Skyward Specialty Insurance Group (NASDAQ:SKWD) Reaches New 52-Week High – Here’s Why

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) hit a new 52-week high during trading on Wednesday . The company traded as high as $48.00 and last traded at $48.00, with a volume of 304 shares trading hands. The stock had previously closed at $46.37.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Truist Financial reaffirmed a “buy” rating and issued a $49.00 target price (up from $47.00) on shares of Skyward Specialty Insurance Group in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods lifted their target price on shares of Skyward Specialty Insurance Group from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of Skyward Specialty Insurance Group in a research report on Tuesday, October 15th. Oppenheimer initiated coverage on Skyward Specialty Insurance Group in a report on Friday, July 12th. They set a “market perform” rating on the stock. Finally, William Blair began coverage on Skyward Specialty Insurance Group in a report on Monday, August 19th. They issued an “outperform” rating for the company. Three 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.78.

Skyward Specialty Insurance Group Trading Up 3.0 %

The stock has a fifty day moving average of $41.47 and a two-hundred day moving average of $38.29. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 0.86 and a beta of 0.60.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its earnings results on Monday, August 5th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.15. Skyward Specialty Insurance Group had a return on equity of 17.36% and a net margin of 11.52%. The company had revenue of $279.94 million during the quarter, compared to analyst estimates of $282.70 million. During the same period last year, the company posted $0.42 earnings per share. Equities analysts expect that Skyward Specialty Insurance Group, Inc. will post 2.98 earnings per share for the current year.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other news, Director Katharine Terry sold 1,653 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $36.87, for a total transaction of $60,946.11. Following the transaction, the director now directly owns 4,001 shares in the company, valued at approximately $147,516.87. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.01% of the company’s stock.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Several hedge funds and other institutional investors have recently made changes to their positions in SKWD. Diversified Trust Co boosted its holdings in Skyward Specialty Insurance Group by 26.3% in the first quarter. Diversified Trust Co now owns 11,775 shares of the company’s stock valued at $441,000 after acquiring an additional 2,450 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Skyward Specialty Insurance Group by 19.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 464,667 shares of the company’s stock worth $17,383,000 after buying an additional 75,137 shares during the period. Wasatch Advisors LP raised its stake in shares of Skyward Specialty Insurance Group by 5.9% during the first quarter. Wasatch Advisors LP now owns 276,494 shares of the company’s stock worth $10,344,000 after buying an additional 15,407 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Skyward Specialty Insurance Group in the first quarter valued at approximately $1,672,000. Finally, Capstone Investment Advisors LLC boosted its stake in Skyward Specialty Insurance Group by 68.3% in the first quarter. Capstone Investment Advisors LLC now owns 107,796 shares of the company’s stock valued at $4,033,000 after acquiring an additional 43,739 shares during the last quarter. 94.83% of the stock is owned by institutional investors and hedge funds.

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.