Slide Insurance (NASDAQ:SLDE) Reaches New 12-Month High – Should You Buy?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s stock price reached a new 52-week high on Friday. The company traded as high as $26.88 and last traded at $26.8160, with a volume of 30,120 shares traded. The stock had previously closed at $26.53.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SLDE. Barclays lifted their price objective on shares of Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Citigroup reissued an “outperform” rating on shares of Slide Insurance in a report on Monday. Morgan Stanley set a $22.00 target price on shares of Slide Insurance in a research note on Monday, August 3rd. Keefe, Bruyette & Woods upped their price objective on shares of Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Finally, Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, September 19th. One 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $25.60.

Slide Insurance Trading Up 2.1%

The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 6.60 and a beta of 0.13. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average of $23.72 and a two-hundred day moving average of $20.56.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. The firm had revenue of $386.82 million during the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. Research analysts predict that Slide Insurance Holdings, Inc. will post 3.84 EPS for the current fiscal year.

Slide Insurance Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $0.07 per share. The ex-dividend date was Friday, August 14th. This represents a $0.28 annualized dividend and a yield of 1.0%. Slide Insurance’s dividend payout ratio (DPR) is 6.83%.

Insider Buying and Selling

In other news, insider Matthew Larson sold 11,374 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $26.00, for a total transaction of $295,724.00. Following the completion of the transaction, the insider owned 11,374 shares of the company’s stock, valued at approximately $295,724. The trade was a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen Rohde sold 7,500 shares of Slide Insurance stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $26.40, for a total transaction of $198,000.00. Following the sale, the director owned 7,500 shares in the company, valued at approximately $198,000. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 245,142 shares of company stock valued at $5,849,534. Company insiders own 50.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Slide Insurance in the second quarter worth about $98,538,000. Arrowstreet Capital Limited Partnership boosted 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 worth $48,380,000 after acquiring an additional 2,012,428 shares in the last quarter. Lazard Asset Management LLC increased its stake in Slide Insurance by 27.2% during the 1st quarter. Lazard Asset Management LLC now owns 849,967 shares of the company’s stock valued at $15,299,000 after purchasing an additional 181,795 shares in the last quarter. Allianz Asset Management GmbH bought a new stake in Slide Insurance in the 2nd quarter worth about $14,530,000. Finally, Man Group plc bought a new stake in shares of Slide Insurance during the 2nd quarter valued at about $12,229,000.

About Slide Insurance

Slide Insurance is a technology-enabled property and casualty insurance company focused primarily on homeowners insurance. The company uses data, analytics and digital tools to provide coverage, manage policies and support claims for residential property owners.

Its products are designed for homeowners and may include coverage for the dwelling, personal property, liability and related risks, subject to the terms of each policy. Slide operates in catastrophe-exposed property insurance markets, where technology and risk-management capabilities are important to underwriting and claims administration.

Slide was founded by Bruce Lucas, an insurance industry executive who previously led Heritage Insurance Holdings.