Charles Schwab Investment Management Inc. Trims Holdings in Skyward Specialty Insurance Group, Inc. $SKWD

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Skyward Specialty Insurance Group by 2.3%, owning 277,177 shares after selling 6,452 shares, valued at approximately $14.7 million.
• Analysts have varied opinions on Skyward, with ratings ranging from "Strong Buy" to "Hold", and a consensus price target estimated at $60.88.
• Skyward Specialty Insurance Group reported earnings of $0.89 per share, exceeding expectations, although revenue slightly missed consensus estimates.

Charles Schwab Investment Management Inc. lessened its holdings in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 277,177 shares of the company's stock after selling 6,452 shares during the period. Charles Schwab Investment Management Inc. owned 0.69% of Skyward Specialty Insurance Group worth $14,668,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SKWD. Wall Street Zen downgraded shares of Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Piper Sandler dropped their price objective on shares of Skyward Specialty Insurance Group from $69.00 to $59.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Citigroup reaffirmed an "outperform" rating on shares of Skyward Specialty Insurance Group in a research note on Friday, May 2nd. Truist Financial upped their price objective on shares of 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, JMP Securities upped their price objective on shares of Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the company a "market outperform" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Skyward Specialty Insurance Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.88.

Skyward Specialty Insurance Group Stock Performance

SKWD traded up $0.13 on Thursday, reaching $48.76. 126,811 shares of the company's stock were exchanged, compared to its average volume of 417,114. The company's 50 day moving average is $52.33 and its 200-day moving average is $53.94. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 15.33 and a beta of 0.62. Skyward Specialty Insurance Group, Inc. has a twelve month low of $37.79 and a twelve month high of $65.05.

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

Insiders Place Their Bets

In other Skyward Specialty Insurance Group news, CFO Mark W. Haushill sold 52,748 shares of the company's stock in a transaction that occurred on 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 owned 133,629 shares in the company, valued at $7,852,040.04. This represents a 28.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.01% of the stock is currently owned by corporate insiders.

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.