Skyward Specialty Insurance Group (NASDAQ:SKWD) Shares Down 4.2% – Should You Sell?

Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) traded down 4.2% on Friday . The stock traded as low as $46.95 and last traded at $46.98. 141,941 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 156,734 shares. The stock had previously closed at $49.05.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group raised their price objective on Skyward Specialty Insurance Group from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JMP Securities boosted their price target on shares of Skyward Specialty Insurance Group from $50.00 to $53.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. Barclays upped their price objective on shares of Skyward Specialty Insurance Group from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Raymond James lifted their target price on shares of Skyward Specialty Insurance Group from $45.00 to $55.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.89.

Skyward Specialty Insurance Group Stock Down 5.3 %

The firm has a market capitalization of $1.86 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The company’s 50 day moving average is $50.25 and its 200-day moving average is $43.36.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. The company had revenue of $300.89 million for the quarter, compared to analysts’ expectations of $292.43 million. During the same quarter in the prior year, the firm earned $0.65 EPS. On average, analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.06 EPS for the current fiscal year.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, Director James Charles Hays sold 25,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.00, for a total value of $1,350,000.00. Following the transaction, the director now directly owns 747,261 shares of the company’s stock, valued at approximately $40,352,094. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.01% of the company’s stock.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in Skyward Specialty Insurance Group by 18.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 139,996 shares of the company’s stock valued at $5,065,000 after acquiring an additional 22,126 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Skyward Specialty Insurance Group by 67.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,632 shares of the company’s stock worth $204,000 after purchasing an additional 2,270 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Skyward Specialty Insurance Group by 55.5% in the second quarter. Principal Financial Group Inc. now owns 69,493 shares of the company’s stock valued at $2,514,000 after purchasing an additional 24,804 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Skyward Specialty Insurance Group by 38.0% during the second quarter. Rhumbline Advisers now owns 54,958 shares of the company’s stock valued at $1,988,000 after buying an additional 15,126 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Skyward Specialty Insurance Group by 13.2% during the second quarter. Victory Capital Management Inc. now owns 658,450 shares of the company’s stock worth $23,823,000 after buying an additional 76,524 shares in the last quarter. 94.83% of the stock is owned by 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.