Slide Insurance (NASDAQ:SLDE) Director Sells $45,571.90 in Stock

Key Points

• Director Beth Witte Bruce sold shares again, including 2,437 shares on May 22 for about $45,572, after previously making larger sales later in the month. After the transaction, she still held 224,208 shares valued at about $4.19 million.
• Slide Insurance reported strong first-quarter results, posting EPS of $1.02 versus the $0.82 consensus estimate and generating $389.28 million in revenue. The company also showed strong profitability, with a net margin of 38.86% and return on equity of 48.38%.
• The company authorized a $100 million stock buyback, allowing repurchases of up to 4.3% of outstanding shares. Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Beth Witte Bruce sold 2,437 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $18.70, for a total value of $45,571.90. Following the completion of the sale, the director directly owned 224,208 shares of the company's stock, valued at $4,192,689.60. The trade was a 1.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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 stock was sold at an average price of $19.01, for a total value of $446,735.00.
• On Tuesday, May 26th, Beth Witte Bruce sold 21,063 shares of Slide Insurance stock. The stock was sold at an average price of $18.70, for a total value of $393,878.10.
• On Friday, February 27th, Beth Witte Bruce sold 25,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total value of $473,500.00.

Slide Insurance Stock Up 0.4%

Shares of NASDAQ SLDE traded up $0.08 on Wednesday, hitting $18.69. The company had a trading volume of 1,880,105 shares, compared to its average volume of 1,576,356. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90. The business has a 50 day moving average of $18.31 and a two-hundred day moving average of $17.78. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $2.14 billion and a P/E ratio of 5.19.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping 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 during the quarter. As a group, equities research 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 stock buyback program on Tuesday, April 28th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. 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. Zacks Research cut Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Finally, Piper Sandler upped their price objective on Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $24.80.

Institutional Trading of Slide Insurance

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

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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