Slide Insurance (NASDAQ:SLDE) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Slide Insurance (NASDAQ:SLDE) from a buy rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

Several other research firms have also recently commented on SLDE. Weiss Ratings raised Slide Insurance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday. Keefe, Bruyette & Woods boosted their price target on Slide Insurance from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Morgan Stanley set a $22.00 price target on Slide Insurance in a report on Monday, August 3rd. Citigroup reaffirmed an “outperform” rating on shares of Slide Insurance in a research report on Thursday, July 30th. Finally, Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Slide Insurance currently has a consensus rating of “Buy” and an average price target of $25.40.

Slide Insurance Trading Down 1.0%

SLDE opened at $23.25 on Friday. Slide Insurance has a twelve month low of $12.53 and a twelve month high of $23.75. The company has a 50-day simple moving average of $21.00 and a 200 day simple moving average of $19.01. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 5.67 and a beta of -0.04.

Slide Insurance (NASDAQ:SLDE) last issued 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 return on equity of 50.69% and a net margin of 40.02%.The firm had revenue of $386.82 million for the quarter. Analysts predict that Slide Insurance will post 3.79 EPS for the current fiscal year.

Slide Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, August 14th. Slide Insurance’s payout ratio is presently 6.83%.

Insider Buying and Selling at Slide Insurance

In related news, Director Andrew Pardo Wright sold 31,002 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $18.01, for a total transaction of $558,346.02. Following the transaction, the director directly owned 48,998 shares of the company’s stock, valued at approximately $882,453.98. This represents a 38.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bruce Lucas sold 192,695 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $17.03, for a total value of $3,281,595.85. Following the completion of the transaction, the chief executive officer owned 34,550,666 shares in the company, valued at approximately $588,397,841.98. The trade was a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 491,691 shares of company stock worth $9,021,426 in the last quarter. Company insiders own 50.80% of the company’s stock.

Hedge Funds Weigh In On Slide Insurance

Large investors have recently modified their holdings of the company. Comerica Bank increased its stake in 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 purchasing an additional 1,281 shares in the last quarter. Hsbc Holdings PLC lifted its stake 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 valued at $384,000 after buying an additional 1,641 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Slide Insurance by 11.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock valued at $313,000 after buying an additional 1,704 shares in the last quarter. CWM LLC acquired a new position in shares of Slide Insurance during the fourth quarter valued at about $35,000. Finally, Global Retirement Partners LLC acquired a new position in shares of Slide Insurance during the second quarter valued at about $39,000.

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.