Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Receives $24.80 Average Price Target from Analysts

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) have been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $24.80.

Several analysts recently commented on SLDE shares. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods increased their target price on shares of Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, March 9th. Barclays increased their target price on shares of Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th.

Slide Insurance Trading Up 2.3%

Shares of NASDAQ:SLDE opened at $17.10 on Thursday. The company has a 50 day moving average of $18.21 and a 200-day moving average of $17.83. The firm has a market cap of $1.96 billion and a P/E ratio of 4.75. Slide Insurance has a twelve month low of $12.53 and a twelve month high of $25.90. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The business had revenue of $389.28 million during the quarter. As a group, analysts anticipate that Slide Insurance will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its board has approved a stock repurchase plan on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, insider Matthew Paul Larson sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $17.79, for a total transaction of $44,475.00. Following the sale, the insider owned 2,500 shares in the company, valued at $44,475. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bruce Lucas sold 227,987 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total transaction of $4,320,353.65. Following the sale, the chief executive officer owned 34,743,361 shares in the company, valued at $658,386,690.95. This represents a 0.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 5,205,537 shares of company stock worth $96,768,747 over the last three months. 50.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Slide Insurance

A number of large investors have recently made changes to their positions in the company. Janus Henderson Group PLC raised its holdings in shares of Slide Insurance by 1,151.3% during the first quarter. Janus Henderson Group PLC now owns 172,683 shares of the company’s stock valued at $3,108,000 after acquiring an additional 158,883 shares during the period. California State Teachers Retirement System raised its holdings in shares of 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 acquiring an additional 2,189 shares during the period. Royal Bank of Canada raised its holdings in shares of Slide Insurance by 221.0% during the first quarter. Royal Bank of Canada now owns 5,993 shares of the company’s stock valued at $109,000 after acquiring an additional 4,126 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Slide Insurance during the first quarter valued at approximately $655,000. Finally, Quantinno Capital Management LP acquired a new stake in shares of Slide Insurance during the first quarter valued at approximately $953,000.

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.