PDT Partners LLC Purchases 9,969 Shares of Skyward Specialty Insurance Group, Inc. $SKWD

Key Points

• PDT Partners LLC boosted its holdings in Skyward Specialty Insurance Group by 17.7%, purchasing 9,969 shares to reach a total of 66,371 shares worth approximately $3.5 million.
• Wall Street analysts have mixed ratings for Skyward, with one Strong Buy, six Buy, and three Hold ratings, and an average target price of $60.88.
• In the latest earnings report, Skyward Specialty Insurance Group reported earnings per share of $0.89, slightly exceeding analyst estimates of $0.86, despite revenues falling short of expectations at $319.9 million.

PDT Partners LLC grew its stake in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,371 shares of the company's stock after acquiring an additional 9,969 shares during the period. PDT Partners LLC owned 0.16% of Skyward Specialty Insurance Group worth $3,512,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SKWD. Arizona State Retirement System grew its position in Skyward Specialty Insurance Group by 4.6% during the first quarter. Arizona State Retirement System now owns 10,329 shares of the company's stock worth $547,000 after buying an additional 451 shares in the last quarter. US Bancorp DE raised its position in Skyward Specialty Insurance Group by 8.2% during the first quarter. US Bancorp DE now owns 5,935 shares of the company's stock valued at $314,000 after purchasing an additional 451 shares in the last quarter. Cetera Investment Advisers raised its position in Skyward Specialty Insurance Group by 6.2% during the first quarter. Cetera Investment Advisers now owns 9,641 shares of the company's stock valued at $510,000 after purchasing an additional 566 shares in the last quarter. Moran Wealth Management LLC raised its position in Skyward Specialty Insurance Group by 6.2% during the first quarter. Moran Wealth Management LLC now owns 10,032 shares of the company's stock valued at $531,000 after purchasing an additional 585 shares in the last quarter. Finally, Martingale Asset Management L P raised its position in Skyward Specialty Insurance Group by 1.5% during the first quarter. Martingale Asset Management L P now owns 42,567 shares of the company's stock valued at $2,253,000 after purchasing an additional 610 shares in the last quarter. Hedge funds and other institutional investors own 94.83% of the company's stock.

Skyward Specialty Insurance Group Trading Down 1.8%

Shares of NASDAQ:SKWD traded down $0.93 on Friday, reaching $50.23. 518,357 shares of the company traded hands, compared to its average volume of 372,049. The business's 50-day simple moving average is $51.18 and its 200 day simple moving average is $53.93. Skyward Specialty Insurance Group, Inc. has a 52 week low of $37.79 and a 52 week high of $65.05. The stock has a market capitalization of $2.03 billion, a P/E ratio of 15.80 and a beta of 0.61.

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

Analyst Ratings Changes

SKWD has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their price target on Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Piper Sandler lowered 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 report on Friday, August 1st. Citigroup restated an "outperform" rating on shares of Skyward Specialty Insurance Group in a research report on Thursday. JMP Securities raised their price target on Skyward Specialty Insurance Group from $65.00 to $70.00 and gave the company a "market outperform" rating in a research report on Thursday. Finally, Wall Street Zen downgraded Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.50.

Insider Activity

In related news, CFO Mark W. Haushill sold 52,748 shares of the firm's 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 sale, the chief financial officer directly owned 133,629 shares of the company's stock, valued at $7,852,040.04. This trade represents a 28.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.01% of the stock is owned by 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.