29,684 Shares in Slide Insurance Holdings, Inc. $SLDE Purchased by State of Wyoming

State of Wyoming bought a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 29,684 shares of the company’s stock, valued at approximately $575,000.

Several other hedge funds have also added to or reduced their stakes in SLDE. Comerica Bank raised its holdings in Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after acquiring an additional 1,281 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of Slide Insurance by 8.4% during the first quarter. Hsbc Holdings PLC now owns 21,251 shares of the company’s stock worth $384,000 after acquiring an additional 1,641 shares during the period. Price T Rowe Associates Inc. MD grew its position 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 purchasing an additional 1,704 shares during the last quarter. CWM LLC acquired a new position in shares of Slide Insurance in the fourth quarter valued at approximately $35,000. Finally, California State Teachers Retirement System increased its stake 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 worth $456,000 after purchasing an additional 2,189 shares during the period.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SLDE shares. Keefe, Bruyette & Woods lifted their price target on Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a report on Monday, August 3rd. Zacks Research upgraded Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Citizens Jmp lifted 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, July 30th. Finally, Citigroup reissued an “outperform” rating on shares of Slide Insurance in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Slide Insurance currently has an average rating of “Buy” and an average price target of $25.40.

Insider Activity

In other news, Director Andrew Pardo Wright sold 31,002 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $18.01, for a total transaction of $558,346.02. Following the completion of the sale, the director 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Shannon Lucas sold 27,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $18.97, for a total transaction of $512,190.00. Following the transaction, the chief operating officer owned 1,183,300 shares of the company’s stock, valued at approximately $22,447,201. This represents a 2.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,301,072 shares of company stock valued at $24,304,217 over the last quarter. 50.80% of the stock is owned by corporate insiders.

Slide Insurance Price Performance

NASDAQ SLDE opened at $21.93 on Monday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.02. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $23.00. The company has a 50 day moving average of $19.65 and a 200-day moving average of $18.55. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 5.35 and a beta of -0.04.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.18. The business had revenue of $386.82 million during the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. On average, equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current fiscal year.

Slide Insurance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 14th. Slide Insurance’s payout ratio is 6.83%.

Slide Insurance announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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.