Slide Insurance (NASDAQ:SLDE) to Buyback $100.00 million in Shares

Key Points

• The board authorized a $100.00 million buyback, allowing Slide Insurance to repurchase up to 4.3% of outstanding shares, a move typically signaling the board views the stock as undervalued.
• Slide reported quarterly earnings of $1.02 EPS, beating estimates of $0.82, on revenue of $389.28 million, and analysts project 3.26 EPS for the fiscal year.
• Wall Street sentiment is largely positive with a consensus rating of "Buy" and an average target price of $24.40.

Slide Insurance (NASDAQ:SLDE - Get Free Report) announced that its Board of Directors has initiated a share buyback program on Tuesday, April 28th, RTT News reports. The company plans 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 programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Piper Sandler boosted their price target on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Zacks Research upgraded shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 17th. Texas Capital upgraded shares of Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods boosted their price target on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. Finally, Wall Street Zen lowered shares of Slide Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $24.40.

Slide Insurance Stock Down 0.3%

Shares of SLDE stock traded down $0.06 during trading hours on Tuesday, reaching $18.87. 1,532,719 shares of the stock were exchanged, compared to its average volume of 1,485,526. The business's fifty day moving average is $18.13 and its two-hundred day moving average is $17.37. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.34 and a quick ratio of 1.34. Slide Insurance has a 12-month low of $12.53 and a 12-month high of $25.90. The firm has a market capitalization of $2.35 billion and a P/E ratio of 7.31.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. As a group, research analysts expect that Slide Insurance will post 3.26 EPS for the current fiscal year.

Insider Transactions at Slide Insurance

In related news, CEO Bruce Lucas sold 273,702 shares of the company's stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $18.11, for a total value of $4,956,743.22. Following the completion of the transaction, the chief executive officer directly owned 37,620,933 shares of the company's stock, valued at $681,315,096.63. This represents a 0.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 3,059,578 shares of company stock valued at $56,002,750 over the last three months.

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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