Jennison Associates LLC Sells 505,572 Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)

Jennison Associates LLC decreased its stake in shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) by 37.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 850,729 shares of the company’s stock after selling 505,572 shares during the quarter. Jennison Associates LLC owned approximately 2.26% of Skyward Specialty Insurance Group worth $28,823,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank lifted its holdings in Skyward Specialty Insurance Group by 90.9% during the 3rd quarter. Amalgamated Bank now owns 2,300 shares of the company’s stock valued at $63,000 after buying an additional 1,095 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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 purchasing an additional 1,186 shares during the period. Adalta Capital Management LLC purchased a new position in Skyward Specialty Insurance Group during the 3rd quarter valued at about $137,000. International Assets Investment Management LLC purchased a new position in Skyward Specialty Insurance Group during the 4th quarter valued at about $161,000. Finally, New York State Common Retirement Fund increased its position in Skyward Specialty Insurance Group by 82.2% during the 3rd quarter. New York State Common Retirement Fund now owns 6,895 shares of the company’s stock valued at $189,000 after purchasing an additional 3,110 shares during the period. Institutional investors own 94.83% of the company’s stock.

Insider Buying and Selling

In related news, CEO Andrew S. Robinson sold 13,374 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $35.70, for a total value of $477,451.80. Following the completion of the sale, the chief executive officer now owns 96,883 shares of the company’s stock, valued at approximately $3,458,723.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Andrew S. Robinson sold 13,374 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $35.70, for a total transaction of $477,451.80. Following the completion of the sale, the chief executive officer now owns 96,883 shares of the company’s stock, valued at $3,458,723.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Andrew S. Robinson sold 12,109 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $35.56, for a total transaction of $430,596.04. Following the sale, the chief executive officer now directly owns 74,533 shares of the company’s stock, valued at approximately $2,650,393.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 98,890 shares of company stock valued at $3,533,839. 8.01% of the stock is owned by corporate insiders.

Skyward Specialty Insurance Group Price Performance

SKWD opened at $36.24 on Thursday. The firm has a fifty day moving average price of $36.13 and a 200 day moving average price of $33.02. Skyward Specialty Insurance Group, Inc. has a 1 year low of $20.81 and a 1 year high of $38.64. The stock has a market cap of $1.45 billion, a P/E ratio of 16.18 and a beta of 0.45.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last posted its earnings results on Tuesday, February 20th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $321.60 million during the quarter, compared to analysts’ expectations of $320.34 million. Skyward Specialty Insurance Group had a net margin of 9.56% and a return on equity of 14.31%. The business’s revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS. Equities analysts expect that Skyward Specialty Insurance Group, Inc. will post 2.64 EPS for the current year.

Wall Street Analyst Weigh In

SKWD has been the topic of a number of research reports. BMO Capital Markets raised their target price on shares of Skyward Specialty Insurance Group from $31.00 to $37.00 and gave the company a “market perform” rating in a research report on Monday, February 26th. Piper Sandler lifted their price objective on shares of 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 price objective on shares of Skyward Specialty Insurance Group from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Wolfe Research initiated coverage on shares of Skyward Specialty Insurance Group in a research report on Thursday, January 11th. They issued an “outperform” rating and a $39.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Skyward Specialty Insurance Group from $43.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Skyward Specialty Insurance Group currently has an average rating of “Buy” and an average price target of $39.89.

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.