Sei Investments Co. Acquires 83,660 Shares of Slide Insurance Holdings, Inc. $SLDE

Sei Investments Co. grew its holdings in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 26.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 399,507 shares of the company’s stock after purchasing an additional 83,660 shares during the period. Sei Investments Co. owned about 0.35% of Slide Insurance worth $7,191,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Fifth Third Bancorp increased its stake in Slide Insurance by 529,826.4% in the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock worth $7,433,000 after buying an additional 381,475 shares during the period. World Investment Advisors purchased a new stake in Slide Insurance in the 4th quarter valued at about $1,964,000. Axis Wealth Partners LLC boosted its position in Slide Insurance by 100.0% in the 1st quarter. Axis Wealth Partners LLC now owns 203,502 shares of the company’s stock valued at $3,663,000 after buying an additional 101,751 shares during the period. FourThought Financial Partners LLC bought a new position in Slide Insurance in the 4th quarter worth about $5,893,000. Finally, Blackhawk Capital Partners LLC bought a new position in Slide Insurance in the 4th quarter worth about $1,820,000.

Analysts Set New Price Targets

Several research firms have recently weighed in on SLDE. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Barclays increased their price objective on Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 target price (down from $23.00) on shares of Slide Insurance in a research report on Monday, July 6th. Citizens Jmp upped their target price on Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a report on Thursday. Finally, Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Slide Insurance presently has an average rating of “Moderate Buy” and a consensus price target of $24.60.

Slide Insurance Price Performance

Slide Insurance stock opened at $19.97 on Monday. 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 cap of $2.33 billion, a P/E ratio of 4.87 and a beta of -0.04. The business has a fifty day moving average of $18.97 and a two-hundred day moving average of $18.22. Slide Insurance Holdings, Inc. has a twelve month low of $12.53 and a twelve month high of $23.00.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. The business had revenue of $386.82 million for the quarter. Slide Insurance had a return on equity of 52.25% and a net margin of 40.02%. On average, analysts forecast that Slide Insurance Holdings, Inc. will post 3.74 earnings per share for the current fiscal year.

Slide Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders 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 yield of 1.4%.

Slide Insurance declared that its board has initiated a stock buyback program on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, COO Shannon Lucas sold 45,000 shares of Slide Insurance stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $19.06, for a total value of $857,700.00. Following the transaction, the chief operating officer owned 1,210,300 shares of the company’s stock, valued at $23,068,318. The trade was a 3.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Gries, Jr. sold 84,636 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.34, for a total transaction of $1,721,496.24. Following the transaction, the director owned 1,777,357 shares of the company’s stock, valued at approximately $36,151,441.38. This trade represents a 4.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 2,437,005 shares of company stock worth $45,737,406. 50.80% of the stock is owned by corporate insiders.

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.