Slide Insurance (NASDAQ:SLDE) Price Target Raised to $27.00

Key Points

• Citizens JMP raised Slide Insurance’s price target to $27 from $25 while maintaining a “market outperform” rating, implying approximately 30.5% upside from the reported $20.68 share price.
• Slide Insurance reported quarterly earnings of $1.06 per share, beating the $0.88 consensus estimate, on revenue of $386.82 million; analysts’ average rating is “Moderate Buy” with a $24.60 consensus target.
• The company authorized a $100 million share buyback, while insiders sold 2.63 million shares worth about $49.3 million over the last quarter; insiders continue to own 50.8% of the stock.

Slide Insurance (NASDAQ:SLDE - Get Free Report) had its price target increased by research analysts at Citizens Jmp from $25.00 to $27.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. Citizens Jmp's price target indicates a potential upside of 30.54% from the company's current price.

SLDE has been the topic of a number of other reports. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Barclays lifted their target price on Slide Insurance from $27.00 to $28.00 and gave the stock an "overweight" rating in a report on Wednesday. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Zacks Research downgraded Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Keefe, Bruyette & Woods lifted their price objective on Slide Insurance from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Slide Insurance currently has an average rating of "Moderate Buy" and a consensus target price of $24.60.

Slide Insurance Trading Down 6.6%

SLDE traded down $1.46 during midday trading on Thursday, reaching $20.68. 203,635 shares of the company were exchanged, compared to its average volume of 1,522,058. The stock has a market capitalization of $2.37 billion and a P/E ratio of 5.06. Slide Insurance has a one year low of $12.53 and a one year high of $23.00. The stock's 50-day simple moving average is $18.92 and its 200 day simple moving average is $18.19. 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 quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 52.25%. The business had revenue of $386.82 million for the quarter. As a group, analysts forecast that Slide Insurance will post 3.59 earnings per share for the current fiscal year.

Slide Insurance declared that its board has initiated a share buyback program on Tuesday, April 28th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, COO Shannon Lucas sold 4,659 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $17.12, for a total transaction of $79,762.08. Following the completion of the transaction, the chief operating officer directly owned 1,118,756 shares of the company's stock, valued at $19,153,102.72. This represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Bruce Lucas sold 44,467 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $761,275.04. Following the transaction, the chief executive officer owned 34,506,199 shares of the company's stock, valued at approximately $590,746,126.88. The trade was a 0.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 2,628,743 shares of company stock valued at $49,342,172. Corporate insiders own 50.80% of the company's stock.

Hedge Funds Weigh In On Slide Insurance

A number of large investors have recently modified their holdings of the business. Janus Henderson Group PLC increased its position in shares of Slide Insurance by 1,151.3% in the first quarter. Janus Henderson Group PLC now owns 172,683 shares of the company's stock valued at $3,108,000 after acquiring an additional 158,883 shares during the last quarter. California State Teachers Retirement System grew its stake in Slide Insurance by 9.5% in the first quarter. California State Teachers Retirement System now owns 25,318 shares of the company's stock valued at $456,000 after purchasing an additional 2,189 shares in the last quarter. Royal Bank of Canada increased its position in shares of Slide Insurance by 221.0% during the 1st quarter. Royal Bank of Canada now owns 5,993 shares of the company's stock worth $109,000 after purchasing an additional 4,126 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Slide Insurance during the 1st quarter worth approximately $655,000. Finally, Quantinno Capital Management LP acquired a new stake in shares of Slide Insurance in the 1st quarter valued at approximately $953,000.

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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