Slide Insurance (NASDAQ:SLDE) CEO Bruce Lucas Sells 91,000 Shares

Key Points

• CEO Bruce Lucas sold 91,000 Slide Insurance shares on May 11 at an average price of $18.76, for proceeds of about $1.7 million. After the sale, he still held more than 36.15 million shares, and the filing showed a small 0.25% reduction in his stake.
• Lucas has been активно selling shares in recent weeks, with multiple transactions in April and early May totaling several million dollars each. The article highlights a string of insider sales rather than a single isolated trade.
• Slide Insurance recently reported strong quarterly results and authorized a buyback, posting EPS of $1.02 versus the $0.82 estimate and revenue of $389.28 million. Its board also approved a $100 million share repurchase program, which would allow the company to buy back up to 4.3% of its shares.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CEO Bruce Lucas sold 91,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $18.76, for a total value of $1,707,160.00. Following the sale, the chief executive officer owned 36,154,046 shares in the company, valued at approximately $678,249,902.96. This represents a 0.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The shares were sold at an average price of $18.81, for a total transaction 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 transaction of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total transaction 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 transaction of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total transaction of $2,920,680.58.
• On Monday, April 27th, Bruce Lucas sold 136,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total transaction 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 transaction 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 value of $3,442,681.44.
• On Monday, April 13th, Bruce Lucas sold 259,055 shares of Slide Insurance stock. The stock was 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 stock was sold at an average price of $18.11, for a total value of $4,956,743.22.

Slide Insurance Stock Performance

Shares of SLDE traded up $0.10 during mid-day trading on Monday, reaching $18.56. The company's stock had a trading volume of 1,327,143 shares, compared to its average volume of 1,766,007. 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. The business has a 50-day simple moving average of $18.25 and a two-hundred day simple moving average of $17.55. The stock has a market cap of $2.13 billion and a P/E ratio of 5.16.

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

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

Hedge Funds Weigh In On Slide Insurance

Several hedge funds have recently bought and sold shares of SLDE. 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 worth $26,000 after acquiring an additional 1,281 shares during the period. Hsbc Holdings PLC raised its position in Slide Insurance by 8.4% during the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock valued at $384,000 after purchasing an additional 1,641 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Slide Insurance by 11.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock worth $313,000 after purchasing an additional 1,704 shares during the last quarter. CWM LLC acquired a new stake in shares of Slide Insurance in the 4th quarter valued at $35,000. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Slide Insurance in the 3rd quarter valued at $35,000.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Piper Sandler boosted their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday. 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 report on Monday, April 27th. Finally, Barclays increased 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. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.80.

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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