Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Price Down 4.2% – Should You Sell?

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) dropped 4.2% during trading on Friday . The company traded as low as $46.95 and last traded at $46.98. Approximately 141,941 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 156,734 shares. The stock had previously closed at $49.05.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SKWD. Raymond James increased their price objective on Skyward Specialty Insurance Group from $45.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 5th. Jefferies Financial Group lifted their price objective on shares of Skyward Specialty Insurance Group from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JMP Securities boosted their price objective on shares of Skyward Specialty Insurance Group from $50.00 to $53.00 and gave the company a “market outperform” rating in a report on Wednesday, October 30th. Finally, Barclays raised their target price on shares of Skyward Specialty Insurance Group from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Three 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 company’s stock. According to data from MarketBeat.com, Skyward Specialty Insurance Group presently has an average rating of “Moderate Buy” and a consensus target price of $46.89.

Skyward Specialty Insurance Group Stock Performance

The stock has a fifty day simple moving average of $50.25 and a two-hundred day simple moving average of $43.36. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 0.95 and a beta of 0.89.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.06. The business had revenue of $300.89 million for the quarter, compared to analyst estimates of $292.43 million. Skyward Specialty Insurance Group had a return on equity of 16.39% and a net margin of 12.24%. During the same period last year, the firm posted $0.65 earnings per share. Equities analysts expect that Skyward Specialty Insurance Group, Inc. will post 3.06 earnings per share for the current fiscal year.

Insider Activity at Skyward Specialty Insurance Group

In other news, Director James Charles Hays sold 25,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $54.00, for a total value of $1,350,000.00. Following the completion of the transaction, the director now directly owns 747,261 shares in the company, valued at approximately $40,352,094. This represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.01% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

Several large investors have recently bought and sold shares of SKWD. Bank of New York Mellon Corp increased its stake in shares of Skyward Specialty Insurance Group by 18.8% in the second quarter. Bank of New York Mellon Corp now owns 139,996 shares of the company’s stock valued at $5,065,000 after buying an additional 22,126 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Skyward Specialty Insurance Group by 67.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,632 shares of the company’s stock valued at $204,000 after acquiring an additional 2,270 shares during the period. Principal Financial Group Inc. raised its stake in shares of Skyward Specialty Insurance Group by 55.5% during the second quarter. Principal Financial Group Inc. now owns 69,493 shares of the company’s stock valued at $2,514,000 after acquiring an additional 24,804 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Skyward Specialty Insurance Group by 38.0% during the second quarter. Rhumbline Advisers now owns 54,958 shares of the company’s stock worth $1,988,000 after purchasing an additional 15,126 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Skyward Specialty Insurance Group by 13.2% in the second quarter. Victory Capital Management Inc. now owns 658,450 shares of the company’s stock worth $23,823,000 after purchasing an additional 76,524 shares during 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.