Slide Insurance (NASDAQ:SLDE – Get Free Report) was upgraded by investment analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage presently has a $19.00 price objective on the stock, down from their previous price objective of $20.00. Keefe, Bruyette & Woods’ price target indicates a potential upside of 29.08% from the stock’s previous close.
Several other research firms have also commented on SLDE. Citizens Jmp began coverage on shares of Slide Insurance in a research note on Monday, July 14th. They set a “strong-buy” rating and a $25.00 price objective on the stock. Piper Sandler decreased their target price on shares of Slide Insurance from $25.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, September 2nd. Citigroup assumed coverage on shares of Slide Insurance in a report on Monday, July 14th. They issued an “outperform” rating for the company. JMP Securities set a $25.00 target price on shares of Slide Insurance and gave the stock a “market outperform” rating in a report on Monday, July 14th. Finally, Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Slide Insurance currently has an average rating of “Moderate Buy” and an average price target of $21.67.
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Slide Insurance Stock Performance
NASDAQ:SLDE opened at $14.72 on Thursday. Slide Insurance has a one year low of $12.53 and a one year high of $25.90. The business’s 50-day simple moving average is $16.01.
Slide Insurance (NASDAQ:SLDE – Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.40 by $0.16. The business had revenue of $261.61 million for the quarter, compared to the consensus estimate of $271.18 million.
Slide Insurance declared that its board has authorized a stock repurchase plan on Wednesday, August 27th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
Insider Activity at Slide Insurance
In other news, Director Stephen L. Rohde sold 11,082 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.81, for a total transaction of $175,206.42. Following the completion of the transaction, the director directly owned 9,335 shares of the company’s stock, valued at $147,586.35. The trade was a 54.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Beth Witte Bruce sold 31,029 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.81, for a total transaction of $490,568.49. Following the transaction, the director directly owned 251,645 shares of the company’s stock, valued at $3,978,507.45. The trade was a 10.98% decrease in their ownership of the stock. The disclosure for this sale can be found here.
Institutional Trading of Slide Insurance
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hudson Bay Capital Management LP purchased a new stake in Slide Insurance during the second quarter valued at approximately $1,668,000. Oxford Asset Management LLP purchased a new stake in Slide Insurance during the second quarter valued at approximately $696,000. Man Group plc purchased a new stake in Slide Insurance during the second quarter valued at approximately $210,000. LMR Partners LLP bought a new position in shares of Slide Insurance in the second quarter worth approximately $4,222,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of Slide Insurance in the second quarter worth approximately $7,196,000.
Slide Insurance Company Profile
(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”).
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Keefe, Bruyette & Woods Upgrades Slide Insurance (NASDAQ:SLDE) to “Outperform”
