Slide Insurance (NASDAQ:SLDE) CEO Bruce Lucas Sells 85,436 Shares

Key Points

• CEO Bruce Lucas sold roughly 1.71 million shares for about $31.7 million across multiple transactions in April–May, trimming his stake by 0.23% though he still owns 36,485,568 shares valued at about $684.8 million.
• Slide Insurance recently reported an earnings beat (Q: $1.02 EPS vs. $0.82 expected), has strong profitability metrics (ROE ~50%, net margin ~39%), and its board approved a $100 million share buyback (up to ~4.3% of shares), while the stock trades near $18.43 with a market cap of ~$2.11 billion.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CEO Bruce Lucas sold 85,436 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $18.77, for a total transaction of $1,603,633.72. Following the transaction, the chief executive officer owned 36,485,568 shares of the company's stock, valued at approximately $684,834,111.36. This represents a 0.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 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 stock was 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 value 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.
• On Wednesday, April 8th, Bruce Lucas sold 121,414 shares of Slide Insurance stock. The stock was sold at an average price of $18.01, for a total value of $2,186,666.14.
• On Tuesday, April 7th, Bruce Lucas sold 114,077 shares of Slide Insurance stock. The stock was sold at an average price of $18.00, for a total transaction of $2,053,386.00.

Slide Insurance Stock Down 1.0%

NASDAQ SLDE traded down $0.19 during trading on Monday, hitting $18.43. The stock had a trading volume of 1,466,513 shares, compared to its average volume of 1,723,868. The company's 50-day moving average price is $18.19 and its two-hundred day moving average price is $17.42. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market capitalization of $2.11 billion and a PE ratio of 5.12. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.20. The business had revenue of $389.28 million for the quarter. Slide Insurance had a return on equity of 50.01% and a net margin of 38.86%. As a group, sell-side analysts forecast that Slide Insurance Holdings, Inc. will post 3.36 EPS for the current year.

Slide Insurance declared that its board has approved a share 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 repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays upped their target price on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Texas Capital raised shares of Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Wall Street Zen downgraded Slide Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Keefe, Bruyette & Woods upped their price objective 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. Finally, Piper Sandler raised their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $24.80.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. bought a new stake in shares of Slide Insurance during the 2nd quarter worth $33,063,000. Capital World Investors grew its position in Slide Insurance by 49.4% during the third quarter. Capital World Investors now owns 4,483,180 shares of the company's stock valued at $70,767,000 after buying an additional 1,483,180 shares during the period. Balyasny Asset Management L.P. grew its position in Slide Insurance by 314.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company's stock valued at $21,753,000 after buying an additional 1,045,826 shares during the period. HB Wealth Management LLC increased its holdings in Slide Insurance by 1,375.7% during the fourth 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. Finally, Lazard Asset Management LLC purchased a new stake in Slide Insurance during the fourth quarter worth about $13,016,000.

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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