Pinnacle Wealth Management LLC Invests $820,000 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 acquired a new stake in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,489 shares of the company's stock, valued at approximately $820,000. Skyward Specialty Insurance Group makes up 0.9% of Pinnacle Wealth Management LLC's portfolio, making the stock its 19th biggest position.

A number of other large investors also recently modified their holdings of the company. Summit Investment Advisors Inc. raised its holdings in shares of Skyward Specialty Insurance Group by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,886 shares of the company's stock valued at $196,000 after buying an additional 247 shares during the period. Arizona State Retirement System boosted its position in Skyward Specialty Insurance Group by 4.6% during the 1st quarter. Arizona State Retirement System now owns 10,329 shares of the company's stock valued at $547,000 after purchasing an additional 451 shares during the period. US Bancorp DE raised its stake in Skyward Specialty Insurance Group by 8.2% during the 1st quarter. US Bancorp DE now owns 5,935 shares of the company's stock valued at $314,000 after acquiring an additional 451 shares in the last quarter. Cetera Investment Advisers raised its stake in Skyward Specialty Insurance Group by 6.2% during the 1st quarter. Cetera Investment Advisers now owns 9,641 shares of the company's stock valued at $510,000 after acquiring an additional 566 shares in the last quarter. Finally, Moran Wealth Management LLC raised its stake in shares of Skyward Specialty Insurance Group by 6.2% in the 1st quarter. Moran Wealth Management LLC now owns 10,032 shares of the company's stock worth $531,000 after buying an additional 585 shares in the last quarter. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, CFO Mark W. Haushill sold 52,748 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $58.76, for a total transaction of $3,099,472.48. Following the sale, the chief financial officer owned 133,629 shares of the company's stock, valued at approximately $7,852,040.04. The trade was a 28.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.01% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SKWD shares. Piper Sandler decreased their target price on Skyward Specialty Insurance Group from $69.00 to $59.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. Wall Street Zen cut Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Truist Financial upped their price target on Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the company a "buy" rating in a report on Monday, May 5th. JMP Securities upped their price objective 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. Finally, Keefe, Bruyette & Woods increased their price target on Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Skyward Specialty Insurance Group currently has an average rating of "Moderate Buy" and a consensus price target of $60.88.

Skyward Specialty Insurance Group Stock Performance

Skyward Specialty Insurance Group stock traded up $0.12 during midday trading on Friday, reaching $49.56. 301,599 shares of the company's stock were exchanged, compared to its average volume of 450,887. Skyward Specialty Insurance Group, Inc. has a 52 week low of $37.79 and a 52 week high of $65.05. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 15.58 and a beta of 0.62. The stock's 50-day simple moving average is $52.91 and its 200 day simple moving average is $53.94.

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

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.