Slide Insurance (NASDAQ:SLDE) Sets New 1-Year High - Here's What Happened

Key Points

• Slide Insurance shares reached a new 52-week high of $24.22, closing up 3.8% from the prior session, with a market capitalization of approximately $2.82 billion.
• Analyst sentiment remains positive, with the stock carrying an average “Buy” rating and a consensus price target of $25.40; several firms recently raised their targets to between $26 and $28.
• The company exceeded quarterly earnings expectations, reporting $1.06 in EPS versus an $0.88 consensus estimate, and paid a quarterly dividend of $0.07 per share. However, insiders sold roughly 491,691 shares over the past three months.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $24.22 and last traded at $24.18, with a volume of 2226068 shares traded. The stock had previously closed at $23.29.

Analysts Set New Price Targets

SLDE has been the subject of a number of research analyst reports. Morgan Stanley set a $22.00 price target on Slide Insurance in a report on Monday, August 3rd. Zacks Research raised shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a report on Monday, August 3rd. Barclays boosted their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upped their target price on shares of Slide Insurance from $24.00 to $26.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Finally, 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 report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $25.40.

Slide Insurance Stock Up 3.8%

The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 5.90 and a beta of 0.07. The firm has a fifty day moving average price of $21.23 and a 200 day moving average price of $19.11. 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 released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate 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 during the quarter. As a group, sell-side analysts expect that Slide Insurance Holdings, Inc. will post 3.79 EPS for the current fiscal year.

Slide Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders 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 dividend on an annualized basis and a yield of 1.2%. Slide Insurance's payout ratio is presently 6.83%.

Insider Buying and Selling at Slide Insurance

In related news, Director Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.51, for a total transaction of $292,650.00. Following the completion of the transaction, the director directly owned 18,998 shares in the company, valued at $370,650.98. The trade was a 44.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Shannon Lucas sold 4,659 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $79,762.08. Following the transaction, the chief operating officer directly owned 1,118,756 shares of the company's stock, valued at $19,153,102.72. The trade was a 0.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 491,691 shares of company stock valued at $9,021,426 over the last three months. Company insiders own 50.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLDE. Comerica Bank grew 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 buying an additional 1,281 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Slide Insurance by 8.4% during the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock valued at $384,000 after buying an additional 1,641 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Slide Insurance by 11.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock worth $313,000 after acquiring an additional 1,704 shares during the last quarter. CWM LLC acquired a new stake in Slide Insurance during the fourth quarter worth approximately $35,000. Finally, Global Retirement Partners LLC purchased a new stake in Slide Insurance in the 2nd quarter worth approximately $39,000.

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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