American Century Companies Inc. Sells 1,013,213 Shares of Skyward Specialty Insurance Group, Inc. $SKWD

Key Points

• American Century Companies Inc. reduced its holdings in Skyward Specialty Insurance Group by 64.2%, selling over 1 million shares to own approximately 1.40% of the company, valued at nearly $29.9 million.
• Several institutional investors have recently adjusted their positions in Skyward Specialty Insurance Group, with Reinhart Partners LLC acquiring a new stake worth nearly $50 million.
• Skyward Specialty Insurance Group reported a quarterly earnings per share (EPS) of $0.89, exceeding analysts' expectations, although its revenue fell short against projections.

American Century Companies Inc. trimmed its position in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 64.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 564,633 shares of the company's stock after selling 1,013,213 shares during the quarter. American Century Companies Inc. owned approximately 1.40% of Skyward Specialty Insurance Group worth $29,880,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SKWD. Reinhart Partners LLC. acquired a new stake in shares of Skyward Specialty Insurance Group during the first quarter valued at about $49,979,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Skyward Specialty Insurance Group by 37.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,048,554 shares of the company's stock valued at $52,995,000 after purchasing an additional 283,749 shares in the last quarter. Nuveen LLC acquired a new position in Skyward Specialty Insurance Group during the 1st quarter worth about $14,354,000. Vanguard Group Inc. lifted its holdings in Skyward Specialty Insurance Group by 10.0% during the 1st quarter. Vanguard Group Inc. now owns 2,503,156 shares of the company's stock worth $132,467,000 after buying an additional 227,921 shares during the period. Finally, Freestone Grove Partners LP acquired a new position in Skyward Specialty Insurance Group during the 4th quarter worth about $8,052,000. 94.83% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other news, CFO Mark W. Haushill sold 52,748 shares of Skyward Specialty Insurance Group stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $58.76, for a total value of $3,099,472.48. Following the completion of the transaction, the chief financial officer directly owned 133,629 shares of the company's stock, valued at approximately $7,852,040.04. This trade represents a 28.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.01% of the company's stock.

Skyward Specialty Insurance Group Stock Performance

Shares of SKWD stock traded down $0.14 during mid-day trading on Wednesday, hitting $48.63. The company's stock had a trading volume of 341,993 shares, compared to its average volume of 414,440. The company's fifty day simple moving average is $52.33 and its 200-day simple moving average is $53.94. Skyward Specialty Insurance Group, Inc. has a 52 week low of $37.79 and a 52 week high of $65.05. The company has a market cap of $1.97 billion, a PE ratio of 15.29 and a beta of 0.62.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $319.90 million during the quarter, compared to analyst estimates of $324.64 million. During the same period last year, the company posted $0.80 EPS. On average, equities analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on SKWD. Wall Street Zen downgraded Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Truist Financial lifted their target price on Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, May 5th. JMP Securities lifted their target price on Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the stock a "market outperform" rating in a report on Friday, May 2nd. Keefe, Bruyette & Woods lifted their target price on Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Skyward Specialty Insurance Group in a report on Friday, May 2nd. One equities research 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 data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.88.

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.