Slide Insurance (NASDAQ:SLDE) COO Shannon Lucas Sells 9,000 Shares

Key Points

• Slide Insurance COO Shannon Lucas sold 9,000 shares on May 11 at an average price of $18.76, totaling $168,840. After the sale, Lucas still held 1,281,992 shares, worth about $24.05 million.
• Slide Insurance reported strong quarterly results, posting $1.02 EPS versus the $0.82 consensus estimate and generating $389.28 million in revenue. The company also has a relatively low debt load and a market cap of about $2.13 billion.
• The board authorized a $100 million share buyback, which could allow the company to repurchase up to 4.3% of its stock. Analysts currently rate SLDE as a Moderate Buy with a consensus target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 9,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $18.76, for a total transaction of $168,840.00. Following the transaction, the chief operating officer owned 1,281,992 shares in the company, valued at approximately $24,050,169.92. The trade was a 0.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• 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 transaction 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 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.
• 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 transaction of $228,265.80.
• On Tuesday, April 14th, Shannon Lucas sold 18,874 shares of Slide Insurance stock. The shares were sold at an average price of $18.04, for a total transaction of $340,486.96.
• On Monday, April 13th, Shannon Lucas sold 25,621 shares of Slide Insurance stock. The stock was sold at an average price of $18.05, for a total transaction of $462,459.05.
• On Thursday, April 9th, Shannon Lucas sold 27,069 shares of Slide Insurance stock. The shares were sold at an average price of $18.11, for a total transaction of $490,219.59.

Slide Insurance Stock Up 0.5%

SLDE traded up $0.10 during trading on Monday, hitting $18.56. The stock had a trading volume of 1,327,143 shares, compared to its average volume of 1,766,007. The stock has a 50 day simple moving average of $18.25 and a two-hundred day simple moving average of $17.55. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. Slide Insurance Holdings, Inc. has a twelve month low of $12.53 and a twelve month high of $25.90. The company has a market capitalization of $2.13 billion and a PE ratio of 5.16.

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

Slide Insurance announced that its Board of Directors has authorized a share buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Slide Insurance

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Comerica Bank grew its position in shares of 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 in the last quarter. CWM LLC acquired a new position in Slide Insurance during the fourth quarter worth $35,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Slide Insurance in the 3rd quarter worth $35,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Slide Insurance in the 4th quarter worth $47,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Slide Insurance by 4,839.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock worth $49,000 after acquiring an additional 2,468 shares during the period.

Analyst Upgrades and Downgrades

SLDE has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their target price on Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Monday, March 9th. Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Weiss Ratings restated a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Barclays increased their price target on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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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