Victory Capital Management Inc. Boosts Stake in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

Victory Capital Management Inc. raised its position in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) by 13.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 658,450 shares of the company’s stock after purchasing an additional 76,524 shares during the period. Victory Capital Management Inc. owned approximately 1.65% of Skyward Specialty Insurance Group worth $23,823,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. lifted its holdings in shares of Skyward Specialty Insurance Group by 24.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,972 shares of the company’s stock worth $111,000 after acquiring an additional 579 shares during the last quarter. ProShare Advisors LLC bought a new stake in Skyward Specialty Insurance Group in the first quarter worth $200,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Skyward Specialty Insurance Group by 67.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,632 shares of the company’s stock valued at $204,000 after buying an additional 2,270 shares during the period. HMS Capital Management LLC bought a new position in shares of Skyward Specialty Insurance Group during the second quarter valued at about $379,000. Finally, New York State Common Retirement Fund increased its holdings in shares of Skyward Specialty Insurance Group by 53.8% in the fourth quarter. New York State Common Retirement Fund now owns 10,602 shares of the company’s stock worth $359,000 after buying an additional 3,707 shares during the period. Institutional investors own 94.83% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on SKWD shares. William Blair assumed coverage on Skyward Specialty Insurance Group in a research note on Monday, August 19th. They issued an “outperform” rating on the stock. Truist Financial reiterated a “buy” rating and set a $49.00 price target (up from $47.00) on shares of Skyward Specialty Insurance Group in a report on Wednesday, August 7th. Oppenheimer initiated coverage on shares of Skyward Specialty Insurance Group in a report on Friday, July 12th. They issued a “market perform” rating on the stock. Piper Sandler upped their price objective on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, JMP Securities raised their target price on Skyward Specialty Insurance Group from $47.00 to $50.00 and gave the stock a “market outperform” rating in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.78.

Insider Activity

In related news, Director Katharine Terry sold 1,653 shares of Skyward Specialty Insurance Group stock in a transaction dated 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 transaction, the director now directly owns 4,001 shares of the company’s stock, valued at approximately $147,516.87. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 8.01% of the company’s stock.

Skyward Specialty Insurance Group Price Performance

Shares of SKWD opened at $39.11 on Thursday. The company has a 50-day simple moving average of $38.47 and a two-hundred day simple moving average of $37.01. The firm has a market capitalization of $1.57 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 0.77 and a beta of 0.60. Skyward Specialty Insurance Group, Inc. has a one year low of $23.09 and a one year high of $42.26.

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

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.