Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Given Average Rating of "Buy" by Analysts

Key Points

• Analyst sentiment is positive: Nine brokerages give Slide Insurance an average “Buy” rating, with a consensus 12-month price target of $25.40 versus the reported $21.60 share price.
• Quarterly results exceeded expectations: Slide reported earnings of $1.06 per share, beating the $0.88 consensus estimate, on revenue of $386.82 million.
• Shareholder returns are expanding: The company declared a quarterly dividend of $0.07 per share and authorized a $100 million stock-repurchase program, while insiders sold more than 1 million shares over the past 90 days.

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) have been assigned an average rating of "Buy" from the nine brokerages that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $25.40.

Several equities research analysts have recently weighed in on SLDE shares. Barclays boosted their target price 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 lifted their price target on Slide Insurance from $24.00 to $26.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. Citizens Jmp boosted their price objective on Slide Insurance from $25.00 to $27.00 and gave the company a "market outperform" rating in a report on Thursday, July 30th. Morgan Stanley set a $22.00 price objective on Slide Insurance in a research note on Monday, August 3rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Slide Insurance in a report on Monday, August 3rd.

Slide Insurance Trading Down 1.5%

Shares of SLDE stock opened at $21.60 on Tuesday. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 5.27 and a beta of -0.04. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $23.00. The firm's 50 day moving average price is $19.75 and its two-hundred day moving average price is $18.59.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.18. The company had revenue of $386.82 million for the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. On average, analysts anticipate that Slide Insurance will post 3.91 EPS for the current year.

Slide Insurance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, August 14th. Slide Insurance's dividend payout ratio is presently 6.83%.

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

Insider Transactions at Slide Insurance

In related news, Director Stephen L. Rohde sold 5,000 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $21.00, for a total value of $105,000.00. Following the completion of the sale, the director owned 5,000 shares of the company's stock, valued at $105,000. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Andrew Pardo Wright sold 15,000 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $19.51, for a total transaction of $292,650.00. Following the completion of the transaction, the director owned 18,998 shares of the company's stock, valued at $370,650.98. This trade represents a 44.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,001,072 shares of company stock worth $18,613,217 over the last 90 days. Corporate insiders own 50.80% of the company's stock.

Hedge Funds Weigh In On Slide Insurance

Several hedge funds have recently made changes to their positions in SLDE. BlackRock Inc. acquired a new stake in Slide Insurance during the 2nd quarter worth about $98,538,000. Vanguard Group Inc. boosted its holdings in shares of Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company's stock worth $53,800,000 after buying an additional 354,321 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock worth $48,380,000 after buying an additional 2,012,428 shares during the period. Balyasny Asset Management L.P. increased its position in shares of Slide Insurance by 27.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company's stock worth $34,250,000 after acquiring an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Slide Insurance during the second quarter valued at approximately $33,063,000.

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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