Slide Insurance (NASDAQ:SLDE) COO Shannon Lucas Sells 18,279 Shares

Key Points

• Slide Insurance COO Shannon Lucas sold 18,279 shares on May 20 at an average price of $18.78, worth about $343,280. After the sale, Lucas still held 1,165,021 shares, and the latest trade marked a 1.54% reduction in the position.
• The company reported better-than-expected quarterly results on April 28, posting EPS of $1.02 versus the $0.82 consensus and revenue of $389.28 million. Management also noted strong profitability, including a 48.38% return on equity and 38.86% net margin.
• Slide Insurance’s board approved a $100 million share buyback authorizing repurchases of up to 4.3% of outstanding shares. The stock was little changed in Friday trading at $18.63, and analysts currently rate it a “Moderate Buy” with an average target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 18,279 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $18.78, for a total value of $343,279.62. Following the sale, the chief operating officer directly owned 1,165,021 shares of the company's stock, valued at approximately $21,879,094.38. This trade represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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 value of $512,190.00.
• On Monday, May 18th, Shannon Lucas sold 45,000 shares of Slide Insurance stock. The shares were sold at an average price of $19.06, for a total value of $857,700.00.
• On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The shares were sold at an average price of $18.84, for a total value of $502,877.28.
• On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total value of $168,840.00.
• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The shares were sold at an average price of $18.81, for a total value of $322,422.21.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The shares were 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 shares were sold at an average price of $18.94, for a total value of $288,853.94.
• On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total value of $253,125.00.

Slide Insurance Trading Up 0.1%

SLDE stock traded up $0.02 during trading on Friday, reaching $18.63. 712,825 shares of the stock traded hands, compared to its average volume of 1,694,064. The business's 50 day moving average price is $18.25 and its 200-day moving average price is $17.73. 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. The firm has a market capitalization of $2.13 billion and a PE ratio of 5.18.

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

Slide Insurance declared that its Board of Directors has approved a share buyback program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Capital World Investors lifted its stake in shares of Slide Insurance by 49.4% in the third quarter. Capital World Investors now owns 4,483,180 shares of the company's stock worth $70,767,000 after acquiring an additional 1,483,180 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company's stock worth $53,800,000 after acquiring an additional 354,321 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted 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 acquiring an additional 2,012,428 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in shares of Slide Insurance by 27.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company's stock worth $34,250,000 after acquiring an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Slide Insurance in the second quarter worth about $33,063,000.

Analysts Set New Price Targets

A number of brokerages have commented on SLDE. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods boosted their price objective on Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. Zacks Research cut Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Barclays boosted their price objective on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. One equities 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, the company presently has an average rating of "Moderate Buy" and an average target price of $24.80.

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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