Slide Insurance (NASDAQ:SLDE) COO Sells $857,700.00 in Stock

Key Points

• Slide Insurance COO Shannon Lucas sold 45,000 shares on May 18 for about $857,700 at an average price of $19.06, trimming ownership by 3.58% while still holding more than 1.21 million shares.
• Lucas has been steadily selling stock in recent weeks, with multiple transactions from April 20 through May 19 adding up to several million dollars in insider sales and drawing attention to management sentiment.
• The company recently reported strong quarterly results and authorized buybacks, posting $1.02 EPS versus $0.82 expected and approving a $100 million share repurchase plan, even as analysts maintain a moderate buy consensus with a $24.80 target price.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 45,000 shares of the business's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $19.06, for a total transaction of $857,700.00. Following the sale, the chief operating officer owned 1,210,300 shares in the company, valued at $23,068,318. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Tuesday, May 19th, Shannon Lucas sold 27,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.97, for a total transaction of $512,190.00.
• On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total transaction of $502,877.28.
• On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total transaction of $168,840.00.
• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total transaction of $322,422.21.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total value of $158,606.50.
• On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total value of $363,963.08.
• On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total transaction of $288,853.94.
• On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $253,125.00.
• On Monday, April 20th, Shannon Lucas sold 11,676 shares of Slide Insurance stock. The stock was sold at an average price of $19.55, for a total value of $228,265.80.

Slide Insurance Stock Performance

Shares of Slide Insurance stock traded down $0.50 on Tuesday, hitting $18.48. The stock had a trading volume of 1,257,810 shares, compared to its average volume of 1,627,024. The stock has a market cap of $2.12 billion and a price-to-earnings ratio of 5.13. 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 52-week low of $12.53 and a 52-week high of $25.90. The company's 50 day moving average price is $18.19 and its 200 day moving average price is $17.68.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS 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%. On average, research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SLDE shares. Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Keefe, Bruyette & Woods upped their price objective on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Piper Sandler lifted their target price on Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, February 26th. Finally, Texas Capital raised Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Slide Insurance currently has an average rating of "Moderate Buy" and a consensus target price of $24.80.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Comerica Bank lifted its position in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after purchasing an additional 1,281 shares during the period. CWM LLC acquired a new stake in Slide Insurance in the fourth quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new position in Slide Insurance during the 3rd quarter valued at about $35,000. State of Wyoming acquired a new position in Slide Insurance during the first quarter worth about $42,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Slide Insurance in the fourth quarter valued at about $47,000.

More Slide Insurance News

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

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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