Robert Gries Jr Sells 28,212 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Key Points

• Director Robert Gries Jr sold 28,212 shares on May 5 at an average of $18.55 for a total of $523,332.60, trimming his stake by 1.47% to 1,890,205 shares (valued at about $35.06M).
• Slide Insurance beat Q1 estimates with EPS of $1.02 vs. $0.82 and $389.3M revenue, reported strong margins (net margin 38.86%, ROE 48.38%), and approved a $100M share buyback (~4.3% of shares); analysts hold a generally positive view with an average price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $18.55, for a total value of $523,332.60. Following the completion of the transaction, the director owned 1,890,205 shares of the company's stock, valued at $35,063,302.75. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Slide Insurance Trading Up 0.7%

Shares of NASDAQ:SLDE traded up $0.13 during midday trading on Thursday, reaching $18.87. The company had a trading volume of 1,782,703 shares, compared to its average volume of 1,703,317. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.34 and a current ratio of 1.33. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90. The firm has a market cap of $2.16 billion and a price-to-earnings ratio of 5.24. The company has a fifty day simple moving average of $18.27 and a two-hundred day simple moving average of $17.47.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The business had revenue of $389.28 million during the quarter. Research analysts predict that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

Slide Insurance declared that its board has authorized a share buyback plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SLDE. Barclays raised their price objective on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 29th. Wall Street Zen lowered Slide Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Keefe, Bruyette & Woods raised their price objective on Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Monday, March 9th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Finally, Piper Sandler raised 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. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $24.80.

Institutional Investors Weigh In On Slide Insurance

Institutional investors have recently made changes to their positions in the company. Comerica Bank lifted its holdings in shares of Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after buying an additional 1,281 shares during the last quarter. CWM LLC acquired a new stake in shares of Slide Insurance during the 4th quarter valued at about $35,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Slide Insurance during the 3rd quarter valued at about $35,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Slide Insurance during the 4th quarter valued at about $47,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings 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 valued at $49,000 after buying an additional 2,468 shares during the last quarter.

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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