Slide Insurance (NASDAQ:SLDE) CEO Sells $8,672,300.00 in Stock

Key Points

• CEO Bruce Lucas sold 455,000 Slide Insurance shares on May 18 for about $8.67 million at an average price of $19.06, leaving him with 35.43 million shares. The filing shows his ownership fell by 1.27%.
• Lucas has been actively selling stock in several recent transactions, with multiple sales recorded between April 20 and May 19. The article also notes that other insiders, including the COO and a director, sold shares during the same period.
• Slide Insurance recently reported strong results and authorized buybacks, posting quarterly EPS of $1.02 versus expectations of $0.82 and approving a $100 million share repurchase plan. 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 455,000 shares of the business's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $19.06, for a total transaction of $8,672,300.00. Following the completion of the sale, the chief executive officer directly owned 35,429,165 shares of the company's stock, valued at $675,279,884.90. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total value of $5,178,810.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The shares were 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 transaction of $1,707,160.00.
• 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 stock was 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 shares were 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 stock was 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 stock was sold at an average price of $19.55, for a total transaction of $2,307,975.25.

Slide Insurance Stock Performance

Shares of NASDAQ SLDE traded down $0.50 during midday trading on Tuesday, reaching $18.48. The company had a trading volume of 1,257,810 shares, compared to its average volume of 1,627,024. 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's 50-day simple moving average is $18.19 and its 200 day simple moving average is $17.68. The stock has a market cap of $2.12 billion and a P/E ratio of 5.27.

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

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

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Comerica Bank grew its position in Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after buying an additional 1,281 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Slide Insurance by 8.4% during the 1st quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock worth $384,000 after buying an additional 1,641 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Slide Insurance by 11.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock valued at $313,000 after purchasing an additional 1,704 shares during the last quarter. CWM LLC acquired a new position in Slide Insurance in the 4th quarter valued at about $35,000. Finally, California State Teachers Retirement System raised its stake in Slide Insurance by 9.5% in the 1st quarter. California State Teachers Retirement System now owns 25,318 shares of the company's stock valued at $456,000 after purchasing an additional 2,189 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have commented on SLDE. Zacks Research cut shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods upped their target price on shares of Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Monday, March 9th. Texas Capital raised shares of Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Piper Sandler increased their price target on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Thursday, February 26th. Finally, Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.80.

Key Headlines Impacting Slide Insurance

Here are the key news stories impacting Slide Insurance this week:

• Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
• Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
• Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title

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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