Skyward Specialty Insurance Group (NASDAQ:SKWD) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Skyward Specialty Insurance Group (NASDAQ:SKWD) issued its quarterly earnings data on Thursday. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06, FiscalAI reports. The firm had revenue of $455.34 million for the quarter, compared to analysts’ expectations of $753.93 million. Skyward Specialty Insurance Group had a net margin of 10.84% and a return on equity of 18.72%.

Skyward Specialty Insurance Group Stock Performance

Shares of SKWD traded down $3.51 during mid-day trading on Friday, reaching $60.35. The stock had a trading volume of 879,959 shares, compared to its average volume of 472,879. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 14.07 and a beta of 0.32. Skyward Specialty Insurance Group has a 12 month low of $40.60 and a 12 month high of $65.69. The business has a fifty day moving average of $57.94 and a 200 day moving average of $51.92.

Key Headlines Impacting Skyward Specialty Insurance Group

Here are the key news stories impacting Skyward Specialty Insurance Group this week:

• Positive Sentiment: Skyward earned $1.28 per share, above the $1.22 consensus and up from $1.05 a year earlier. Barclays raised its price target to $71 from $68 and kept an “overweight” rating, signaling confidence in further upside. Q3 earnings beat estimates Barclays target increase
• Neutral Sentiment: Despite the earnings beat, an article cautioned that SKWD could be trading above fair value, suggesting valuation may limit gains even as quarterly results were strong. Valuation and Q3 results
• Negative Sentiment: Revenue was reported at $455.34 million, well below analyst estimates of about $753.9 million. That sizable sales shortfall could overshadow the EPS beat and contribute to pressure on the stock. Q3 sales miss

Wall Street Analyst Weigh In

A number of brokerages have commented on SKWD. Keefe, Bruyette & Woods upped their target price on shares of Skyward Specialty Insurance Group from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Weiss Ratings cut shares of Skyward Specialty Insurance Group from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, October 30th. Truist Financial boosted their price objective on shares of Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Piper Sandler restated an “overweight” rating on shares of Skyward Specialty Insurance Group in a research note on Monday, August 24th. Finally, Barclays raised their target price on Skyward Specialty Insurance Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $71.44.

Skyward Specialty Insurance Group Company Profile

Skyward Specialty Insurance Group, Inc is a specialty property and casualty insurance company headquartered in Houston, Texas. Through its insurance subsidiaries, the company provides customized coverage for businesses and organizations that may be underserved by the standard insurance market.

Its offerings include excess and surplus lines insurance, professional liability, healthcare liability, workers’ compensation, surety, commercial property and casualty coverage, specialty programs, and accident and health products.