Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) Short Interest Update

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) saw a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 728,100 shares, a drop of 20.8% from the February 13th total of 919,500 shares. Based on an average daily volume of 364,300 shares, the days-to-cover ratio is currently 2.0 days. Currently, 2.1% of the shares of the stock are sold short.

Skyward Specialty Insurance Group Price Performance

Shares of SKWD stock opened at $49.78 on Monday. The firm has a market cap of $2.00 billion, a P/E ratio of 15.18, a PEG ratio of 0.81 and a beta of 0.67. The stock’s 50-day moving average is $47.38 and its two-hundred day moving average is $46.89. Skyward Specialty Insurance Group has a fifty-two week low of $33.27 and a fifty-two week high of $55.62.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. Skyward Specialty Insurance Group had a return on equity of 16.39% and a net margin of 12.24%. The company had revenue of $304.40 million during the quarter, compared to analysts’ expectations of $295.56 million. As a group, research analysts expect that Skyward Specialty Insurance Group will post 3.05 EPS for the current year.

Analyst Ratings Changes

SKWD has been the topic of a number of recent analyst reports. JMP Securities restated a “market outperform” rating and set a $60.00 price target on shares of Skyward Specialty Insurance Group in a report on Monday, February 10th. Piper Sandler cut their target price on shares of Skyward Specialty Insurance Group from $58.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. TD Cowen initiated coverage on Skyward Specialty Insurance Group in a research report on Monday, January 13th. They issued a “hold” rating and a $43.00 target price for the company. Keefe, Bruyette & Woods upped their price target on Skyward Specialty Insurance Group from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Skyward Specialty Insurance Group in a research note on Friday, February 28th. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.25.

Insider Activity

In related news, CEO Andrew S. Robinson sold 6,010 shares of Skyward Specialty Insurance Group stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $49.37, for a total value of $296,713.70. Following the transaction, the chief executive officer now owns 77,144 shares of the company’s stock, valued at approximately $3,808,599.28. This trade represents a 7.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sandip A. Kapadia sold 4,347 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $49.51, for a total value of $215,219.97. Following the sale, the executive vice president now owns 12,508 shares in the company, valued at approximately $619,271.08. The trade was a 25.79 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,450 shares of company stock worth $1,369,342. 8.01% of the stock is owned by company insiders.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Several hedge funds and other institutional investors have recently modified their holdings of SKWD. Vanguard Group Inc. raised its stake in Skyward Specialty Insurance Group by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 2,275,235 shares of the company’s stock valued at $114,990,000 after purchasing an additional 16,572 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Skyward Specialty Insurance Group by 54.0% during the 4th quarter. American Century Companies Inc. now owns 1,577,846 shares of the company’s stock worth $79,744,000 after acquiring an additional 553,389 shares during the period. Jennison Associates LLC lifted its stake in Skyward Specialty Insurance Group by 1.0% during the third quarter. Jennison Associates LLC now owns 1,296,001 shares of the company’s stock worth $52,786,000 after purchasing an additional 12,484 shares during the period. Invesco Ltd. boosted its stake in Skyward Specialty Insurance Group by 9.1% in the 4th quarter. Invesco Ltd. now owns 1,217,329 shares of the company’s stock valued at $61,524,000 after buying an additional 102,042 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Skyward Specialty Insurance Group by 4.2% in the 4th quarter. Franklin Resources Inc. now owns 1,164,620 shares of the company’s stock valued at $58,860,000 after purchasing an additional 47,363 shares in the last quarter. Institutional investors and hedge funds own 94.83% of the company’s stock.

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.