Slide Insurance (NASDAQ:SLDE) Director Beth Witte Bruce Sells 21,063 Shares

Key Points

• Director Beth Witte Bruce sold 21,063 shares of Slide Insurance at an average price of $18.70, totaling about $393,878. After the sale, she still held 203,145 shares, representing a 9.39% reduction in her stake.
• The stock was up 0.4% in mid-day trading to $18.69, with volume above average. Slide Insurance has a market cap of $2.14 billion and recently traded between a 12-month low of $12.53 and high of $25.90.
• Slide Insurance beat earnings expectations in its latest quarter, reporting $1.02 EPS versus the $0.82 consensus estimate. The board also approved a $100 million share buyback, while analysts currently rate the stock a Moderate Buy with a $24.80 average price target.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Beth Witte Bruce sold 21,063 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $18.70, for a total value of $393,878.10. Following the transaction, the director directly owned 203,145 shares in the company, valued at $3,798,811.50. This represents a 9.39% 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.

Beth Witte Bruce also recently made the following trade(s):

• On Wednesday, May 27th, Beth Witte Bruce sold 23,500 shares of Slide Insurance stock. The shares were sold at an average price of $19.01, for a total value of $446,735.00.
• On Friday, May 22nd, Beth Witte Bruce sold 2,437 shares of Slide Insurance stock. The shares were sold at an average price of $18.70, for a total value of $45,571.90.
• On Friday, February 27th, Beth Witte Bruce sold 25,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.94, for a total value of $473,500.00.

Slide Insurance Stock Up 0.4%

NASDAQ:SLDE traded up $0.08 during mid-day trading on Wednesday, hitting $18.69. 1,880,105 shares of the company's stock traded hands, compared to its average volume of 1,576,356. The company has a fifty day moving average of $18.31 and a 200 day moving average of $17.78. 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 $2.14 billion and a P/E ratio of 5.19. 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 (NASDAQ:SLDE - Get Free Report) last announced 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 return on equity of 48.38% and a net margin of 38.86%.The company had revenue of $389.28 million for the quarter. On average, analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Comerica Bank increased its holdings 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 during the period. Hsbc Holdings PLC boosted its stake in shares of Slide Insurance by 8.4% in the first 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 boosted its stake in shares of Slide Insurance by 11.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock worth $313,000 after buying an additional 1,704 shares during the last quarter. CWM LLC purchased a new stake in shares of Slide Insurance in the fourth quarter worth about $35,000. Finally, California State Teachers Retirement System boosted its stake in shares of Slide Insurance by 9.5% in the first quarter. California State Teachers Retirement System now owns 25,318 shares of the company's stock worth $456,000 after buying an additional 2,189 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SLDE shares. Texas Capital raised Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Barclays increased their price objective on Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, April 29th. Piper Sandler increased their price objective on Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Thursday, February 26th. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a report on Wednesday, May 6th. Finally, Keefe, Bruyette & Woods increased their price objective on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Monday, March 9th. 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. According to data from MarketBeat, the stock has an average 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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