Slide Insurance (NASDAQ:SLDE) CEO Bruce Lucas Sells 173,317 Shares

Key Points

• CEO Bruce Lucas sold 173,317 shares of Slide Insurance on May 7 at an average price of $18.81, generating about $3.26 million. After the sale, he still held 36.2 million shares valued at roughly $681.8 million.
• Lucas has been a frequent seller in recent weeks, with multiple disclosed transactions in April and May totaling hundreds of thousands of shares each. The repeated sales have trimmed his ownership only modestly, but they stand out as notable insider activity.
• Slide Insurance remains financially solid and is returning capital to shareholders, recently reporting quarterly EPS of $1.02 versus expectations of $0.82 and authorizing a $100 million share buyback. Analysts currently rate the stock a “Moderate Buy” with an average price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CEO Bruce Lucas sold 173,317 shares of Slide Insurance stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $18.81, for a total transaction of $3,260,092.77. Following the sale, the chief executive officer owned 36,245,046 shares of the company's stock, valued at $681,769,315.26. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Bruce Lucas also recently made the following trade(s):

• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total value of $1,707,160.00.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total value of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total value of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The shares were sold at an average price of $18.94, for a total value of $2,920,680.58.
• On Monday, April 27th, Bruce Lucas sold 136,500 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $2,559,375.00.
• On Monday, April 20th, Bruce Lucas sold 118,055 shares of Slide Insurance stock. The shares were sold at an average price of $19.55, for a total value of $2,307,975.25.
• On Tuesday, April 14th, Bruce Lucas sold 190,836 shares of Slide Insurance stock. The stock was sold at an average price of $18.04, for a total transaction of $3,442,681.44.
• On Monday, April 13th, Bruce Lucas sold 259,055 shares of Slide Insurance stock. The shares were sold at an average price of $18.05, for a total transaction of $4,675,942.75.
• On Thursday, April 9th, Bruce Lucas sold 273,702 shares of Slide Insurance stock. The shares were sold at an average price of $18.11, for a total transaction of $4,956,743.22.

Slide Insurance Stock Performance

SLDE traded up $0.10 during midday trading on Monday, hitting $18.56. 1,327,143 shares of the company were exchanged, compared to its average volume of 1,766,007. The firm has a market capitalization of $2.13 billion and a price-to-earnings ratio of 5.13. The company's 50 day simple moving average is $18.25 and its 200 day simple moving average is $17.55. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping 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 firm had revenue of $389.28 million for the quarter. As a group, sell-side analysts predict that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

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

Hedge Funds Weigh In On Slide Insurance

Hedge funds have recently made changes to their positions in the company. Comerica Bank boosted its stake in shares of Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after acquiring an additional 1,281 shares during the last quarter. CWM LLC acquired a new position in Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new position in Slide Insurance in the 3rd quarter valued at $35,000. Aster Capital Management DIFC Ltd purchased a new position in Slide Insurance in the 4th quarter valued at $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in 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 during the last quarter.

Analyst Ratings Changes

Several brokerages have commented on SLDE. Texas Capital raised Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods lifted their price target on shares of Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Barclays boosted their price target on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Finally, Piper Sandler increased their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Thursday, February 26th. One investment 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $24.80.

About Slide Insurance

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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