Slide Insurance (NASDAQ:SLDE) Price Target Raised to $24.00

Slide Insurance (NASDAQ:SLDE) had its price objective hoisted by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities research analysts have also issued reports about the stock. Barclays reduced their price objective on shares of Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a research note on Tuesday. Texas Capital raised Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price objective (down from $23.00) on shares of Slide Insurance in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.00.

Slide Insurance Stock Up 2.1%

Shares of Slide Insurance stock opened at $21.24 on Wednesday. Slide Insurance has a 12 month low of $12.53 and a 12 month high of $21.79. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The stock has a market cap of $2.43 billion and a PE ratio of 5.90. The business has a fifty day simple moving average of $18.38 and a 200 day simple moving average of $18.06.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. Research analysts predict that Slide Insurance will post 3.59 EPS for the current year.

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

Insider Activity at Slide Insurance

In other news, insider Matthew Paul Larson sold 13,750 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.07, for a total transaction of $234,712.50. Following the sale, the insider directly owned 8,998 shares in the company, valued at $153,595.86. This trade represents a 60.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Shannon Lucas sold 4,659 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $17.12, for a total transaction of $79,762.08. Following the completion of the transaction, the chief operating officer directly owned 1,118,756 shares of the company’s stock, valued at approximately $19,153,102.72. This trade represents a 0.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,887,236 shares of company stock valued at $72,912,638 over the last ninety days. Corporate insiders own 50.80% of the company’s stock.

Hedge Funds Weigh In On Slide Insurance

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Comerica Bank grew its holdings in Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after purchasing an additional 1,281 shares during the last quarter. Hsbc Holdings PLC grew its stake 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 last quarter. Price T Rowe Associates Inc. MD raised its position in Slide Insurance by 11.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock worth $313,000 after buying an additional 1,704 shares during the last quarter. CWM LLC purchased a new position in shares of Slide Insurance during the 4th quarter valued at approximately $35,000. Finally, California State Teachers Retirement System raised its holdings in Slide Insurance by 9.5% in the 1st 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.

Slide Insurance Company 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.