Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) Receives Average Rating of “Buy” from Brokerages

Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) have earned a consensus rating of “Buy” from the eight research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $42.50.

SKWD has been the topic of several recent research reports. BMO Capital Markets raised their target price on shares of Skyward Specialty Insurance Group from $31.00 to $37.00 and gave the stock a “market perform” rating in a report on Monday, February 26th. Truist Financial raised their target price on shares of Skyward Specialty Insurance Group from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Keefe, Bruyette & Woods raised their target price on shares of Skyward Specialty Insurance Group from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Piper Sandler raised their target price on shares of Skyward Specialty Insurance Group from $43.00 to $46.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. Finally, JMP Securities raised their target price on shares of Skyward Specialty Insurance Group from $42.00 to $45.00 and gave the stock a “market outperform” rating in a report on Thursday, May 2nd.

Skyward Specialty Insurance Group Price Performance

Shares of NASDAQ SKWD opened at $35.76 on Friday. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 13.15 and a beta of 0.68. The stock’s fifty day moving average price is $36.46 and its two-hundred day moving average price is $34.13. Skyward Specialty Insurance Group has a one year low of $21.93 and a one year high of $38.64.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.66 by $0.09. Skyward Specialty Insurance Group had a net margin of 11.16% and a return on equity of 15.98%. The business had revenue of $264.97 million for the quarter, compared to the consensus estimate of $251.66 million. During the same period in the prior year, the company posted $0.42 earnings per share. On average, equities analysts anticipate that Skyward Specialty Insurance Group will post 2.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Skyward Specialty Insurance Group news, major shareholder Corp Westaim sold 5,060,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $36.50, for a total transaction of $184,690,000.00. Following the sale, the insider now owns 1,919,639 shares of the company’s stock, valued at $70,066,823.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Skyward Specialty Insurance Group news, CFO Mark W. Haushill sold 25,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $35.58, for a total transaction of $889,500.00. Following the sale, the chief financial officer now owns 236,688 shares of the company’s stock, valued at $8,421,359.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Corp Westaim sold 5,060,000 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $36.50, for a total transaction of $184,690,000.00. Following the sale, the insider now directly owns 1,919,639 shares in the company, valued at approximately $70,066,823.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,159,167 shares of company stock valued at $188,276,184. 8.01% of the stock is currently owned by insiders.

Institutional Trading of Skyward Specialty Insurance Group

A number of hedge funds and other institutional investors have recently modified their holdings of SKWD. Amalgamated Bank lifted its holdings in shares of Skyward Specialty Insurance Group by 90.9% during the third quarter. Amalgamated Bank now owns 2,300 shares of the company’s stock worth $63,000 after purchasing an additional 1,095 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of Skyward Specialty Insurance Group by 24.2% during the first quarter. Ameritas Investment Partners Inc. now owns 2,972 shares of the company’s stock worth $111,000 after purchasing an additional 579 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Skyward Specialty Insurance Group by 54.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,362 shares of the company’s stock worth $114,000 after purchasing an additional 1,186 shares during the period. Adalta Capital Management LLC acquired a new position in shares of Skyward Specialty Insurance Group during the third quarter worth $137,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Skyward Specialty Insurance Group during the fourth quarter worth $161,000. Institutional investors own 94.83% of the company’s stock.

About Skyward Specialty Insurance Group

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.