Slide Insurance (NASDAQ:SLDE) Reaches New 12-Month High - Here's Why

Key Points

• Slide Insurance shares reached a new 52-week high, trading as high as $25.09 and later at $25.6360. Analysts remain generally bullish, with an average “Buy” rating and a consensus price target of $25.40, while Barclays and Citizens JMP raised their targets to $28 and $27, respectively.
• The company reported stronger-than-expected quarterly results, with earnings per share of $1.06 versus the $0.88 consensus estimate and 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, equal to a 1.1% annualized yield. However, insiders sold nearly 400,000 shares worth approximately $8.8 million during the last quarter, despite insiders retaining a 50.8% ownership stake.

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $25.09 and last traded at $25.6360, with a volume of 736 shares trading hands. The stock had previously closed at $24.84.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SLDE shares. Citizens Jmp increased 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. Morgan Stanley set a $22.00 target price on Slide Insurance in a research note on Monday, August 3rd. Barclays increased their price target on Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Zacks Research raised Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Finally, Wall Street Zen cut Slide Insurance from a "buy" rating to a "hold" rating in a report on Saturday, August 29th. 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 company's stock. According to MarketBeat.com, Slide Insurance presently has an average rating of "Buy" and a consensus price target of $25.40.

Slide Insurance Stock Performance

The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $3.00 billion, a PE ratio of 6.23 and a beta of 0.07. The firm's 50-day simple moving average is $21.91 and its 200-day simple moving average is $19.49.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its 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. 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 for the quarter. On average, research analysts predict that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current year.

Slide Insurance Dividend Announcement

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

Insider Transactions at Slide Insurance

In other news, CRO Charles Powell sold 2,080 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $25.00, for a total transaction of $52,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Matthew Larson sold 11,374 shares of Slide Insurance stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $24.62, for a total value of $280,027.88. Following the completion of the sale, the insider owned 11,374 shares of the company's stock, valued at $280,027.88. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 399,788 shares of company stock valued at $8,798,676. Company insiders own 50.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC purchased a new stake in shares of Slide Insurance in the 2nd quarter worth approximately $2,245,000. Legal & General Group Plc purchased a new position in Slide Insurance during the second quarter valued at approximately $216,000. Norges Bank bought a new position in Slide Insurance in the second quarter worth approximately $866,000. Marshall Wace LLP bought a new position in Slide Insurance in the second quarter worth approximately $1,056,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Slide Insurance during the second quarter worth $834,000.

Slide Insurance Company Profile

Slide Insurance is a technology-enabled property and casualty insurance company focused on personal residential coverage. Through its insurance operations, the company provides homeowners insurance and related products designed to protect homes and personal property against covered risks, including weather-related events.

Slide uses data-driven underwriting, digital tools and automated claims and policy-management capabilities to support the distribution and servicing of insurance policies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.