Slide Insurance (NASDAQ:SLDE) Issues Earnings Results

Slide Insurance (NASDAQ:SLDE) released its quarterly earnings data on Tuesday. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.88 by $0.18, FiscalAI reports. The firm had revenue of $386.82 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%.

Slide Insurance Trading Up 2.6%

Shares of NASDAQ:SLDE opened at $21.40 on Wednesday. The business’s 50 day simple moving average is $18.85 and its 200 day simple moving average is $18.16. Slide Insurance has a 1 year low of $12.53 and a 1 year high of $21.79. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market capitalization of $2.45 billion and a P/E ratio of 5.94.

Slide Insurance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, August 14th.

Insider Buying and Selling at Slide Insurance

In other news, Director Robert Gries, Jr. sold 84,636 shares of the company’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 completion of the sale, the director directly owned 1,777,357 shares in the company, valued at approximately $36,151,441.38. This represents a 4.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Bruce Lucas sold 455,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer owned 35,429,165 shares in the company, valued at $675,279,884.90. The trade was a 1.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,628,743 shares of company stock valued at $49,342,172 over the last ninety days. Insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank increased its stake in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after acquiring an additional 1,281 shares during the last quarter. CWM LLC bought a new stake in Slide Insurance during the fourth quarter worth $35,000. Ameritas Investment Partners Inc. bought a new stake in Slide Insurance during the third quarter worth $35,000. State of Wyoming acquired a new stake in shares of Slide Insurance in the 1st quarter valued at $42,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Slide Insurance during the 4th quarter worth $47,000.

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

Wall Street Analysts Forecast Growth

SLDE has been the subject of several research analyst reports. 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 boosted their price objective on Slide Insurance from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 target price (down from $23.00) on shares of Slide Insurance in a research note on Monday, July 6th. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

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.