The Manufacturers Life Insurance Company Trims Stake in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

The Manufacturers Life Insurance Company trimmed its position in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Free Report) by 4.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 321,548 shares of the company's stock after selling 15,334 shares during the period. The Manufacturers Life Insurance Company owned 0.80% of Skyward Specialty Insurance Group worth $16,251,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its position in Skyward Specialty Insurance Group by 756.1% during the fourth 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 period. ORG Wealth Partners LLC acquired a new position in Skyward Specialty Insurance Group in the 4th quarter valued at $61,000. Summit Investment Advisors Inc. grew its holdings in Skyward Specialty Insurance Group by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,886 shares of the company's stock valued at $196,000 after buying an additional 247 shares in the last quarter. Hsbc Holdings PLC bought a new position in Skyward Specialty Insurance Group during the 4th quarter worth $219,000. Finally, Pinnacle Financial Partners Inc acquired a new stake in shares of Skyward Specialty Insurance Group during the fourth quarter worth $220,000. 94.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SKWD. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a research report on Friday, May 2nd. Piper Sandler upped their price target on shares of Skyward Specialty Insurance Group from $57.00 to $66.00 and gave the stock an "overweight" rating in a report on Monday. 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 report on Friday, May 2nd. Jefferies Financial Group downgraded shares of Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating and dropped their price target for the company from $62.00 to $59.00 in a research note on Friday, April 11th. Finally, TD Cowen began coverage on Skyward Specialty Insurance Group in a research report on Monday, January 13th. They set a "hold" rating and a $43.00 target price for the company. Four equities research 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $61.13.

Skyward Specialty Insurance Group Stock Performance

SKWD traded up $0.16 during mid-day trading on Friday, reaching $59.77. 74,282 shares of the stock were exchanged, compared to its average volume of 373,068. The company has a 50 day moving average price of $52.51 and a two-hundred day moving average price of $50.00. The stock has a market capitalization of $2.41 billion, a PE ratio of 18.22, a price-to-earnings-growth 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 $60.40.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.90 EPS for the quarter, beating 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 12.24% and a return on equity of 16.39%. During the same quarter last year, the business posted $0.75 EPS. Sell-side analysts expect that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider John A. Burkhart III sold 4,832 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $50.24, for a total value of $242,759.68. Following the completion of the transaction, the insider now directly owns 17,655 shares in the company, valued at approximately $886,987.20. This trade represents a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gena L. Ashe sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $50.62, for a total transaction of $50,620.00. Following the transaction, the director now directly owns 734 shares of the company's stock, valued at approximately $37,155.08. This represents a 57.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,132 shares of company stock valued at $620,476 over the last ninety days. 8.01% of the stock is currently owned by insiders.

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.