Slide Insurance (NASDAQ:SLDE) Hits New 1-Year High - Here's What Happened

Key Points

• Slide Insurance shares reached a new 52-week high, trading as high as $23.16 and closing around $23.14, up from the prior close of $22.52.
• Analyst sentiment is broadly positive, with the stock carrying a consensus “Buy” rating and an average price target of $25.40; several firms recently raised their targets to between $27 and $28.
• The company reported quarterly EPS of $1.06, exceeding estimates of $0.88, and announced a $0.07 quarterly dividend plus a $100 million share-repurchase authorization.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) shares hit a new 52-week high during trading on Friday . The stock traded as high as $23.16 and last traded at $23.14, with a volume of 130712 shares changing hands. The stock had previously closed at $22.52.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SLDE. Morgan Stanley set a $22.00 price target on shares of Slide Insurance in a research note on Monday, August 3rd. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Citizens Jmp increased their target price on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 30th. Barclays raised their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Finally, Zacks Research upgraded shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Slide Insurance has an average rating of "Buy" and a consensus price target of $25.40.

Slide Insurance Stock Up 0.8%

The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The firm's 50 day simple moving average is $20.08 and its 200 day simple moving average is $18.71. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 5.53 and a beta of -0.04.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.18. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%.The business had revenue of $386.82 million during the quarter. Sell-side analysts anticipate that Slide Insurance Holdings, Inc. will post 3.91 EPS for the current fiscal year.

Slide Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. Slide Insurance's dividend payout ratio (DPR) is 6.83%.

Slide Insurance announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, COO Shannon Lucas sold 22,548 shares of Slide Insurance stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total transaction of $427,284.60. Following the completion of the sale, the chief operating officer owned 1,142,473 shares in the company, valued at $21,649,863.35. The trade was a 1.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Bruce Lucas sold 227,987 shares of Slide Insurance stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total value of $4,320,353.65. Following the transaction, the chief executive officer owned 34,743,361 shares in the company, valued at $658,386,690.95. This trade represents a 0.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 800,539 shares of company stock valued at $14,862,952. Insiders own 50.80% of the company's stock.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Slide Insurance during the 2nd quarter worth approximately $98,538,000. Arrowstreet Capital Limited Partnership boosted its position 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 valued at $48,380,000 after acquiring an additional 2,012,428 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $33,063,000. Balyasny Asset Management L.P. raised its stake in Slide Insurance by 314.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company's stock valued at $21,753,000 after purchasing an additional 1,045,826 shares in the last quarter. Finally, HB Wealth Management LLC lifted its stake in Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company's stock worth $17,388,000 after purchasing an additional 832,102 shares during the last quarter.

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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