slide Insurance in a report on Thursday, July 30th. Finally, Citizens Jmp raised their target price on shares of Slide Insurance from $25.00 to $27.00 and gave the company a "market outperform" rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Slide Insurance currently has an average rating of "Buy" and a consensus price target of $25.40.

Slide Insurance Stock Performance

The company has a market capitalization of $2.76 billion, a P/E ratio of 5.77 and a beta of -0.04. The stock's fifty day moving average price is $20.74 and its 200-day moving average price is $18.93. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.23 and a current ratio of 1.23.

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

Slide Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 14th. Slide Insurance's dividend payout ratio (DPR) is presently 6.83%.

Insider Buying and Selling at Slide Insurance

In other Slide Insurance news, Director Robert Gries, Jr. sold 84,636 shares of the company's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.34, for a total value of $1,721,496.24. Following the transaction, the director directly owned 1,777,357 shares in the company, valued at $36,151,441.38. The trade was a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Shannon Lucas sold 19,058 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.03, for a total transaction of $324,557.74. Following the sale, the chief operating officer owned 1,123,415 shares of the company's stock, valued at approximately $19,131,757.45. This represents a 1.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 494,191 shares of company stock worth $9,065,901 in the last three months. 50.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SLDE. Comerica Bank boosted its holdings in shares of Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after acquiring an additional 1,281 shares during the period. CWM LLC acquired a new position in shares of Slide Insurance in the fourth quarter valued at approximately $35,000. Ameritas Investment Partners Inc. bought a new position in shares of Slide Insurance during the third quarter worth approximately $35,000. Global Retirement Partners LLC bought a new position in shares of Slide Insurance during the second quarter worth approximately $39,000. Finally, Meeder Asset Management Inc. acquired a new stake in Slide Insurance during the 2nd quarter worth approximately $40,000.

About Slide Insurance

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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