Royce & Associates LP Increases Stake in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

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 raised its position in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 95.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 228,122 shares of the company's stock after purchasing an additional 111,323 shares during the quarter. Royce & Associates LP owned 0.57% of Skyward Specialty Insurance Group worth $12,072,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its holdings 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 valued at $46,000 after buying an additional 809 shares during the period. LRI Investments LLC acquired a new position in shares of Skyward Specialty Insurance Group in the 1st quarter valued at about $67,000. KBC Group NV acquired a new position in shares of Skyward Specialty Insurance Group in the 1st quarter valued at about $81,000. ORG Wealth Partners LLC lifted its holdings 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 valued at $123,000 after buying an additional 1,057 shares during the period. Finally, New York State Teachers Retirement System acquired a new position in Skyward Specialty Insurance Group in the 1st quarter worth about $179,000. Hedge funds and other institutional investors own 94.83% of the company's stock.

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 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 sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Kirby Hill sold 8,249 shares of the firm's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $60.87, for a total value of $502,116.63. Following the completion of the sale, the chairman owned 8,249 shares in the company, valued at approximately $502,116.63. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.86% of the stock is currently owned by company insiders.

Skyward Specialty Insurance Group Trading Down 0.1%

Skyward Specialty Insurance Group stock traded down $0.07 during mid-day trading on Tuesday, hitting $50.95. The company's stock had a trading volume of 242,240 shares, compared to its average volume of 416,966. The firm has a market capitalization of $2.06 billion, a PE ratio of 17.03 and a beta of 0.65. Skyward Specialty Insurance Group, Inc. has a 1 year low of $34.10 and a 1 year high of $65.05. The stock's fifty day moving average is $57.63 and its two-hundred day moving average is $53.41.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.12. The business had revenue of $328.53 million for the quarter, compared to analysts' expectations of $310.94 million. Skyward Specialty Insurance Group had a return on equity of 16.80% and a net margin of 10.23%. During the same period last year, the firm earned $0.75 earnings per share. On average, equities analysts expect that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SKWD shares. Citigroup reaffirmed an "outperform" rating on shares of Skyward Specialty Insurance Group in a report on Friday, May 2nd. Keefe, Bruyette & Woods lifted their price target on 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. Barclays increased their price objective on Skyward Specialty Insurance Group from $63.00 to $64.00 and gave the company an "overweight" rating in a research note on Friday, April 11th. Jefferies Financial Group cut shares of Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating and lowered their target price for the stock from $62.00 to $59.00 in a research note on Friday, April 11th. Finally, JMP Securities lifted 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 note on Friday, May 2nd. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.75.

Skyward Specialty Insurance Group 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.