Slide Insurance (NASDAQ:SLDE) Rating Increased to Buy at Wall Street Zen

Slide Insurance (NASDAQ:SLDE - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

A number of other brokerages also recently weighed in on SLDE. Piper Sandler upped their price target on shares of 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. Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Texas Capital raised shares of Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods upped their target price on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Monday, March 9th. One equities research 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 stock. Based on data from MarketBeat, Slide Insurance currently has an average rating of "Moderate Buy" and an average target price of $24.80.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $18.46 on Friday. Slide Insurance has a twelve month low of $12.53 and a twelve month high of $25.90. The company has a current ratio of 1.33, a quick ratio of 1.34 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $2.11 billion and a price-to-earnings ratio of 5.13. The firm has a 50-day moving average of $18.29 and a two-hundred day moving average of $17.50.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The company had revenue of $389.28 million during the quarter. As a group, analysts expect that Slide Insurance will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its Board of Directors has approved a stock repurchase plan on Tuesday, April 28th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Slide Insurance

In other news, Director Robert Gries, Jr. sold 28,212 shares of the company's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $18.55, for a total transaction of $523,332.60. Following the completion of the sale, the director directly owned 1,890,205 shares of the company's stock, valued at $35,063,302.75. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Andrew Pardo Wright sold 15,000 shares of the company's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $18.75, for a total value of $281,250.00. Following the sale, the director directly owned 206,837 shares of the company's stock, valued at approximately $3,878,193.75. This represents a 6.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,883,904 shares of company stock valued at $71,679,115 over the last 90 days.

Institutional Trading of Slide Insurance

A number of hedge funds have recently modified their holdings of SLDE. Comerica Bank lifted 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 in the last quarter. CWM LLC purchased a new stake in shares of Slide Insurance in the fourth quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Slide Insurance in the third quarter valued at $35,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Slide Insurance in the fourth quarter valued at $47,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Slide Insurance by 4,839.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock valued at $49,000 after purchasing an additional 2,468 shares in 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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