Man Group plc Acquires New Position in Slide Insurance Holdings, Inc. $SLDE

Man Group plc bought a new position in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the 2nd quarter, Holdings Channel reports. The fund bought 631,340 shares of the company’s stock, valued at approximately $12,229,000.

Several other large investors have also added to or reduced their stakes in SLDE. Comerica Bank lifted its stake 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 valued at $26,000 after buying an additional 1,281 shares in the last quarter. CWM LLC bought a new stake in Slide Insurance during the fourth quarter valued at about $35,000. Global Retirement Partners LLC purchased a new position in shares of Slide Insurance in the second quarter valued at about $39,000. Meeder Asset Management Inc. purchased a new position in shares of Slide Insurance in the second quarter valued at about $40,000. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Slide Insurance in the third quarter worth about $35,000.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SLDE. Citigroup reissued an “outperform” rating on shares of Slide Insurance in a report on Thursday, July 30th. Keefe, Bruyette & Woods increased their price objective on shares of Slide Insurance from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Citizens Jmp upped their target price on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $25.40.

Slide Insurance Stock Up 0.5%

Shares of SLDE opened at $23.46 on Friday. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 5.72 and a beta of -0.04. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $23.75. The business’s 50 day simple moving average is $20.74 and its 200-day simple moving average is $18.93. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23.

Slide Insurance (NASDAQ:SLDE) last posted its earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The firm had revenue of $386.82 million during the quarter. As a group, equities analysts expect that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current fiscal year.

Slide Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a $0.07 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. Slide Insurance’s payout ratio is 6.83%.

Insider Buying and Selling at Slide Insurance

In other news, Director Andrew Pardo Wright sold 15,000 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $19.51, for a total transaction of $292,650.00. Following the sale, the director directly owned 18,998 shares in the company, valued at approximately $370,650.98. This represents a 44.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bruce Lucas sold 44,467 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $17.12, for a total transaction of $761,275.04. Following the completion of the transaction, the chief executive officer directly owned 34,506,199 shares of the company’s stock, valued at approximately $590,746,126.88. The trade was a 0.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 494,191 shares of company stock valued at $9,065,901. Corporate insiders own 50.80% of the company’s stock.

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.