Slide Insurance (NASDAQ:SLDE) Receives Equal Weight Rating from Morgan Stanley

Slide Insurance (NASDAQ:SLDE)‘s stock had its “equal weight” rating reiterated by research analysts at Morgan Stanley in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $20.00 price target on the stock, down from their prior price target of $23.00. Morgan Stanley’s target price suggests a potential downside of 5.88% from the stock’s previous close.

Several other research analysts have also weighed in on SLDE. Keefe, Bruyette & Woods raised their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Barclays increased their target price on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Texas Capital raised shares of Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Finally, Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.60.

Slide Insurance Stock Performance

NASDAQ:SLDE opened at $21.25 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. Slide Insurance has a 1-year low of $12.53 and a 1-year high of $21.79. The firm has a 50-day moving average of $18.16 and a two-hundred day moving average of $17.97. The stock has a market cap of $2.43 billion and a P/E ratio of 5.90.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. On average, research analysts expect that Slide Insurance will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Slide Insurance

In related news, CEO Bruce Lucas sold 455,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $19.06, for a total transaction of $8,672,300.00. Following the completion of the transaction, the chief executive officer directly owned 35,429,165 shares in the company, valued at $675,279,884.90. This represents a 1.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 4,333,941 shares of company stock worth $80,703,934. Insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

Several hedge funds have recently bought and sold shares of SLDE. Comerica Bank grew its position in Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after purchasing an additional 1,281 shares during the last quarter. Hsbc Holdings PLC raised its holdings 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 valued at $384,000 after buying an additional 1,641 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Slide Insurance by 11.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock valued at $313,000 after buying an additional 1,704 shares during the last quarter. CWM LLC acquired a new position in shares of Slide Insurance during the fourth quarter worth approximately $35,000. Finally, California State Teachers Retirement System grew 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 buying an additional 2,189 shares in the last quarter.

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.