130,065 Shares in Skyward Specialty Insurance Group, Inc. $SKWD Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 130,065 shares of Skyward Specialty Insurance Group in the second quarter, valued at approximately $7.6 million and representing a 0.29% stake.
• Institutional investors own 94.83% of SKWD, while several other investment firms recently initiated or increased their positions.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $70 price target. The company also reported quarterly EPS of $1.30, exceeding the $1.17 consensus estimate.

Bank of America Corp DE purchased a new stake in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 130,065 shares of the company's stock, valued at approximately $7,589,000. Bank of America Corp DE owned 0.29% of Skyward Specialty Insurance Group at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SKWD. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Skyward Specialty Insurance Group during the 1st quarter worth $37,000. Fifth Third Bancorp acquired a new position in Skyward Specialty Insurance Group in the first quarter valued at about $60,000. KBC Group NV lifted its position in Skyward Specialty Insurance Group by 73.2% during the first quarter. KBC Group NV now owns 1,780 shares of the company's stock worth $78,000 after purchasing an additional 752 shares during the period. EverSource Wealth Advisors LLC lifted its position in Skyward Specialty Insurance Group by 632.9% during the first quarter. EverSource Wealth Advisors LLC now owns 2,074 shares of the company's stock worth $91,000 after purchasing an additional 1,791 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in Skyward Specialty Insurance Group by 83.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,056 shares of the company's stock worth $156,000 after buying an additional 1,392 shares in the last quarter. Institutional investors own 94.83% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on SKWD shares. Wall Street Zen raised shares of Skyward Specialty Insurance Group from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Piper Sandler reaffirmed an "overweight" rating on shares of Skyward Specialty Insurance Group in a report on Monday, August 24th. Keefe, Bruyette & Woods increased their price target on shares of Skyward Specialty Insurance Group from $72.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, August 10th. Weiss Ratings raised shares of Skyward Specialty Insurance Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 25th. Finally, Truist Financial boosted their price objective on shares of Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Skyward Specialty Insurance Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.00.

Skyward Specialty Insurance Group Price Performance

Skyward Specialty Insurance Group stock opened at $54.78 on Monday. The business has a 50 day moving average of $58.58 and a 200-day moving average of $52.00. The company has a market capitalization of $2.43 billion, a P/E ratio of 12.77 and a beta of 0.33. Skyward Specialty Insurance Group, Inc. has a 1 year low of $40.60 and a 1 year high of $65.69.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.17 by $0.13. Skyward Specialty Insurance Group had a net margin of 10.84% and a return on equity of 18.72%. The business had revenue of $489.53 million for the quarter, compared to the consensus estimate of $706.59 million. Equities analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 4.98 EPS for the current year.

Skyward Specialty Insurance Group Profile

Skyward Specialty Insurance Group, Inc is a specialty property and casualty insurance company headquartered in Houston, Texas. Through its insurance subsidiaries, the company provides customized coverage for businesses and specialty risks that may not be fully addressed by standard commercial insurance products.

Its offerings include commercial property and casualty insurance, professional liability, general liability, workers' compensation, commercial automobile coverage, surety, accident and health insurance, and other specialty solutions.

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