Slide Insurance (NASDAQ:SLDE) Price Target Raised to $26.00

Slide Insurance (NASDAQ:SLDE) had its price target upped by Keefe, Bruyette & Woods from $24.00 to $26.00 in a research report report published on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

Other equities research analysts have also issued research reports about the company. Morgan Stanley set a $22.00 price target on Slide Insurance in a research note on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Citizens Jmp increased their target price on Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 30th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Barclays boosted their price target on Slide Insurance from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $25.40.

Slide Insurance Stock Performance

SLDE opened at $20.74 on Monday. The firm has a market cap of $2.42 billion, a P/E ratio of 5.06 and a beta of -0.04. Slide Insurance has a 1-year low of $12.53 and a 1-year high of $23.00. The company has a 50 day simple moving average of $19.10 and a two-hundred day simple moving average of $18.30. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.33.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter. Equities analysts forecast that Slide Insurance will post 3.91 earnings per share for the current fiscal year.

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

Slide Insurance Announces Dividend

The business also recently declared 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. The ex-dividend date is Friday, August 14th. This represents a $0.28 annualized dividend and a yield of 1.4%.

Insider Activity

In related news, Director Robert Gries, Jr. sold 84,636 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 1,777,357 shares of the company’s stock, valued at approximately $36,151,441.38. This represents a 4.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Shannon Lucas sold 45,000 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $19.06, for a total value of $857,700.00. Following the transaction, the chief operating officer owned 1,210,300 shares of the company’s stock, valued at $23,068,318. This represents a 3.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 2,245,231 shares of company stock worth $42,185,736 over the last 90 days. Corporate insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in 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 purchasing an additional 354,321 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in 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 purchasing an additional 2,012,428 shares in the last quarter. Balyasny Asset Management L.P. lifted 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 valued at $34,250,000 after purchasing an additional 380,161 shares during the last quarter. Raymond James Financial Inc. bought a new position in Slide Insurance during the second quarter valued at $33,063,000. Finally, Freestone Grove Partners LP grew its stake in shares of Slide Insurance by 50.3% in the 4th quarter. Freestone Grove Partners LP now owns 986,543 shares of the company’s stock worth $19,218,000 after buying an additional 330,165 shares in the last quarter.

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.