Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Price Down 4.7% – Here’s What Happened

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)’s share price was down 4.7% during trading on Monday . The company traded as low as $41.84 and last traded at $42.13. Approximately 108,428 shares changed hands during trading, a decline of 70% from the average daily volume of 357,963 shares. The stock had previously closed at $44.22.

Analyst Ratings Changes

A number of brokerages have issued reports on SKWD. Barclays initiated coverage on Skyward Specialty Insurance Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $44.00 price objective for the company. William Blair initiated coverage on shares of Skyward Specialty Insurance Group in a research report on Monday, August 19th. They set an “outperform” rating for the company. Keefe, Bruyette & Woods lifted their price objective on shares of Skyward Specialty Insurance Group from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. Truist Financial reissued a “buy” rating and set a $49.00 target price (up from $47.00) on shares of Skyward Specialty Insurance Group in a research report on Wednesday, August 7th. Finally, Piper Sandler raised their price target on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Skyward Specialty Insurance Group currently has an average rating of “Moderate Buy” and a consensus target price of $43.78.

Skyward Specialty Insurance Group Stock Performance

The business’s 50 day moving average is $39.70 and its two-hundred day moving average is $37.67. The firm has a market capitalization of $1.71 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 0.77 and a beta of 0.60.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its quarterly earnings data on Monday, August 5th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.15. Skyward Specialty Insurance Group had a return on equity of 17.36% and a net margin of 11.52%. The company had revenue of $279.94 million for the quarter, compared to analyst estimates of $282.70 million. During the same period in the previous year, the company posted $0.42 EPS. As a group, equities research analysts predict that Skyward Specialty Insurance Group, Inc. will post 2.96 EPS for the current year.

Insider Transactions at Skyward Specialty Insurance Group

In related news, Director Katharine Terry sold 1,653 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $36.87, for a total transaction of $60,946.11. Following the completion of the transaction, the director now owns 4,001 shares of the company’s stock, valued at approximately $147,516.87. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.01% of the company’s stock.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. purchased a new stake in shares of Skyward Specialty Insurance Group in the 1st quarter valued at about $1,672,000. Allspring Global Investments Holdings LLC raised its stake in Skyward Specialty Insurance Group by 19.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 464,667 shares of the company’s stock valued at $17,383,000 after purchasing an additional 75,137 shares in the last quarter. Swiss National Bank lifted its position in Skyward Specialty Insurance Group by 111.5% during the first quarter. Swiss National Bank now owns 55,000 shares of the company’s stock valued at $2,058,000 after purchasing an additional 29,000 shares during the last quarter. Marshall Wace LLP purchased a new position in Skyward Specialty Insurance Group in the 2nd quarter worth approximately $10,152,000. Finally, Capstone Investment Advisors LLC grew its stake in Skyward Specialty Insurance Group by 68.3% in the 1st quarter. Capstone Investment Advisors LLC now owns 107,796 shares of the company’s stock worth $4,033,000 after buying an additional 43,739 shares in the last quarter. Institutional investors own 94.83% of the company’s stock.

Skyward Specialty Insurance Group Company Profile

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.