Skyward Specialty Insurance Group (NASDAQ:SKWD) Shares Down 4.6% - Here's What Happened

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Get Free Report)'s share price was down 4.6% during mid-day trading on Monday . The stock traded as low as $58.65 and last traded at $59.57. Approximately 158,525 shares traded hands during trading, a decline of 57% from the average daily volume of 371,586 shares. The stock had previously closed at $62.45.

Analyst Upgrades and Downgrades

SKWD has been the topic of a number of recent analyst reports. Piper Sandler lifted their target price on Skyward Specialty Insurance Group from $57.00 to $66.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Truist Financial raised their price objective on shares of Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Wolfe Research reiterated a "peer perform" rating on shares of Skyward Specialty Insurance Group in a research note on Friday, February 28th. Barclays raised their price target on shares of Skyward Specialty Insurance Group from $63.00 to $64.00 and gave the stock an "overweight" rating in a research note on Friday, April 11th. Finally, JMP Securities lifted their price target on shares of Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the stock a "market outperform" rating in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $61.75.

Skyward Specialty Insurance Group Trading Down 2.3%

The company has a market capitalization of $2.47 billion, a P/E ratio of 18.61, a P/E/G ratio of 0.81 and a beta of 0.79. The company's fifty day moving average is $57.29 and its 200 day moving average is $52.15.

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, topping analysts' consensus estimates of $0.78 by $0.12. Skyward Specialty Insurance Group had a return on equity of 16.39% and a net margin of 12.24%. The firm had revenue of $328.53 million during the quarter, compared to analyst estimates of $310.94 million. During the same period last year, the company earned $0.75 earnings per share. Equities research analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current year.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other news, Chairman Kirby Hill sold 8,249 shares of the company'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 transaction, the chairman now owns 8,249 shares of the company's stock, valued at approximately $502,116.63. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 8.01% of the company's stock.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

A number of institutional investors have recently added to or reduced their stakes in SKWD. Sterling Capital Management LLC boosted its position in shares of Skyward Specialty Insurance Group by 756.1% during the 4th quarter. Sterling Capital Management LLC now owns 916 shares of the company's stock valued at $46,000 after acquiring an additional 809 shares during the last quarter. LRI Investments LLC purchased a new stake in Skyward Specialty Insurance Group in the first quarter valued at approximately $67,000. KBC Group NV bought a new stake in Skyward Specialty Insurance Group during the first quarter valued at approximately $81,000. ORG Wealth Partners LLC lifted its position in Skyward Specialty Insurance Group by 86.9% during the first quarter. ORG Wealth Partners LLC now owns 2,273 shares of the company's stock valued at $123,000 after purchasing an additional 1,057 shares during the last quarter. Finally, State of Wyoming grew its stake in Skyward Specialty Insurance Group by 52.4% in the 1st quarter. State of Wyoming now owns 2,435 shares of the company's stock worth $129,000 after buying an additional 837 shares in the last quarter. 94.83% of the stock is currently owned by institutional investors.

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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