S&P 500 cuts losses as Nvidia climbs ahead of results
John A. Burkhart III, President of Specialty Lines at Skyward Specialty Insurance Group Inc. (NASDAQ:SKWD), a $1.93 billion market cap insurance company currently trading below its InvestingPro Fair Value, recently executed a series of stock transactions. The company maintains excellent financial health with a "GREAT" overall rating, despite its shares falling about 11% in the past week. On March 6, Burkhart sold a total of 4,832 shares of common stock at an average price of $50.24 per share, amounting to a total sale value of approximately $242,759.
In addition to the sales, Burkhart acquired 12,540 shares through the exercise of stock options. These options were converted at a price of $0, bringing his total shares owned to 21,750 following the transactions.
These stock sales were conducted to cover taxes and fees related to the vesting and settlement of Burkhart’s Restricted Stock Units (RSUs) and Performance Stock Units (PSUs), as indicated in the filing.
In other recent news, Skyward Specialty Insurance Group reported fourth-quarter 2024 earnings that surpassed expectations, with an EPS of $0.8, exceeding the forecast of $0.65. The company’s revenue also outperformed projections, reaching $304.4 million against a forecast of $265.04 million. Analysts from Keefe, Bruyette & Woods and Jefferies have reacted positively to these results, with both firms raising their price targets for Skyward Specialty to $62.00, citing strong financial performance and growth prospects. However, Wolfe Research downgraded the company’s stock from Outperform to Peer Perform, expressing concerns over trading multiples and setting a fair value range of $50 to $59 for year-end 2025.
Skyward Specialty’s gross written premiums grew by 21% in Q4, contributing to a full-year growth of 19%. The company also launched new units in niche markets during 2024, which aligns with its strategic focus on diversification. Management anticipates completing underwriting actions in California by the end of the first quarter of 2025. The company’s outlook for 2025 includes net income guidance between $138 million and $150 million, with expected gross written premium growth in the low to mid-teens.
Skyward Specialty’s management remains optimistic about the company’s future, with CEO Andrew Robinson emphasizing the strength of the company’s reserves and its strategic growth initiatives. Despite the mixed analyst ratings, the company continues to explore potential mergers and acquisitions while maintaining high standards for such opportunities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.