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HOUSTON—Sandip A. Kapadia, Executive Vice President and Chief Actuary at Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD), recently executed a series of stock transactions, according to a Form 4 filing with the Securities and Exchange Commission. The transaction comes as the stock has experienced an 11% decline over the past week, though it maintains a strong 35% gain over the past year, according to InvestingPro data.
On March 6, Kapadia sold a total of 2,961 shares of Skyward Specialty common stock. The shares were sold at an average price of $50.2399, resulting in a total transaction value of approximately $148,760. The sales were made to cover taxes and fees associated with the vesting and settlement of Kapadia’s Restricted Stock Units (RSUs) and Performance Stock Units (PSUs), as noted in the filing.
The transactions also included the acquisition of 7,937 shares through the exercise of RSUs and PSUs, though these acquisitions were not associated with any cash exchange. Following these transactions, Kapadia’s direct ownership stands at 15,347 shares.
Skyward Specialty Insurance Group, based in Houston, operates in the fire, marine, and casualty insurance sectors.
In other recent news, Skyward Specialty Insurance Group has reported strong financial results for the fourth quarter of 2024, surpassing analysts’ expectations with an earnings per share (EPS) of $0.8, compared to the forecasted $0.65. The company’s revenue also exceeded projections, reaching $304.4 million against a forecast of $265.04 million. Keefe, Bruyette & Woods (KBW) responded to this robust performance by raising Skyward Specialty’s price target to $62.00, up from $60.00, while maintaining an Outperform rating. Jefferies also increased its price target for the company to $62.00 from $61.00, reaffirming a Buy rating and noting the company’s alignment with its quarterly performance expectations.
Conversely, Wolfe Research downgraded Skyward Specialty’s stock from Outperform to Peer Perform, citing concerns over trading multiples and risk-return profile. Wolfe Research removed its price target and set a fair value range between $50 and $59 for the end of 2025. Despite this, Wolfe Research acknowledged Skyward Specialty’s approximately 18% return on tangible common equity projected for 2026.
Skyward Specialty’s recent developments also include a strategic focus on expanding its product offerings and maintaining a diversified portfolio, with gross written premiums growing by 21% in the fourth quarter. The company anticipates completing underwriting actions in California by the end of the first quarter of 2025. These financial and strategic initiatives have been well-received by investors, as reflected in the positive market reaction following the earnings announcement.
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