Vanguard Group Inc. Has $53.80 Million Stake in Slide Insurance Holdings, Inc. $SLDE

Vanguard Group Inc. boosted its holdings in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 14.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,761,819 shares of the company’s stock after purchasing an additional 354,321 shares during the period. Vanguard Group Inc. owned 2.22% of Slide Insurance worth $53,800,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC bought a new position in Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. bought a new position in Slide Insurance in the 3rd quarter valued at $35,000. Strs Ohio bought a new position in Slide Insurance in the 3rd quarter valued at $77,000. BNP Paribas Financial Markets bought a new position in Slide Insurance in the 3rd quarter valued at $111,000. Finally, New York State Common Retirement Fund bought a new position in Slide Insurance in the 3rd quarter valued at $134,000.

Slide Insurance Stock Up 0.9%

NASDAQ:SLDE opened at $18.80 on Friday. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $2.15 billion and a P/E ratio of 5.22. The stock’s fifty day simple moving average is $18.20 and its 200-day simple moving average is $17.62.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The business had revenue of $389.28 million for the quarter. Equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

Slide Insurance declared that its board has authorized a stock buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have commented on SLDE. Keefe, Bruyette & Woods increased their price objective on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Piper Sandler increased their price objective on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Barclays raised their price target on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.80.

Insider Activity

In other news, CEO Bruce Lucas sold 273,702 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer directly owned 37,620,933 shares in the company, valued at $681,315,096.63. This trade represents a 0.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 4,196,928 shares of company stock valued at $77,562,040. 50.80% of the stock is owned by company insiders.

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.