Navellier & Associates Inc. Sells 5,172 Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

Key Points

• Navellier & Associates Inc. has reduced its ownership in Skyward Specialty Insurance Group by 14.3%, now holding 31,110 shares worth approximately $1.65 million.
• Several hedge funds, including GAMMA Investing LLC and Principal Financial Group Inc., have recently increased their positions in Skyward Specialty Insurance Group, with institutional investors now owning 94.83% of its stock.
• Wall Street analysts have a positive outlook on Skyward Specialty Insurance Group, with multiple firms updating their price targets, the average being $61.75 and most analysts rating it as a "Moderate Buy."

Navellier & Associates Inc. lessened its holdings in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 14.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 31,110 shares of the company's stock after selling 5,172 shares during the period. Navellier & Associates Inc. owned 0.08% of Skyward Specialty Insurance Group worth $1,646,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of SKWD. SG Americas Securities LLC acquired a new position in Skyward Specialty Insurance Group in the first quarter valued at $631,000. Janney Montgomery Scott LLC bought a new stake in shares of Skyward Specialty Insurance Group during the first quarter worth about $544,000. GAMMA Investing LLC increased 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 in the last quarter. Penserra Capital Management LLC purchased a new position in Skyward Specialty Insurance Group during the first quarter worth about $1,280,000. Finally, Principal Financial Group Inc. boosted its holdings in Skyward Specialty Insurance Group by 17.2% during the first quarter. Principal Financial Group Inc. now owns 92,798 shares of the company's stock worth $4,911,000 after purchasing an additional 13,635 shares during the last quarter. Institutional investors and hedge funds own 94.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SKWD. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a research note on Friday, May 2nd. Keefe, Bruyette & Woods upped their target price on shares of Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Piper Sandler increased their price target on shares of Skyward Specialty Insurance Group from $57.00 to $66.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Barclays increased their target price on shares of Skyward Specialty Insurance Group from $63.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, April 11th. Finally, Truist Financial increased their price target on shares of Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Skyward Specialty Insurance Group has an average rating of "Moderate Buy" and an average price target of $61.75.

Skyward Specialty Insurance Group Stock Performance

Shares of Skyward Specialty Insurance Group stock traded up $0.18 during trading on Friday, hitting $51.98. The company's stock had a trading volume of 382,083 shares, compared to its average volume of 451,552. The company has a fifty day simple moving average of $57.88 and a two-hundred day simple moving average of $53.25. The company has a market capitalization of $2.10 billion, a PE ratio of 17.33 and a beta of 0.65. Skyward Specialty Insurance Group, Inc. has a 52 week low of $34.10 and a 52 week high of $65.05.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. The company had revenue of $328.53 million during the quarter, compared to analyst estimates of $310.94 million. Skyward Specialty Insurance Group had a net margin of 10.23% and a return on equity of 16.80%. During the same period last year, the business earned $0.75 EPS. As a group, analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current year.

Insider Activity

In related 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 value of $3,099,472.48. Following the completion of the transaction, the chief financial officer directly owned 133,629 shares in the company, valued at $7,852,040.04. This trade represents a 28.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Kirby Hill sold 8,249 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $60.87, for a total transaction of $502,116.63. Following the completion of the transaction, the chairman owned 8,249 shares of the company's stock, valued at approximately $502,116.63. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.01% of the stock is owned by company insiders.

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.