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HOUSTON—Sandip A. Kapadia, Executive Vice President and Chief Actuary of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD), recently sold a significant portion of his holdings in the company. The sale comes as the $1.86 billion market cap insurer has seen its stock decline roughly 11% over the past week, according to InvestingPro data. According to a recent SEC filing, Kapadia sold shares of Skyward Specialty Insurance on several occasions between January 2 and January 6, 2025.
The transactions involved selling a total of 6,484 shares, generating proceeds of approximately $263,375. The shares were sold at prices ranging from $46.966 to $49.513. These sales were executed under a Rule 10b5-1 trading plan adopted by Kapadia, allowing for pre-scheduled trading of shares. Despite the recent insider sale, InvestingPro analysis shows the company maintains a GREAT financial health score, with analysts setting price targets up to $61 per share.
Additionally, Kapadia sold shares to cover taxes and fees related to the vesting of a restricted stock award, resulting in additional sales totaling $53,172. These transactions were also conducted under a trading plan, with shares sold at prices between $46.99 and $47.653.
Following these transactions, Kapadia holds 10,371 shares of Skyward Specialty Insurance.
In other recent news, Palomar Holdings (NASDAQ:PLMR) has had its price target increased to $133 from $119 by Piper Sandler. The adjustment reflects the anticipation of a favorable environment for primary insurers in 2025, influenced by recent reinsurance renewal data. The revised price target is based on an estimated 19 times the projected earnings per share (EPS) of $6.80 for the year 2026, indicating confidence in Palomar's growth potential and earnings capabilities.
Similarly, Skyward Specialty Insurance Group has seen its share target boosted to $58 from $54 by Piper Sandler, reflecting an increased earnings multiple based on the firm's forward earnings estimate of $3.60 per share for 2026. Skyward Specialty's positive performance in the recent year, with strong revenue growth of 32.05%, has been acknowledged by the firm.
In addition to these upgrades, Skyward Specialty has secured a $57 million loan from the Federal Home Loan Bank of Dallas, indicative of its strategic financial planning. The company also reported strong Q2 earnings and revenue, exceeding expectations. Furthermore, it has formed a strategic joint venture with Bishop Street Underwriters to enhance specialty property and casualty insurance offerings.
These are the recent developments for Palomar Holdings and Skyward Specialty Insurance Group.
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