Quantbot Technologies LP Takes Position in Slide Insurance Holdings, Inc. $SLDE

Quantbot Technologies LP purchased a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 105,713 shares of the company’s stock, valued at approximately $2,048,000. Quantbot Technologies LP owned 0.09% of Slide Insurance as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Slide Insurance during the second quarter valued at about $98,538,000. Vanguard Group Inc. increased its position in shares of Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock worth $53,800,000 after acquiring an additional 354,321 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Slide Insurance by 298.0% during the first 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 during the period. Balyasny Asset Management L.P. raised its holdings in shares of 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 valued at $34,250,000 after acquiring an additional 380,161 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Slide Insurance in the 2nd quarter valued at approximately $33,063,000.

Analysts Set New Price Targets

SLDE has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Monday, August 3rd. Zacks Research upgraded Slide Insurance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods raised their target price on Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Citigroup reaffirmed an “outperform” rating on shares of Slide Insurance in a research report on Thursday, July 30th. Finally, Citizens Jmp upped their price target on Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Slide Insurance presently has a consensus rating of “Buy” and an average price target of $25.40.

Slide Insurance Stock Performance

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

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating 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. Research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.79 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. Stockholders of record on Friday, August 14th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, August 14th. Slide Insurance’s payout ratio is currently 6.83%.

Slide Insurance announced that its Board of Directors has initiated a stock buyback plan on Tuesday, April 28th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Slide Insurance

In other news, COO Shannon Lucas sold 22,548 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total value of $427,284.60. Following the transaction, the chief operating officer directly owned 1,142,473 shares of the company’s stock, valued at approximately $21,649,863.35. This represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew Pardo Wright sold 31,002 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $18.01, for a total value of $558,346.02. Following 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 768,226 shares of company stock worth $14,260,274 over the last 90 days. 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.