Pinnacle Wealth Management LLC Acquires New Stake in Skyward Specialty Insurance Group, Inc. $SKWD

Key Points

• Pinnacle Wealth Management LLC has acquired a new position in Skyward Specialty Insurance Group, purchasing 15,489 shares valued at approximately $820,000 during the first quarter of the year.
• Skyward Specialty's shares recently closed at $47.70 with a market capitalization of $1.93 billion, while the company's earnings report showed an EPS of $0.89, exceeding expectations.
• Investment analysts have a consensus rating of "Moderate Buy" for Skyward Specialty Insurance Group, with a target price averaging around $60.88.

Pinnacle Wealth Management LLC bought a new stake in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,489 shares of the company's stock, valued at approximately $820,000. Skyward Specialty Insurance Group makes up approximately 0.9% of Pinnacle Wealth Management LLC's holdings, making the stock its 19th largest holding.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SKWD. LPL Financial LLC increased its position in Skyward Specialty Insurance Group by 20.3% in the 4th quarter. LPL Financial LLC now owns 14,093 shares of the company's stock valued at $712,000 after buying an additional 2,378 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Skyward Specialty Insurance Group by 52.4% during the 4th quarter. Wells Fargo & Company MN now owns 27,507 shares of the company's stock valued at $1,390,000 after purchasing an additional 9,461 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Skyward Specialty Insurance Group by 11.7% during the 4th quarter. Renaissance Technologies LLC now owns 42,100 shares of the company's stock valued at $2,128,000 after purchasing an additional 4,400 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Skyward Specialty Insurance Group during the 4th quarter valued at about $3,191,000. Finally, Sterling Capital Management LLC boosted its stake in Skyward Specialty Insurance Group by 756.1% during the 4th quarter. Sterling Capital Management LLC now owns 916 shares of the company's stock valued at $46,000 after purchasing an additional 809 shares during the last quarter. 94.83% of the stock is owned by institutional investors.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other news, CFO Mark W. Haushill sold 52,748 shares of the business'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 transaction, the chief financial officer owned 133,629 shares in the company, valued at $7,852,040.04. The trade was a 28.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.01% of the stock is owned by insiders.

Skyward Specialty Insurance Group Price Performance

Shares of NASDAQ SKWD traded up $1.06 during midday trading on Wednesday, reaching $49.59. The company's stock had a trading volume of 373,875 shares, compared to its average volume of 492,062. Skyward Specialty Insurance Group, Inc. has a 12-month low of $37.79 and a 12-month high of $65.05. The firm has a 50 day moving average price of $53.29 and a 200-day moving average price of $53.90. The stock has a market capitalization of $2.01 billion, a P/E ratio of 15.59 and a beta of 0.62.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last announced its 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 firm had revenue of $319.90 million for the quarter, compared to the consensus estimate of $324.64 million. During the same quarter in the previous year, the business earned $0.80 EPS. On average, equities analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SKWD. Keefe, Bruyette & Woods lifted their price target on Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. JMP Securities lifted their price target on 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. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a research note on Friday, May 2nd. 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, Wall Street Zen downgraded Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.