Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) Shares Acquired by Royce & Associates LP

Key Points

• Royce & Associates LP increased its stake in Skyward Specialty Insurance Group by 95.3% in the first quarter, owning a total of 228,122 shares valued at approximately $12 million.
• Analysts have provided optimistic evaluations with JMP Securities raising its price target from $60 to $65, while Truist Financial increased its target from $61 to $70.
• Skyward Specialty Insurance Group reported earnings of $0.90 per share, surpassing estimates and indicating a strong performance with a revenue of $328.53 million for the quarter.

Royce & Associates LP increased its position in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 95.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 228,122 shares of the company's stock after buying an additional 111,323 shares during the period. Royce & Associates LP owned about 0.57% of Skyward Specialty Insurance Group worth $12,072,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sterling Capital Management LLC increased its position in shares of Skyward Specialty Insurance Group by 756.1% in the 4th quarter. Sterling Capital Management LLC now owns 916 shares of the company's stock worth $46,000 after purchasing an additional 809 shares during the last quarter. LRI Investments LLC bought a new stake in shares of Skyward Specialty Insurance Group in the 1st quarter worth about $67,000. KBC Group NV bought a new stake in shares of Skyward Specialty Insurance Group in the 1st quarter worth about $81,000. ORG Wealth Partners LLC increased its position in shares of 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 worth $123,000 after purchasing an additional 1,057 shares during the last quarter. Finally, New York State Teachers Retirement System bought a new stake in shares of Skyward Specialty Insurance Group in the 1st quarter worth about $179,000. Institutional investors own 94.83% of the company's stock.

Insider Activity at Skyward Specialty Insurance Group

In other news, CFO Mark W. Haushill sold 52,748 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 133,629 shares in the company, 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 legal filing with the SEC, which is accessible through this link. Also, Chairman Kirby Hill sold 8,249 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $60.87, for a total transaction of $502,116.63. Following the completion of the transaction, the chairman owned 8,249 shares of the company's stock, valued at $502,116.63. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.01% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. JMP Securities boosted their target price on shares of Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the stock a "market outperform" rating in a research report on Friday, May 2nd. Citigroup reaffirmed an "outperform" rating on shares of Skyward Specialty Insurance Group in a research report on Friday, May 2nd. Barclays boosted 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 research report on Friday, April 11th. Jefferies Financial Group downgraded shares of Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating and lowered their price objective for the company from $62.00 to $59.00 in a research report on Friday, April 11th. Finally, Truist Financial boosted their price objective on shares of Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.75.

Skyward Specialty Insurance Group Trading Up 0.3%

Skyward Specialty Insurance Group stock traded up $0.18 during midday trading on Friday, reaching $51.98. 382,083 shares of the stock traded hands, compared to its average volume of 451,552. The firm has a fifty day moving average price of $57.88 and a two-hundred day moving average price of $53.30. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 16.19 and a beta of 0.65. Skyward Specialty Insurance Group, Inc. has a fifty-two week low of $34.10 and a fifty-two week high of $65.05.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.12. The company 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 period in the prior year, the business posted $0.75 EPS. Analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share 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.