Blackhawk Capital Partners LLC increased its stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE – Free Report) by 58.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 148,222 shares of the company’s stock after purchasing an additional 54,771 shares during the period. Slide Insurance makes up approximately 1.0% of Blackhawk Capital Partners LLC’s holdings, making the stock its 23rd biggest holding. Blackhawk Capital Partners LLC’s holdings in Slide Insurance were worth $2,668,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Geode Capital Management LLC purchased a new position in shares of Slide Insurance in the second quarter valued at $2,245,000. Legal & General Group Plc purchased a new position in Slide Insurance in the 2nd quarter valued at about $216,000. Norges Bank purchased a new position in Slide Insurance in the 2nd quarter valued at about $866,000. Marshall Wace LLP acquired a new stake in shares of Slide Insurance during the second quarter valued at about $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Slide Insurance during the second quarter valued at about $834,000.
Analyst Ratings Changes
Several research analysts recently commented on the company. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods raised their price objective on Slide Insurance from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Finally, Texas Capital raised shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.75.
Insider Buying and Selling
In other Slide Insurance news, CEO Bruce Lucas sold 455,000 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $19.06, for a total transaction of $8,672,300.00. Following the completion of the sale, the chief executive officer owned 35,429,165 shares in the company, valued at $675,279,884.90. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 3,374,100 shares of company stock valued at $63,644,818 over the last three months. Insiders own 50.80% of the company’s stock.
Slide Insurance Trading Down 5.5%
NASDAQ:SLDE opened at $19.74 on Thursday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $18.50 and its two-hundred day moving average is $18.07. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $21.79. The company has a market cap of $2.26 billion and a PE ratio of 5.48.
Slide Insurance (NASDAQ:SLDE – Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.82 by $0.20. The company 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, analysts predict that Slide Insurance Holdings, Inc. will post 3.59 EPS for the current year.
Slide Insurance announced that its Board of Directors has authorized a share repurchase plan on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
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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