Globeflex Capital L P Makes New Investment in Slide Insurance Holdings, Inc. $SLDE

Globeflex Capital L P purchased a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 39,401 shares of the company’s stock, valued at approximately $763,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Comerica Bank increased its holdings in shares of Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after purchasing an additional 1,281 shares in the last quarter. CWM LLC purchased a new stake in shares of Slide Insurance during the fourth quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Slide Insurance during the third quarter valued at $35,000. Global Retirement Partners LLC bought a new stake in Slide Insurance in the 2nd quarter worth about $39,000. Finally, Meeder Asset Management Inc. bought a new stake in Slide Insurance in the 2nd quarter worth about $40,000.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SLDE shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a report on Monday, August 3rd. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Keefe, Bruyette & Woods raised their target price on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Barclays lifted their target price on shares of Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Finally, Citizens Jmp boosted their target price on shares of Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $25.40.

Insider Buying and Selling

In related news, Director Robert Gries, Jr. sold 28,212 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $20.33, for a total value of $573,549.96. Following the transaction, the director directly owned 1,720,933 shares of the company’s stock, valued at approximately $34,986,567.89. This trade represents a 1.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen L. Rohde sold 5,000 shares of Slide Insurance stock in a transaction on Friday, August 14th. The shares were sold at an average price of $21.89, for a total value of $109,450.00. Following the transaction, the director owned 5,000 shares in the company, valued at $109,450. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 768,226 shares of company stock valued at $14,260,274. Company insiders own 50.80% of the company’s stock.

Slide Insurance Price Performance

NASDAQ SLDE opened at $23.64 on Tuesday. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $23.75. The firm has a market capitalization of $2.76 billion, a P/E ratio of 5.77 and a beta of -0.04. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $20.34 and a 200-day moving average price of $18.80.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The firm had revenue of $386.82 million for the quarter. Equities research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 earnings per share for the current year.

Slide Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. Slide Insurance’s payout ratio is presently 6.83%.

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