Suncoast Equity Management Acquires Shares of 91,494 Slide Insurance Holdings, Inc. $SLDE

Suncoast Equity Management acquired a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 91,494 shares of the company’s stock, valued at approximately $1,782,000.

Other institutional investors have also added to or reduced their stakes in the company. Great Lakes Advisors LLC purchased a new stake in Slide Insurance during the 3rd quarter valued at approximately $3,113,000. Fifth Third Bancorp grew its holdings in Slide Insurance by 529,826.4% during the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock valued at $7,433,000 after buying an additional 381,475 shares in the last quarter. Cyndeo Wealth Partners LLC purchased a new stake in Slide Insurance during the 4th quarter valued at approximately $2,235,000. Federated Hermes Inc. purchased a new stake in Slide Insurance during the 3rd quarter valued at approximately $9,471,000. Finally, Quantbot Technologies LP purchased a new stake in Slide Insurance during the 3rd quarter valued at approximately $871,000.

Insiders Place Their Bets

In other news, insider Matthew Paul Larson sold 11,250 shares of Slide Insurance stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $18.56, for a total transaction of $208,800.00. Following the completion of the sale, the insider directly owned 11,250 shares in the company, valued at approximately $208,800. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Beth Witte Bruce sold 23,500 shares of Slide Insurance stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $19.01, for a total value of $446,735.00. Following the sale, the director owned 179,645 shares of the company’s stock, valued at approximately $3,415,051.45. This trade represents a 11.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 5,807,383 shares of company stock valued at $108,066,010 in the last three months. 50.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SLDE shares. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Piper Sandler increased their target price on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, February 26th. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Finally, Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.80.

Slide Insurance Price Performance

Shares of SLDE opened at $18.03 on Monday. The company has a market cap of $2.07 billion and a PE ratio of 5.01. The business has a fifty day moving average of $18.32 and a 200 day moving average of $17.80. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The business had revenue of $389.28 million during the quarter. On average, sell-side analysts expect that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

Slide Insurance announced that its board has authorized a stock repurchase program on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are 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.