Slide Insurance (NASDAQ:SLDE) Trading Up 4.4% - Here's What Happened

Key Points

• Slide Insurance shares rose 4.4% on Friday, reaching an intraday high of $16.69 and last trading near $16.73, though volume was far below average.
• The company reported better-than-expected quarterly earnings of $1.02 per share versus the $0.82 consensus, with revenue of $389.28 million and strong profitability metrics.
• Slide Insurance also announced a $100 million share buyback, while analysts remain generally positive with a consensus Moderate Buy rating and average target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) shares were up 4.4% during trading on Friday . The company traded as high as $16.69 and last traded at $16.7280. Approximately 166,445 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,604,677 shares. The stock had previously closed at $16.03.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SLDE shares. Zacks Research cut Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Barclays raised their target price on Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Piper Sandler raised their target price on Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, February 26th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods lifted their price objective on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Slide Insurance has an average rating of "Moderate Buy" and a consensus target price of $24.80.

Slide Insurance Trading Up 4.8%

The firm has a market cap of $1.93 billion and a P/E ratio of 4.67. The stock has a fifty day simple moving average of $18.30 and a 200 day simple moving average of $17.81. 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 posted its earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.20. The business had revenue of $389.28 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. On average, research analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its board has approved a share buyback program on Tuesday, April 28th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at Slide Insurance

In related news, COO Shannon Lucas sold 22,548 shares of Slide Insurance stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $18.95, for a total value of $427,284.60. Following the completion of the sale, the chief operating officer owned 1,142,473 shares of the company's stock, valued at $21,649,863.35. The trade was a 1.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Beth Witte Bruce sold 23,500 shares of Slide Insurance stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $19.01, for a total value of $446,735.00. Following the completion of the sale, the director directly owned 179,645 shares of the company's stock, valued at $3,415,051.45. The trade was a 11.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 5,338,537 shares of company stock worth $99,190,907. 50.80% of the stock is currently owned by insiders.

Institutional Trading of Slide Insurance

Several large investors have recently modified their holdings of the company. Comerica Bank grew 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 worth $26,000 after acquiring an additional 1,281 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Slide Insurance by 8.4% in the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company's stock worth $384,000 after acquiring an additional 1,641 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Slide Insurance by 11.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company's stock valued at $313,000 after purchasing an additional 1,704 shares during the period. CWM LLC bought a new stake in Slide Insurance during the fourth quarter valued at about $35,000. Finally, California State Teachers Retirement System grew its holdings in Slide Insurance by 9.5% during 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 during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.