Skyward Specialty Insurance Group (NASDAQ:SKWD) Reaches New 1-Year High – Here’s Why

Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) hit a new 52-week high 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 brokerages recently issued reports on SKWD. Truist Financial reissued a “buy” rating and issued a $49.00 price objective (up from $47.00) on shares of Skyward Specialty Insurance Group in a research note on Wednesday, August 7th. Piper Sandler upped their price objective on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Oppenheimer assumed coverage on shares of Skyward Specialty Insurance Group in a research note on Friday, July 12th. They set a “market perform” rating for the company. Keefe, Bruyette & Woods upped their price target on shares of Skyward Specialty Insurance Group from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, August 12th. Finally, Jefferies Financial Group lifted their price objective on Skyward Specialty Insurance Group from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.78.

Skyward Specialty Insurance Group Stock Up 0.5 %

The stock has a market cap of $1.87 billion, a P/E ratio of 15.67, a PEG ratio of 0.86 and a beta of 0.60. The business has a 50-day simple moving average of $41.06 and a 200-day simple moving average of $38.18.

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

Insider Buying and Selling at Skyward Specialty Insurance Group

In other news, Director Katharine Terry sold 1,653 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $36.87, for a total transaction of $60,946.11. Following the completion of the transaction, the director now directly owns 4,001 shares of the company’s stock, valued at approximately $147,516.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.01% of the company’s stock.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank raised its position in Skyward Specialty Insurance Group by 27.7% in the 2nd quarter. Amalgamated Bank now owns 1,285 shares of the company’s stock worth $46,000 after purchasing an additional 279 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake 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 valued at $111,000 after acquiring an additional 579 shares during the period. Ashton Thomas Private Wealth LLC bought a new position in Skyward Specialty Insurance Group in the second quarter valued at about $160,000. CWM LLC increased its position in Skyward Specialty Insurance Group by 3,103.1% in the third quarter. CWM LLC now owns 4,132 shares of the company’s stock worth $168,000 after purchasing an additional 4,003 shares during the period. Finally, ProShare Advisors LLC bought a new stake in Skyward Specialty Insurance Group during the 1st quarter worth about $200,000. 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.