Keefe, Bruyette & Woods Upgrades Slide Insurance (NASDAQ:SLDE) to "Outperform"

Key Points

• Slide Insurance (NASDAQ:SLDE) was upgraded to an "outperform" rating by Keefe, Bruyette & Woods, with a price target of $19.00, suggesting a potential upside of 49.14% from its current price.
• The company reported a quarterly earnings per share of $0.56, surpassing analysts' expectations, though revenue was below estimates at $261.61 million.
• Insider trading activities included the sale of over 427,000 shares by multiple directors in recent months, indicating significant movements in ownership among executives.

Slide Insurance (NASDAQ:SLDE - Get Free Report) was upgraded by stock analysts at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm presently has a $19.00 target price on the stock, down from their previous target price of $20.00. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 29.08% from the stock's previous close.

Several other equities analysts also recently commented on the company. Citigroup started coverage on Slide Insurance in a research report on Monday, July 14th. They set an "outperform" rating for the company. JMP Securities set a $25.00 target price on Slide Insurance and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Barclays started coverage on Slide Insurance in a research report on Monday, July 14th. They set an "overweight" rating and a $25.00 target price for the company. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, August 16th. Finally, Piper Sandler cut their target price on Slide Insurance from $25.00 to $18.00 and set an "overweight" rating for the company in a research report on Tuesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $21.67.

Slide Insurance Trading Down 0.7%

Shares of SLDE stock traded down $0.10 during mid-day trading on Thursday, reaching $14.72. The stock had a trading volume of 6,645,023 shares, compared to its average volume of 1,105,997. The company has a 50 day moving average of $16.01. Slide Insurance has a one year low of $12.53 and a one year high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.16. The firm had revenue of $261.61 million during the quarter, compared to the consensus estimate of $271.18 million.

Slide Insurance declared that its Board of Directors has initiated a stock buyback plan on Wednesday, August 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Slide Insurance

In other news, Director Beth Witte Bruce sold 31,029 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.81, for a total value of $490,568.49. Following the transaction, the director owned 251,645 shares of the company's stock, valued at approximately $3,978,507.45. This trade represents a 10.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen L. Rohde sold 11,082 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.81, for a total transaction of $175,206.42. Following the completion of the transaction, the director directly owned 9,335 shares in the company, valued at $147,586.35. This trade represents a 54.28% decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. American Century Companies Inc. acquired a new stake in shares of Slide Insurance during the second quarter worth $56,229,000. Raymond James Financial Inc. acquired a new stake in shares of Slide Insurance during the second quarter worth $33,063,000. Hood River Capital Management LLC acquired a new stake in shares of Slide Insurance during the second quarter worth $31,542,000. Boston Partners acquired a new stake in shares of Slide Insurance during the second quarter worth $10,701,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Slide Insurance during the second quarter worth $9,964,000.

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”).