Bank of America Corp DE Increases Stock Position in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

Bank of America Corp DE raised its stake in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) by 18.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 144,256 shares of the company’s stock after buying an additional 22,570 shares during the period. Bank of America Corp DE owned approximately 0.36% of Skyward Specialty Insurance Group worth $7,291,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SKWD. Sterling Capital Management LLC increased its position in Skyward Specialty Insurance Group by 756.1% during the fourth quarter. Sterling Capital Management LLC now owns 916 shares of the company’s stock worth $46,000 after buying an additional 809 shares in the last quarter. Summit Investment Advisors Inc. raised its position in Skyward Specialty Insurance Group by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,886 shares of the company’s stock valued at $196,000 after purchasing an additional 247 shares during the period. Hsbc Holdings PLC purchased a new position in Skyward Specialty Insurance Group in the 4th quarter worth approximately $219,000. Pinnacle Financial Partners Inc acquired a new position in Skyward Specialty Insurance Group in the 4th quarter worth $220,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Skyward Specialty Insurance Group during the 4th quarter valued at approximately $230,000. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Insider Buying and Selling

In other Skyward Specialty Insurance Group news, Chairman Kirby Hill sold 8,249 shares of the company’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $60.87, for a total value of $502,116.63. Following the sale, the chairman now directly owns 8,249 shares in the company, valued at $502,116.63. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John A. Burkhart III sold 4,832 shares of Skyward Specialty Insurance Group stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $50.24, for a total transaction of $242,759.68. Following the transaction, the insider now directly owns 17,655 shares of the company’s stock, valued at $886,987.20. This represents a 21.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,381 shares of company stock valued at $1,122,592. 7.86% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on SKWD. Piper Sandler increased their target price on Skyward Specialty Insurance Group from $57.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. JMP Securities upped their price objective on shares of Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the stock a “market outperform” rating in a report on Friday, May 2nd. Jefferies Financial Group downgraded Skyward Specialty Insurance Group from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $62.00 to $59.00 in a research note on Friday, April 11th. Barclays increased their price objective on Skyward Specialty Insurance Group from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, April 11th. Finally, Truist Financial raised their price objective on shares of Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, May 5th. Four equities 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.13.

Skyward Specialty Insurance Group Stock Up 0.8%

Shares of SKWD opened at $60.97 on Monday. Skyward Specialty Insurance Group, Inc. has a 12 month low of $33.42 and a 12 month high of $63.76. The company’s fifty day moving average is $55.19 and its 200-day moving average is $51.29. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last posted its earnings results on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The business had revenue of $328.53 million for the quarter, compared to analyst estimates of $310.94 million. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. During the same period last year, the business posted $0.75 EPS. As a group, research analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share 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.