Raymond James Financial Inc. Grows Stock Position in Skyward Specialty Insurance Group, Inc. $SKWD

Key Points

• Raymond James Financial Inc. raised its stake in Skyward Specialty Insurance Group by 146.5%, owning 155,649 shares valued at approximately $8.2 million.
• Analysts have mixed ratings for Skyward Specialty Insurance Group with a consensus target price of $60.88 and include ratings such as "outperform" and "overweight".
• CFO Mark W. Haushill sold 52,748 shares of the company’s stock, reducing his ownership by 28.30% after the transaction.

Raymond James Financial Inc. increased its position in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 146.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 155,649 shares of the company's stock after purchasing an additional 92,511 shares during the period. Raymond James Financial Inc. owned approximately 0.39% of Skyward Specialty Insurance Group worth $8,236,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SKWD. LRI Investments LLC purchased a new stake in shares of Skyward Specialty Insurance Group during the first quarter valued at $67,000. KBC Group NV purchased a new stake in Skyward Specialty Insurance Group in the 1st quarter valued at about $81,000. ORG Wealth Partners LLC boosted its position in Skyward Specialty Insurance Group by 86.9% in the 1st quarter. ORG Wealth Partners LLC now owns 2,273 shares of the company's stock valued at $123,000 after buying an additional 1,057 shares during the period. New York State Teachers Retirement System purchased a new stake in Skyward Specialty Insurance Group in the 1st quarter valued at about $179,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Skyward Specialty Insurance Group in the first quarter valued at approximately $201,000. Hedge funds and other institutional investors own 94.83% of the company's stock.

Insider Transactions at Skyward Specialty Insurance Group

In related news, CFO Mark W. Haushill sold 52,748 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer 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 SEC, which is available at this link. 8.01% of the stock is owned by company insiders.

Analyst Ratings Changes

SKWD has been the subject of a number of research reports. JMP Securities boosted their price target on Skyward Specialty Insurance Group from $65.00 to $70.00 and gave the company a "market outperform" rating in a report on Thursday. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a report on Thursday. Piper Sandler lowered their price objective on shares of Skyward Specialty Insurance Group from $69.00 to $59.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Keefe, Bruyette & Woods upped their price objective on shares of Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Finally, Wall Street Zen cut shares of 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 assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $61.50.

Skyward Specialty Insurance Group Trading Down 1.8%

Shares of SKWD traded down $0.93 during midday trading on Friday, hitting $50.23. 518,357 shares of the company's stock traded hands, compared to its average volume of 372,049. The firm's fifty day moving average is $51.18 and its 200-day moving average is $53.93. Skyward Specialty Insurance Group, Inc. has a 1 year low of $37.79 and a 1 year high of $65.05. The stock has a market capitalization of $2.03 billion, a price-to-earnings 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 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of $319.90 million during the quarter, compared to analyst estimates of $324.64 million. Skyward Specialty Insurance Group had a net margin of 10.53% and a return on equity of 16.40%. During the same period last year, the firm posted $0.80 EPS. On average, equities research analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current year.

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.