Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Moved Down to Hold by Wall Street Zen

Wall Street Zen downgraded shares of Skyward Specialty Insurance Group (NASDAQ:SKWD) from a buy rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

SKWD has been the subject of several other research reports. Citigroup reiterated a “market outperform” rating on shares of Skyward Specialty Insurance Group in a report on Monday, October 12th. Raymond James Financial set a $75.00 target price on Skyward Specialty Insurance Group and gave the stock a “strong-buy” rating in a research note on Thursday. Weiss Ratings downgraded Skyward Specialty Insurance Group from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, October 30th. Jefferies Financial Group reaffirmed a “hold” rating and set a $64.00 target price on shares of Skyward Specialty Insurance Group in a research report on Monday, November 9th. Finally, Barclays increased their price target on Skyward Specialty Insurance Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Skyward Specialty Insurance Group presently has an average rating of “Moderate Buy” and an average target price of $71.60.

Skyward Specialty Insurance Group Stock Performance

NASDAQ:SKWD traded up $0.35 during midday trading on Friday, reaching $63.02. 327,254 shares of the stock traded hands, compared to its average volume of 360,616. Skyward Specialty Insurance Group has a 12-month low of $40.60 and a 12-month high of $65.69. The business has a 50-day moving average of $58.48 and a two-hundred day moving average of $52.43. The stock has a market capitalization of $2.80 billion, a PE ratio of 14.72 and a beta of 0.32.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its earnings results on Thursday, November 5th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Skyward Specialty Insurance Group had a net margin of 10.62% and a return on equity of 18.70%. The company had revenue of $455.34 million during the quarter, compared to the consensus estimate of $753.93 million. Research analysts anticipate that Skyward Specialty Insurance Group will post 4.94 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP purchased a new position in Skyward Specialty Insurance Group in the 3rd quarter worth $5,095,000. Empowered Funds LLC grew its stake in Skyward Specialty Insurance Group by 61.1% during the 3rd quarter. Empowered Funds LLC now owns 83,323 shares of the company’s stock valued at $4,399,000 after purchasing an additional 31,601 shares during the last quarter. First Trust Advisors LP grew its stake in Skyward Specialty Insurance Group by 47.4% during the 3rd quarter. First Trust Advisors LP now owns 191,048 shares of the company’s stock valued at $10,087,000 after purchasing an additional 61,439 shares during the last quarter. GW&K Investment Management LLC increased its holdings in shares of Skyward Specialty Insurance Group by 24.9% in the third quarter. GW&K Investment Management LLC now owns 730,482 shares of the company’s stock valued at $38,570,000 after purchasing an additional 145,722 shares during the period. Finally, Global Retirement Partners LLC increased its holdings in shares of Skyward Specialty Insurance Group by 21,933.3% in the third quarter. Global Retirement Partners LLC now owns 661 shares of the company’s stock valued at $35,000 after purchasing an additional 658 shares during the period. Hedge funds and other institutional investors own 94.83% of the company’s stock.

About Skyward Specialty Insurance Group

Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurer that provides coverage for businesses and other organizations with specialized or complex risks. It distributes its products primarily through insurance agents, brokers and other underwriting partners. Its offerings span areas such as casualty, professional liability, property, energy, aviation, agriculture, surety and accident and health insurance. The company also works with program administrators to provide coverage tailored to particular industries and customer needs.