Slide Insurance (NASDAQ:SLDE) Announces Quarterly Earnings Results

Slide Insurance (NASDAQ:SLDE) posted its earnings results on Tuesday. The company reported $1.06 EPS for the quarter, FiscalAI reports. The firm had revenue of $386.82 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.

Slide Insurance Trading Up 2.6%

Shares of NASDAQ SLDE traded up $0.55 during midday trading on Tuesday, reaching $21.40. The stock had a trading volume of 1,023,607 shares, compared to its average volume of 1,521,509. The firm has a market cap of $2.45 billion and a price-to-earnings ratio of 5.94. Slide Insurance has a twelve month low of $12.53 and a twelve month high of $21.79. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The company’s 50 day moving average price is $18.79 and its 200 day moving average price is $18.14.

Slide Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.07 per share. The ex-dividend date is Friday, August 14th. This represents a $0.28 annualized dividend and a yield of 1.3%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays decreased their price target on shares of Slide Insurance from $31.00 to $27.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Keefe, Bruyette & Woods increased 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, three have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Slide Insurance has a consensus rating of “Moderate Buy” and an average target price of $23.75.

Insider Activity at Slide Insurance

In related news, Director Robert Gries, Jr. sold 28,212 shares of Slide Insurance stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $21.04, for a total transaction of $593,580.48. Following the completion of the transaction, the director owned 1,749,145 shares of the company’s stock, valued at $36,802,010.80. This trade represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew Pardo Wright sold 15,000 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.51, for a total value of $292,650.00. Following the sale, the director owned 18,998 shares of the company’s stock, valued at approximately $370,650.98. The trade was a 44.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,902,411 shares of company stock valued at $54,657,242 over the last 90 days. 50.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds have recently added to or reduced their stakes in SLDE. Comerica Bank boosted its holdings in shares of Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after buying an additional 1,281 shares in the last quarter. CWM LLC bought a new stake in shares of Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. acquired a new position in shares of Slide Insurance during the 3rd quarter valued at $35,000. State of Wyoming acquired a new position in shares of Slide Insurance during the 1st quarter valued at $42,000. Finally, Aster Capital Management DIFC Ltd bought a new position in Slide Insurance during the fourth quarter worth $47,000.

Slide Insurance declared that its board has initiated a stock repurchase 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 board believes its shares are undervalued.

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.