Short Interest in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) Drops By 20.8%

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. JMP Securities restated a “market outperform” rating and set a $60.00 target price on shares of Skyward Specialty Insurance Group in a research report on Monday, February 10th. Truist Financial raised their price objective on shares of Skyward Specialty Insurance Group from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Keefe, Bruyette & Woods upped their target price on shares of 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. Barclays raised Skyward Specialty Insurance Group from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $53.00 to $63.00 in a research note on Friday. Finally, Piper Sandler decreased their price objective on Skyward Specialty Insurance Group from $58.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. 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 stock. According to data from MarketBeat, Skyward Specialty Insurance Group has a consensus rating of “Moderate Buy” and an average price target of $56.25.

Insider Activity

In related news, EVP Sandip A. Kapadia sold 4,347 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $49.51, for a total value of $215,219.97. Following the completion of the sale, the executive vice president now owns 12,508 shares of the company’s stock, valued at $619,271.08. This trade represents a 25.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas N. Schmitt sold 6,300 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $51.92, for a total value of $327,096.00. Following the sale, the insider now owns 3,946 shares of the company’s stock, valued at approximately $204,876.32. The trade was a 61.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,450 shares of company stock worth $1,369,342. Insiders own 8.01% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC raised its position in Skyward Specialty Insurance Group by 756.1% in the 4th quarter. Sterling Capital Management LLC now owns 916 shares of the company’s stock valued at $46,000 after buying an additional 809 shares during the last quarter. Quarry LP grew its stake in shares of Skyward Specialty Insurance Group by 176.9% during the 3rd quarter. Quarry LP now owns 1,376 shares of the company’s stock worth $56,000 after acquiring an additional 879 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Skyward Specialty Insurance Group in the fourth quarter valued at approximately $61,000. Summit Investment Advisors Inc. lifted its position in shares of 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 worth $196,000 after purchasing an additional 247 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new stake in shares of Skyward Specialty Insurance Group in the fourth quarter worth $219,000. 94.83% of the stock is owned by institutional investors and hedge funds.

Skyward Specialty Insurance Group Stock Performance

Shares of SKWD opened at $49.78 on Monday. The firm’s 50 day moving average price is $47.38 and its two-hundred day moving average price is $46.89. Skyward Specialty Insurance Group has a twelve month low of $33.27 and a twelve month high of $55.62. 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.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its 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. The firm had revenue of $304.40 million during the quarter, compared to analyst estimates of $295.56 million. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. On average, sell-side analysts anticipate that Skyward Specialty Insurance Group will post 3.05 earnings per share for the current fiscal year.

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.