Skyward Specialty Insurance Group (NASDAQ:SKWD) Hits New 12-Month High on Analyst Upgrade

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) shares reached a new 52-week high during trading on Tuesday after Piper Sandler raised their price target on the stock from $57.00 to $66.00. Piper Sandler currently has an overweight rating on the stock. Skyward Specialty Insurance Group traded as high as $60.40 and last traded at $59.36, with a volume of 615752 shares trading hands. The stock had previously closed at $58.63.

SKWD has been the subject of several other research reports. TD Cowen assumed coverage on shares of Skyward Specialty Insurance Group in a research report on Monday, January 13th. They set a “hold” rating and a $43.00 price target for the company. Keefe, Bruyette & Woods dropped their price objective on Skyward Specialty Insurance Group from $62.00 to $57.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Wolfe Research reiterated a “peer perform” rating on shares of Skyward Specialty Insurance Group in a report on Friday, February 28th. Jefferies Financial Group lowered Skyward Specialty Insurance Group from a “buy” rating to a “hold” rating and dropped their price target for the stock from $62.00 to $59.00 in a research note on Friday, April 11th. Finally, JMP Securities lifted their price objective on Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the company a “market outperform” rating in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $59.88.

Insider Buying and Selling at Skyward Specialty Insurance Group

In related news, Director Gena L. Ashe sold 1,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $50.62, for a total transaction of $50,620.00. Following the completion of the sale, the director now directly owns 734 shares of the company’s stock, valued at approximately $37,155.08. This trade represents a 57.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas N. Schmitt sold 6,300 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $51.92, for a total transaction of $327,096.00. Following the completion of the transaction, the insider now owns 3,946 shares in the company, valued at $204,876.32. This represents a 61.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,132 shares of company stock valued at $620,476 over the last 90 days. 8.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

Several large investors have recently modified their holdings of the stock. Barclays PLC increased its holdings in shares of Skyward Specialty Insurance Group by 277.7% in the 3rd quarter. Barclays PLC now owns 64,032 shares of the company’s stock valued at $2,608,000 after acquiring an additional 47,081 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Skyward Specialty Insurance Group by 32.9% in the third quarter. JPMorgan Chase & Co. now owns 86,302 shares of the company’s stock worth $3,515,000 after purchasing an additional 21,346 shares during the period. Ellsworth Advisors LLC bought a new stake in Skyward Specialty Insurance Group during the fourth quarter valued at $676,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Skyward Specialty Insurance Group during the fourth quarter worth $880,000. Finally, Franklin Resources Inc. lifted its position in shares of Skyward Specialty Insurance Group by 16.6% in the 3rd quarter. Franklin Resources Inc. now owns 1,117,257 shares of the company’s stock worth $45,506,000 after buying an additional 158,679 shares during the last quarter. Institutional investors own 94.83% of the company’s stock.

Skyward Specialty Insurance Group Stock Performance

The company’s fifty day moving average price is $52.40 and its 200 day moving average price is $49.91. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 17.96, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last posted its earnings results on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The company had revenue of $328.53 million for the quarter, compared to analysts’ expectations of $310.94 million. Skyward Specialty Insurance Group had a return on equity of 16.39% and a net margin of 12.24%. During the same period last year, the business posted $0.75 earnings per share. As a group, sell-side analysts expect that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share for the current year.

Skyward Specialty Insurance Group Company Profile

Skyward Specialty Insurance Group, Inc, an insurance holding company, underwrites commercial property and casualty insurance products in the United States. It offers general liability, excess liability, professional liability, commercial auto, group accident and health, property, surety, and workers' compensation insurance products.