HSBC takes new $1.08M stake in Slide Insurance as shares hit yearly high
What's the deal? HSBC HoldingsDealroom has a profile for this one. Try Dealroom → bought a new position in Slide Insurance HoldingsDealroom has a profile for this one. Try Dealroom → during the second quarter, acquiring 54,464 shares worth roughly $1,077,000, according to its latest 13F filing with the Securities and Exchange Commission.
Who else is buying? Several institutions opened new stakes in the same quarter. Algert GlobalDealroom has a profile for this one. Try Dealroom → led with about $1,828,000, followed by Legal & General GroupDealroom has a profile for this one. Try Dealroom → at $780,000, Globeflex CapitalDealroom has a profile for this one. Try Dealroom → at $763,000, and the Canada Pension Plan Investment BoardDealroom has a profile for this one. Try Dealroom → at $583,000.
The numbers: Slide reported $1.06 earnings per share for the quarter ended July 28, topping the $0.88 consensus by $0.18. Revenue reached $386.82 million, with a net margin of 40.02% and return on equity of 50.69%.
Where the stock stands: Slide shares opened at $23.25 on Tuesday, near their 12-month high of $23.75 and well above the $12.53 low. The company carries a market capitalisation of $2.72 billion and a price-to-earnings ratio of 5.67.
The insider view: Directors have been selling. Stephen L. Rohde sold 5,000 shares at $21.89 on August 14, and Andrew Pardo Wright sold 15,000 shares at $19.51 on June 29. Over the last quarter, insiders offloaded 491,691 shares worth $9,021,426, though they still own 50.80% of the company.
What analysts say: Zacks ResearchDealroom has a profile for this one. Try Dealroom → upgraded Slide from "hold" to "strong-buy" on August 3. Morgan StanleyDealroom has a profile for this one. Try Dealroom → set a $22.00 price target. Analysts expect the company to post 3.79 earnings per share for the current fiscal year.
The dividend: Slide paid a quarterly dividend of $0.07 per share on August 28, an annualised $0.28 for a 1.2% yield and a payout ratio of 6.83%.
The signal: A wave of fresh institutional stakes alongside heavy insider selling points to a stock that has climbed sharply, testing its yearly high as buyers and long-time holders take opposite sides.
Read more: tickerreport.com
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