Quantedge Capital Pte Ltd Acquires Shares of 8,800 Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

Quantedge Capital Pte Ltd bought a new stake in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 8,800 shares of the company's stock, valued at approximately $445,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Barclays PLC raised its holdings in shares of Skyward Specialty Insurance Group by 277.7% in the third quarter. Barclays PLC now owns 64,032 shares of the company's stock valued at $2,608,000 after buying an additional 47,081 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Skyward Specialty Insurance Group by 32.9% during the third quarter. JPMorgan Chase & Co. now owns 86,302 shares of the company's stock worth $3,515,000 after purchasing an additional 21,346 shares in the last quarter. Ellsworth Advisors LLC acquired a new position in Skyward Specialty Insurance Group during the fourth quarter worth about $676,000. Y Intercept Hong Kong Ltd acquired a new position in Skyward Specialty Insurance Group during the fourth quarter worth about $880,000. Finally, Navellier & Associates Inc. grew its position in Skyward Specialty Insurance Group by 40.6% during the fourth quarter. Navellier & Associates Inc. now owns 36,282 shares of the company's stock worth $1,834,000 after buying an additional 10,478 shares during the period. 94.83% of the stock is owned by hedge funds and other institutional investors.

Skyward Specialty Insurance Group Stock Performance

SKWD opened at $61.03 on Thursday. The company has a 50-day moving average of $53.27 and a 200-day moving average of $50.37. The company has a market capitalization of $2.47 billion, a P/E ratio of 18.61, a PEG ratio of 0.81 and a beta of 0.64. Skyward Specialty Insurance Group, Inc. has a 1-year low of $33.42 and a 1-year high of $62.00.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.78 by $0.12. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. The business had revenue of $328.53 million during the quarter, compared to analyst estimates of $310.94 million. During the same period in the previous year, the business posted $0.75 EPS. As a group, sell-side analysts expect that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Activity

In other Skyward Specialty Insurance Group news, insider Thomas N. Schmitt sold 6,300 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $51.92, for a total transaction of $327,096.00. Following the sale, the insider now directly owns 3,946 shares in the company, valued at approximately $204,876.32. The trade was a 61.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John A. Burkhart III sold 4,832 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $50.24, for a total transaction of $242,759.68. Following the sale, the insider now owns 17,655 shares in the company, valued at $886,987.20. This trade represents a 21.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,132 shares of company stock valued at $620,476. Company insiders own 8.01% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on SKWD. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a research report on Friday, May 2nd. Piper Sandler raised their target price on shares of Skyward Specialty Insurance Group from $57.00 to $66.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Barclays raised their target price on shares of Skyward Specialty Insurance Group from $63.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, April 11th. Wolfe Research reaffirmed a "peer perform" rating on shares of Skyward Specialty Insurance Group in a research note on Friday, February 28th. Finally, JMP Securities raised their target price on shares of 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. Four 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $61.13.

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.

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