AlphaQuest LLC Grows Position in Skyward Specialty Insurance Group, Inc. $SKWD

Key Points

• AlphaQuest LLC significantly increased its holdings in Skyward Specialty Insurance Group by 7,697.1% during the 1st quarter, owning a total of 10,838 shares valued at $574,000.
• Skyward Specialty Insurance Group's recent quarterly earnings showed an EPS of $0.89, surpassing expectations, while revenue reached $319.90 million, below analyst estimates.
• Multiple hedge funds, including Price T Rowe Associates and Raymond James Financial, have adjusted their stakes in the company, with institutional investors owning 94.83% of the stock.

AlphaQuest LLC grew its position in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 7,697.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,838 shares of the company's stock after purchasing an additional 10,699 shares during the quarter. AlphaQuest LLC's holdings in Skyward Specialty Insurance Group were worth $574,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Skyward Specialty Insurance Group during the 1st quarter worth approximately $631,000. Janney Montgomery Scott LLC purchased a new position in Skyward Specialty Insurance Group during the 1st quarter worth approximately $544,000. GAMMA Investing LLC grew its position in shares of Skyward Specialty Insurance Group by 6,374.4% during the first quarter. GAMMA Investing LLC now owns 17,675 shares of the company's stock worth $935,000 after acquiring an additional 17,402 shares during the last quarter. Penserra Capital Management LLC purchased a new position in shares of Skyward Specialty Insurance Group during the first quarter worth approximately $1,280,000. Finally, Envestnet Asset Management Inc. grew its position in shares of Skyward Specialty Insurance Group by 36.7% during the first quarter. Envestnet Asset Management Inc. now owns 103,016 shares of the company's stock worth $5,452,000 after acquiring an additional 27,669 shares during the last quarter. Hedge funds and other institutional investors own 94.83% of the company's stock.

Skyward Specialty Insurance Group Stock Down 0.3%

Shares of SKWD traded down $0.16 on Friday, hitting $48.30. 375,985 shares of the stock traded hands, compared to its average volume of 381,162. Skyward Specialty Insurance Group, Inc. has a 1 year low of $37.79 and a 1 year high of $65.05. The firm has a market capitalization of $1.96 billion, a P/E ratio of 15.19 and a beta of 0.62. The stock's 50 day moving average is $51.97 and its two-hundred day moving average is $53.93.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Skyward Specialty Insurance Group had a return on equity of 16.40% and a net margin of 10.53%.The company had revenue of $319.90 million for the quarter, compared to analyst estimates of $324.64 million. During the same quarter in the prior year, the company posted $0.80 EPS. Research analysts forecast that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on SKWD. Wall Street Zen lowered Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Citigroup reiterated 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 company an "outperform" rating in a report on Thursday, May 29th. Truist Financial lifted their price target on Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Finally, Piper Sandler decreased their price target on Skyward Specialty Insurance Group from $69.00 to $59.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Skyward Specialty Insurance Group currently has an average rating of "Moderate Buy" and an average price target of $60.88.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other news, CFO Mark W. Haushill sold 52,748 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $58.76, for a total transaction of $3,099,472.48. Following the transaction, the chief financial officer directly owned 133,629 shares in the company, valued at $7,852,040.04. This represents a 28.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 8.01% of the stock is currently owned by insiders.

Skyward Specialty Insurance Group 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.