Slide Insurance (NASDAQ:SLDE) Reaches New 1-Year High - Still a Buy?

Key Points

• Slide Insurance shares reached a new 52-week high of $26.88, up 2.1%, giving the company a market capitalization of approximately $3.16 billion.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $25.60, although that target is below the current share price.
• The company exceeded quarterly earnings expectations, reporting $1.06 in EPS versus $0.88 expected, and pays a quarterly dividend of $0.07 per share. However, insiders have sold approximately 245,142 shares worth $5.85 million over the past three months.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report)'s share price hit a new 52-week high during trading on Friday. The stock traded as high as $26.88 and last traded at $26.8160, with a volume of 30,120 shares trading hands. The stock had previously closed at $26.53.

Analyst Ratings Changes

SLDE has been the subject of several research analyst reports. Morgan Stanley set a $22.00 price target on shares of Slide Insurance in a report on Monday, August 3rd. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, September 19th. Citigroup reaffirmed an "outperform" rating on shares of Slide Insurance in a research report on Monday. Citizens Jmp increased their target price on Slide Insurance from $27.00 to $28.00 and gave the stock a "market outperform" rating in a research note on Monday. Finally, Barclays lifted their price objective on Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.60.

Slide Insurance Trading Up 2.1%

The firm's fifty day moving average is $23.72 and its two-hundred day moving average is $20.56. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market capitalization of $3.16 billion, a PE ratio of 6.60 and a beta of 0.13.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.18. The business had revenue of $386.82 million during the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. On average, equities analysts predict that Slide Insurance Holdings, Inc. will post 3.84 EPS for the current fiscal year.

Slide Insurance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a dividend of $0.07 per share. The ex-dividend date was Friday, August 14th. This represents a $0.28 annualized dividend and a yield of 1.0%. Slide Insurance's payout ratio is 6.83%.

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Stephen L. Rohde sold 7,500 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $26.40, for a total transaction of $198,000.00. Following the transaction, the director directly owned 7,500 shares in the company, valued at $198,000. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Charles Powell sold 2,080 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $25.00, for a total transaction of $52,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 245,142 shares of company stock worth $5,849,534. 50.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Slide Insurance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new position in Slide Insurance during the second quarter worth approximately $39,000. Meeder Asset Management Inc. acquired a new stake in shares of Slide Insurance during the second quarter worth $40,000. State of Wyoming purchased a new stake in shares of Slide Insurance in the first quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Slide Insurance by 4,839.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock worth $49,000 after purchasing an additional 2,468 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Slide Insurance during the 2nd quarter valued at approximately $85,000.

About Slide Insurance

Slide Insurance is a technology-enabled property and casualty insurance company focused primarily on homeowners insurance. The company uses data, analytics and digital tools to provide coverage, manage policies and support claims for residential property owners.

Its products are designed for homeowners and may include coverage for the dwelling, personal property, liability and related risks, subject to the terms of each policy. Slide operates in catastrophe-exposed property insurance markets, where technology and risk-management capabilities are important to underwriting and claims administration.

Slide was founded by Bruce Lucas, an insurance industry executive who previously led Heritage Insurance Holdings.

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