Slide Insurance (NASDAQ:SLDE) CEO Bruce Lucas Sells 44,467 Shares

Key Points

• CEO Bruce Lucas sold 44,467 Slide Insurance shares on June 11 at an average price of $17.12, totaling about $761,275. After the sale, he still held 34.5 million shares valued at roughly $590.7 million.
• The company has seen repeated insider sales from Lucas in recent weeks, including several much larger transactions in May and June, indicating a steady reduction in his position.
• Slide Insurance reported solid fundamentals and shareholder-friendly actions, including quarterly EPS of $1.02 beating estimates and a new $100 million stock buyback authorization. Analysts currently rate the stock a “Moderate Buy” with a consensus price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CEO Bruce Lucas sold 44,467 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 $761,275.04. Following the completion of the sale, the chief executive officer directly owned 34,506,199 shares of the company's stock, valued at $590,746,126.88. The trade was a 0.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, June 10th, Bruce Lucas sold 192,695 shares of Slide Insurance stock. The stock was sold at an average price of $17.03, for a total transaction of $3,281,595.85.
• On Wednesday, May 27th, Bruce Lucas sold 227,987 shares of Slide Insurance stock. The stock was sold at an average price of $18.95, for a total transaction of $4,320,353.65.
• On Wednesday, May 20th, Bruce Lucas sold 184,817 shares of Slide Insurance stock. The shares were sold at an average price of $18.78, for a total transaction of $3,470,863.26.
• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.97, for a total transaction of $5,178,810.00.
• On Monday, May 18th, Bruce Lucas sold 455,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.06, for a total transaction of $8,672,300.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total transaction of $5,084,558.04.
• 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 Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total value of $3,260,092.77.
• 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.

Slide Insurance Stock Down 1.4%

SLDE stock traded down $0.24 during midday trading on Friday, hitting $16.70. The stock had a trading volume of 582,241 shares, compared to its average volume of 1,569,967. The firm has a market cap of $1.91 billion and a price-to-earnings ratio of 4.64. The business has a 50-day moving average of $18.19 and a two-hundred day moving average of $17.83. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.20. The company had revenue of $389.28 million for the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. As a group, equities research analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its board has approved a stock repurchase program on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Barclays boosted their price target 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 raised Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Finally, Zacks Research downgraded Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Slide Insurance presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.80.

Institutional Trading of Slide Insurance

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership raised its stake 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 purchasing an additional 2,012,428 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Slide Insurance during the second quarter valued at $33,063,000. Capital World Investors increased its holdings in Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company's stock worth $70,767,000 after buying an additional 1,483,180 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in Slide Insurance by 314.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company's stock worth $21,753,000 after buying an additional 1,045,826 shares in the last quarter. Finally, HB Wealth Management LLC raised its position in Slide Insurance by 1,375.7% in the 4th quarter. HB Wealth Management LLC now owns 892,586 shares of the company's stock worth $17,388,000 after buying an additional 832,102 shares during the last quarter.

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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