Skyward Specialty Insurance Group (NASDAQ:SKWD) Shares Down 4.6% – Here’s What Happened

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)’s stock price was down 4.6% during mid-day trading on Monday . The company traded as low as $58.65 and last traded at $59.57. Approximately 158,525 shares traded hands during trading, a decline of 57% from the average daily volume of 371,586 shares. The stock had previously closed at $62.45.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SKWD. Barclays increased their target price on Skyward Specialty Insurance Group from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, April 11th. Citigroup reissued an “outperform” rating on shares of Skyward Specialty Insurance Group in a research report on Friday, May 2nd. Keefe, Bruyette & Woods lifted their target price on shares of Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, May 29th. Piper Sandler boosted their price target on Skyward Specialty Insurance Group from $57.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Finally, Truist Financial upped their price target on Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the company a “buy” rating in a report on Monday, May 5th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Skyward Specialty Insurance Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.75.

Skyward Specialty Insurance Group Stock Performance

The company has a market cap of $2.36 billion, a PE ratio of 17.77, a price-to-earnings-growth ratio of 0.81 and a beta of 0.79. The company has a fifty day moving average of $57.49 and a two-hundred day moving average of $52.24.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. The business had revenue of $328.53 million during the quarter, compared to the consensus estimate of $310.94 million. During the same quarter last year, the firm earned $0.75 earnings per share. On average, equities analysts forecast that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current year.

Insider Buying and Selling

In related news, Chairman Kirby Hill sold 8,249 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $60.87, for a total value of $502,116.63. Following the transaction, the chairman now owns 8,249 shares of the company’s stock, valued at $502,116.63. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 8.01% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Several hedge funds have recently made changes to their positions in the company. Sterling Capital Management LLC increased its stake in shares of Skyward Specialty Insurance Group by 756.1% during the fourth quarter. Sterling Capital Management LLC now owns 916 shares of the company’s stock valued at $46,000 after buying an additional 809 shares during the period. LRI Investments LLC bought a new position in Skyward Specialty Insurance Group during the 1st quarter worth about $67,000. KBC Group NV purchased a new position in Skyward Specialty Insurance Group during the 1st quarter valued at about $81,000. ORG Wealth Partners LLC raised its holdings in shares of Skyward Specialty Insurance Group by 86.9% in the 1st quarter. ORG Wealth Partners LLC now owns 2,273 shares of the company’s stock valued at $123,000 after purchasing an additional 1,057 shares in the last quarter. Finally, State of Wyoming raised its holdings in shares of Skyward Specialty Insurance Group by 52.4% in the 1st quarter. State of Wyoming now owns 2,435 shares of the company’s stock valued at $129,000 after purchasing an additional 837 shares in the last quarter. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

About Skyward Specialty Insurance Group

Skyward Specialty Insurance Group, Inc, an insurance holding company, underwrites commercial property and casualty insurance products in the United States. It offers general liability, excess liability, professional liability, commercial auto, group accident and health, property, surety, and workers' compensation insurance products.