Skyward Specialty Insurance Group (NASDAQ:SKWD) Shares Gap Down to $37.58

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $37.58, but opened at $36.30. Skyward Specialty Insurance Group shares last traded at $37.89, with a volume of 89,700 shares.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wolfe Research assumed coverage on shares of Skyward Specialty Insurance Group in a report on Thursday, January 11th. They issued an “outperform” rating and a $39.00 price target on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Skyward Specialty Insurance Group from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. JMP Securities increased their price target on shares of Skyward Specialty Insurance Group from $42.00 to $45.00 and gave the stock a “market outperform” rating in a report on Thursday, May 2nd. Piper Sandler lifted their price objective on shares of Skyward Specialty Insurance Group from $43.00 to $46.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Finally, BMO Capital Markets raised their target price on Skyward Specialty Insurance Group from $31.00 to $37.00 and gave the company a “market perform” rating in a research report on Monday, February 26th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $40.56.

Skyward Specialty Insurance Group Stock Performance

The stock’s 50 day simple moving average is $36.32 and its two-hundred day simple moving average is $33.50. The firm has a market capitalization of $1.50 billion, a PE ratio of 13.83 and a beta of 0.68.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.09. Skyward Specialty Insurance Group had a return on equity of 16.81% and a net margin of 11.16%. The company had revenue of $264.97 million for the quarter, compared to analyst estimates of $251.66 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. Equities research analysts expect that Skyward Specialty Insurance Group, Inc. will post 2.7 earnings per share for the current fiscal year.

Insider Activity at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, CEO Andrew S. Robinson sold 12,109 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $35.56, for a total value of $430,596.04. Following the transaction, the chief executive officer now directly owns 74,533 shares in the company, valued at approximately $2,650,393.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Skyward Specialty Insurance Group news, CEO Andrew S. Robinson sold 12,109 shares of Skyward Specialty Insurance Group stock in a transaction on Friday, March 8th. The stock was sold at an average price of $35.56, for a total value of $430,596.04. Following the sale, the chief executive officer now owns 74,533 shares in the company, valued at $2,650,393.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark W. Haushill sold 25,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $35.58, for a total value of $889,500.00. Following the completion of the transaction, the chief financial officer now directly owns 236,688 shares in the company, valued at approximately $8,421,359.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 98,890 shares of company stock valued at $3,533,839. 8.01% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SKWD. Vanguard Group Inc. raised its holdings in shares of Skyward Specialty Insurance Group by 109.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,512,787 shares of the company’s stock valued at $41,390,000 after buying an additional 790,826 shares during the period. Capital International Investors purchased a new position in shares of Skyward Specialty Insurance Group in the fourth quarter valued at approximately $50,632,000. Jennison Associates LLC grew its holdings in shares of Skyward Specialty Insurance Group by 35.2% in the third quarter. Jennison Associates LLC now owns 1,356,301 shares of the company’s stock valued at $37,108,000 after purchasing an additional 352,971 shares in the last quarter. American Century Companies Inc. increased its stake in Skyward Specialty Insurance Group by 10.3% during the 3rd quarter. American Century Companies Inc. now owns 587,687 shares of the company’s stock worth $16,079,000 after buying an additional 54,945 shares during the period. Finally, Victory Capital Management Inc. acquired a new stake in Skyward Specialty Insurance Group during the 4th quarter worth approximately $18,982,000. 94.83% of the stock is currently owned by institutional investors and hedge funds.

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.