Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Rating Cut to “Hold” at 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 report issued on Saturday,Wall Street Zen reports.

Other analysts have also recently issued research reports about the stock. Piper Sandler reiterated an “overweight” rating on shares of Skyward Specialty Insurance Group in a research note on Monday, August 24th. Keefe, Bruyette & Woods raised their price objective on Skyward Specialty Insurance Group from $72.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Weiss Ratings raised Skyward Specialty Insurance Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 25th. Truist Financial boosted their target price on Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, TD Cowen increased their price target on Skyward Specialty Insurance Group from $49.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Skyward Specialty Insurance Group has a consensus rating of “Moderate Buy” and a consensus price target of $71.11.

Skyward Specialty Insurance Group Price Performance

Shares of SKWD opened at $58.32 on Friday. The firm has a market cap of $2.59 billion, a P/E ratio of 13.59 and a beta of 0.37. Skyward Specialty Insurance Group has a 1 year low of $40.60 and a 1 year high of $65.69. The company has a 50 day simple moving average of $57.62 and a two-hundred day simple moving average of $52.75.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its earnings results on Tuesday, August 4th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.17 by $0.13. Skyward Specialty Insurance Group had a net margin of 10.84% and a return on equity of 18.72%. The firm had revenue of $489.53 million for the quarter, compared to the consensus estimate of $706.59 million. On average, sell-side analysts anticipate that Skyward Specialty Insurance Group will post 4.98 earnings per share for the current year.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Man Group plc purchased a new stake in Skyward Specialty Insurance Group during the second quarter valued at approximately $1,161,000. Empowered Funds LLC bought a new stake in shares of Skyward Specialty Insurance Group in the 2nd quarter valued at approximately $3,018,000. Bank of America Corp DE purchased a new position in shares of Skyward Specialty Insurance Group in the 2nd quarter worth approximately $7,589,000. Deutsche Bank AG purchased a new position in shares of Skyward Specialty Insurance Group in the 2nd quarter worth approximately $2,731,000. Finally, Reinhart Partners LLC. increased its position in shares of Skyward Specialty Insurance Group by 4.1% during the 2nd quarter. Reinhart Partners LLC. now owns 2,894,407 shares of the company’s stock valued at $168,889,000 after purchasing an additional 113,623 shares during the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

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 other commercial policyholders, focusing on risks that may require specialized underwriting and claims expertise.

Its products and programs include commercial property and casualty insurance, workers’ compensation, commercial auto, general and professional liability, excess and surplus lines, healthcare-related coverage, surety, and other specialty insurance solutions.