Principal Financial Group Inc. Takes $1.67 Million Position in Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

Principal Financial Group Inc. bought a new stake in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) in the first quarter, Holdings Channel reports. The institutional investor bought 44,689 shares of the company’s stock, valued at approximately $1,672,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SKWD. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Skyward Specialty Insurance Group by 54.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,362 shares of the company’s stock valued at $114,000 after acquiring an additional 1,186 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Skyward Specialty Insurance Group in the fourth quarter worth $161,000. Diversified Trust Co lifted its position in Skyward Specialty Insurance Group by 21.1% in the fourth quarter. Diversified Trust Co now owns 9,325 shares of the company’s stock worth $316,000 after buying an additional 1,625 shares during the last quarter. New York State Common Retirement Fund lifted its position in 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 last quarter. Finally, Glenmede Trust Co. NA bought a new stake in Skyward Specialty Insurance Group in the third quarter worth $388,000. 94.83% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Skyward Specialty Insurance Group news, CEO Andrew S. Robinson sold 23,533 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $37.21, for a total value of $875,662.93. Following the completion of the sale, the chief executive officer now owns 83,154 shares of the company’s stock, valued at $3,094,160.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Skyward Specialty Insurance Group news, CFO Mark W. Haushill sold 3,244 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $37.18, for a total value of $120,611.92. Following the completion of the transaction, the chief financial officer now directly owns 177,886 shares of the company’s stock, valued at $6,613,801.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew S. Robinson sold 23,533 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $37.21, for a total value of $875,662.93. Following the completion of the transaction, the chief executive officer now directly owns 83,154 shares of the company’s stock, valued at $3,094,160.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,095,277 shares of company stock valued at $186,000,945. 8.01% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SKWD has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on Skyward Specialty Insurance Group from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Piper Sandler lifted their target price on Skyward Specialty Insurance Group from $43.00 to $46.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Truist Financial lifted their target price on Skyward Specialty Insurance Group from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, JMP Securities lifted their target price on Skyward Specialty Insurance Group from $45.00 to $47.00 and gave the stock a “market outperform” rating in a research report on Monday. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Skyward Specialty Insurance Group currently has an average rating of “Buy” and a consensus target price of $42.75.

Skyward Specialty Insurance Group Stock Performance

SKWD traded down $0.54 on Friday, hitting $35.30. The company had a trading volume of 37,434 shares, compared to its average volume of 366,215. The stock has a fifty day moving average price of $36.10 and a 200-day moving average price of $35.01. Skyward Specialty Insurance Group, Inc. has a 12-month low of $22.97 and a 12-month high of $39.16. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 13.18 and a beta of 0.62.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last posted its earnings results on Wednesday, May 1st. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.09. The company had revenue of $264.97 million for the quarter, compared to analyst estimates of $251.66 million. Skyward Specialty Insurance Group had a return on equity of 15.98% and a net margin of 11.16%. During the same quarter in the previous year, the firm earned $0.42 earnings per share. Analysts forecast that Skyward Specialty Insurance Group, Inc. will post 2.78 EPS 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.