The Manufacturers Life Insurance Company Decreases Stock Position in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

The Manufacturers Life Insurance Company cut its stake in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) by 9.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 335,850 shares of the company’s stock after selling 33,779 shares during the quarter. The Manufacturers Life Insurance Company owned 0.84% of Skyward Specialty Insurance Group worth $12,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Millennium Management LLC lifted its position in Skyward Specialty Insurance Group by 30.9% in the second quarter. Millennium Management LLC now owns 278,272 shares of the company’s stock valued at $10,068,000 after purchasing an additional 65,755 shares during the last quarter. Squarepoint Ops LLC boosted its position in Skyward Specialty Insurance Group by 98.8% during the 2nd quarter. Squarepoint Ops LLC now owns 26,260 shares of the company’s stock valued at $950,000 after buying an additional 13,052 shares during the period. Sandia Investment Management LP grew its holdings in Skyward Specialty Insurance Group by 250.0% in the 2nd quarter. Sandia Investment Management LP now owns 17,500 shares of the company’s stock worth $633,000 after acquiring an additional 12,500 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Skyward Specialty Insurance Group in the second quarter valued at about $10,152,000. Finally, Thrivent Financial for Lutherans bought a new position in shares of Skyward Specialty Insurance Group during the second quarter valued at about $964,000. 94.83% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Katharine Terry sold 1,653 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $36.87, for a total transaction of $60,946.11. Following the completion of the sale, the director now owns 4,001 shares of the company’s stock, valued at $147,516.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 8.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JMP Securities increased their price objective on Skyward Specialty Insurance Group from $47.00 to $50.00 and gave the stock a “market outperform” rating in a report on Tuesday, August 6th. William Blair started coverage on shares of Skyward Specialty Insurance Group in a report on Monday, August 19th. They issued an “outperform” rating on the stock. Barclays assumed coverage on shares of Skyward Specialty Insurance Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $44.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and set a $49.00 target price (up previously from $47.00) on shares of Skyward Specialty Insurance Group in a research note on Wednesday, August 7th. Finally, Piper Sandler increased their price target on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.78.

Skyward Specialty Insurance Group Stock Performance

Shares of NASDAQ SKWD opened at $42.00 on Friday. The company has a 50 day simple moving average of $39.35 and a two-hundred day simple moving average of $37.49. Skyward Specialty Insurance Group, Inc. has a fifty-two week low of $27.12 and a fifty-two week high of $42.37. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 0.77 and a beta of 0.60.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.15. Skyward Specialty Insurance Group had a return on equity of 17.36% and a net margin of 11.52%. The company had revenue of $279.94 million during the quarter, compared to analyst estimates of $282.70 million. During the same quarter last year, the company earned $0.42 EPS. On average, analysts forecast that Skyward Specialty Insurance Group, Inc. will post 2.96 earnings per share for the current fiscal year.

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.