Great Lakes Advisors LLC Makes New $2.81 Million Investment in Slide Insurance Holdings, Inc. $SLDE

Great Lakes Advisors LLC bought a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) during the 2nd quarter, Holdings Channel reports. The firm bought 145,325 shares of the company’s stock, valued at approximately $2,815,000.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Slide Insurance in the 2nd quarter worth about $98,538,000. Vanguard Group Inc. increased its holdings in Slide Insurance by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock valued at $53,800,000 after acquiring an additional 354,321 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Slide Insurance by 298.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after acquiring an additional 2,012,428 shares in the last quarter. Balyasny Asset Management L.P. raised its position in Slide Insurance by 27.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock worth $34,250,000 after acquiring an additional 380,161 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Slide Insurance in the second quarter valued at about $33,063,000.

Slide Insurance Price Performance

Slide Insurance stock opened at $22.52 on Friday. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $23.00. The stock has a market capitalization of $2.63 billion, a P/E ratio of 5.49 and a beta of -0.04. The firm’s 50-day moving average is $20.08 and its two-hundred day moving average is $18.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. The business had revenue of $386.82 million during the quarter. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. Equities analysts predict that Slide Insurance Holdings, Inc. will post 3.91 earnings per share for the current year.

Slide Insurance Announces Dividend

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 paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, August 14th. Slide Insurance’s payout ratio is presently 6.83%.

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on SLDE shares. Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Citizens Jmp upped their target price on Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research note on Thursday, July 30th. Morgan Stanley set a $22.00 target price on Slide Insurance in a report on Monday, August 3rd. Barclays raised their price target on Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Slide Insurance has an average rating of “Buy” and an average target price of $25.40.

Insider Buying and Selling

In other news, Director Robert Gries, Jr. sold 84,636 shares of the firm’s stock in a transaction 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 sale, the director owned 1,777,357 shares in the company, valued at $36,151,441.38. This trade represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew Pardo Wright sold 31,002 shares of Slide Insurance stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $18.01, for a total value of $558,346.02. Following the completion of the sale, the director directly 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 800,539 shares of company stock worth $14,862,952 in the last three months. 50.80% of the stock is currently owned by 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.