Principal Financial Group Inc. Boosts Position in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

Principal Financial Group Inc. lifted its position in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 17.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,798 shares of the company's stock after purchasing an additional 13,635 shares during the period. Principal Financial Group Inc. owned about 0.23% of Skyward Specialty Insurance Group worth $4,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in Skyward Specialty Insurance Group by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 283,629 shares of the company's stock valued at $14,335,000 after acquiring an additional 3,687 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Skyward Specialty Insurance Group during the 4th quarter valued at about $3,191,000. Royce & Associates LP boosted its holdings in shares of Skyward Specialty Insurance Group by 76.9% during the 4th quarter. Royce & Associates LP now owns 116,799 shares of the company's stock valued at $5,903,000 after purchasing an additional 50,758 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Skyward Specialty Insurance Group by 432.5% during the 4th quarter. Teacher Retirement System of Texas now owns 142,421 shares of the company's stock valued at $7,198,000 after purchasing an additional 115,674 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Skyward Specialty Insurance Group by 54.0% during the 4th quarter. American Century Companies Inc. now owns 1,577,846 shares of the company's stock valued at $79,744,000 after purchasing an additional 553,389 shares during the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on SKWD. Piper Sandler increased their price objective on shares of Skyward Specialty Insurance Group from $57.00 to $66.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Barclays increased their price objective 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. JMP Securities increased 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 report on Friday, May 2nd. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a research report on Friday, May 2nd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of 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. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.75.

Insider Activity

In other news, CFO Mark W. Haushill sold 52,748 shares of the firm's 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 sale, the chief financial officer owned 133,629 shares in the company, valued at approximately $7,852,040.04. This trade represents a 28.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Kirby Hill sold 8,249 shares of the firm's 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 directly owned 8,249 shares in the company, valued at $502,116.63. This represents a 50.00% decrease in their position. The disclosure for this sale can be found here. 8.01% of the stock is currently owned by company insiders.

Skyward Specialty Insurance Group Price Performance

Shares of Skyward Specialty Insurance Group stock traded up $0.01 during trading on Friday, hitting $54.12. The stock had a trading volume of 335,612 shares, compared to its average volume of 370,435. The firm's fifty day simple moving average is $58.88 and its 200-day simple moving average is $53.04. The stock has a market cap of $2.19 billion, a PE ratio of 18.04 and a beta of 0.65. Skyward Specialty Insurance Group, Inc. has a 12 month low of $34.10 and a 12 month high of $65.05.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last released its 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 firm 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 quarter last year, the business earned $0.75 EPS. Analysts expect that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share for the current fiscal 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.