FourThought Financial Partners LLC Buys New Position in Slide Insurance Holdings, Inc. $SLDE

FourThought Financial Partners LLC bought a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the 4th quarter, Holdings Channel.com reports. The firm bought 302,506 shares of the company’s stock, valued at approximately $5,893,000.

Several other large investors have also bought and sold shares of SLDE. Great Lakes Advisors LLC purchased a new stake in shares of Slide Insurance during the third quarter valued at $3,113,000. Fifth Third Bancorp lifted its holdings in shares of Slide Insurance by 529,826.4% during the fourth quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock valued at $7,433,000 after purchasing an additional 381,475 shares during the last quarter. Cyndeo Wealth Partners LLC purchased a new stake in shares of Slide Insurance during the fourth quarter valued at $2,235,000. Federated Hermes Inc. purchased a new stake in shares of Slide Insurance during the third quarter valued at $9,471,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Slide Insurance during the third quarter valued at $871,000.

Slide Insurance Stock Performance

Shares of SLDE stock opened at $18.68 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $25.90. The stock’s 50-day moving average is $18.21 and its two-hundred day moving average is $17.70. The firm has a market cap of $2.14 billion and a P/E ratio of 5.19.

Slide Insurance (NASDAQ:SLDE) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share 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 company had revenue of $389.28 million for the quarter. Analysts predict that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance declared that its Board of Directors has approved a share buyback plan on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

SLDE has been the subject of several analyst reports. Keefe, Bruyette & Woods upped their target price on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Finally, Piper Sandler upped their target price on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. 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 company’s stock. According to data from MarketBeat, Slide Insurance has an average rating of “Moderate Buy” and a consensus target price of $24.80.

Insiders Place Their Bets

In other Slide Insurance news, CEO Bruce Lucas sold 455,000 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $19.06, for a total value of $8,672,300.00. Following the transaction, the chief executive officer directly owned 35,429,165 shares of the company’s stock, valued at $675,279,884.90. This represents a 1.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 5,329,837 shares of company stock valued at $99,058,522. Corporate insiders own 50.80% of the company’s stock.

Slide Insurance 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.