Slide Insurance (NASDAQ:SLDE) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

by · The Markets Daily

Slide Insurance (NASDAQ:SLDE – Get Free Report) had its price objective lifted by equities research analysts at Keefe, Bruyette & Woods from $24.00 to $26.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 26.24% from the company’s previous close.

Other equities analysts have also issued reports about the company. Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Citizens Jmp raised their price target on shares of Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a report on Thursday. Morgan Stanley set a $22.00 price objective on shares of Slide Insurance in a research note on Monday. Citigroup reiterated an “outperform” rating on shares of Slide Insurance in a research report on Thursday. Finally, Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned 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 $25.40.

View Our Latest Stock Analysis on Slide Insurance

Slide Insurance Trading Up 3.1%

Shares of Slide Insurance stock traded up $0.63 during trading on Monday, hitting $20.60. The company’s stock had a trading volume of 521,436 shares, compared to its average volume of 1,520,539. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 5.03 and a beta of -0.04. 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 52 week low of $12.53 and a 52 week high of $23.00. The stock has a 50-day moving average price of $18.97 and a two-hundred day moving average price of $18.22.

Slide Insurance (NASDAQ:SLDE – Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.88 by $0.18. The firm had revenue of $386.82 million for the quarter. Slide Insurance had a return on equity of 52.25% and a net margin of 40.02%. Equities research analysts anticipate that Slide Insurance will post 3.74 EPS for the current fiscal year.

Slide Insurance declared that its board has initiated a share repurchase program on Tuesday, April 28th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Slide Insurance

In related news, Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $21.04, for a total transaction of $593,580.48. Following the transaction, the director directly owned 1,749,145 shares of the company’s stock, valued at $36,802,010.80. This represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Shannon Lucas sold 4,659 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total transaction of $79,762.08. Following the completion of the sale, the chief operating officer owned 1,118,756 shares of the company’s stock, valued at $19,153,102.72. The trade was a 0.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 2,437,005 shares of company stock worth $45,737,406. Corporate insiders own 50.80% of the company’s stock.

Hedge Funds Weigh In On Slide Insurance

Institutional investors and hedge funds have recently made changes to their positions in the stock. Comerica Bank increased 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 valued at $26,000 after buying an additional 1,281 shares in the last quarter. CWM LLC bought a new position in Slide Insurance in the fourth quarter worth approximately $35,000. Ameritas Investment Partners Inc. bought a new position in Slide Insurance in the third quarter worth approximately $35,000. State of Wyoming acquired a new stake in Slide Insurance in the first quarter valued at approximately $42,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Slide Insurance in the fourth quarter valued at approximately $47,000.

About Slide Insurance

(Get Free Report)

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.

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