Empowered Funds LLC purchased a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE – Free Report) during the second quarter, Holdings Channel reports. The institutional investor purchased 64,629 shares of the company’s stock, valued at approximately $1,252,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC purchased a new stake in shares of Slide Insurance during the second quarter worth approximately $2,245,000. Legal & General Group Plc acquired a new stake in Slide Insurance in the second quarter valued at approximately $216,000. Norges Bank purchased a new position in Slide Insurance in the second quarter worth approximately $866,000. Marshall Wace LLP acquired a new position in shares of Slide Insurance during the 2nd quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new position in Slide Insurance in the second quarter valued at approximately $834,000.
Slide Insurance Stock Down 0.2%
SLDE stock opened at $24.67 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.02. The company’s 50-day moving average price is $21.48 and its 200 day moving average price is $19.20. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.09. The company has a market cap of $2.88 billion, a P/E ratio of 6.02 and a beta of 0.07.
Slide Insurance Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a $0.07 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.28 annualized dividend and a dividend yield of 1.1%. Slide Insurance’s dividend payout ratio (DPR) is currently 6.83%.
Insider Transactions at Slide Insurance
In related news, Director Robert Gries, Jr. sold 28,212 shares of Slide Insurance stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $20.33, for a total value of $573,549.96. Following the transaction, the director owned 1,720,933 shares in the company, valued at approximately $34,986,567.89. This trade represents a 1.61% 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, Director Andrew Wright sold 15,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $19.51, for a total transaction of $292,650.00. Following the completion of the sale, the director directly owned 18,998 shares of the company’s stock, valued at $370,650.98. The trade was a 44.12% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 491,691 shares of company stock valued at $9,021,426. Corporate insiders own 50.80% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on SLDE shares. Wall Street Zen cut shares of Slide Insurance from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. Citizens Jmp increased their target price on shares of Slide Insurance from $25.00 to $27.00 and gave the company a “market outperform” rating in a research report on Thursday, July 30th. Morgan Stanley set a $22.00 target price on shares of Slide Insurance in a research report on Monday, August 3rd. Weiss Ratings raised shares of Slide Insurance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 27th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Slide Insurance from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $25.40.
Read Our Latest Stock Report on Slide Insurance
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.
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