Skyward Specialty Insurance Group (NASDAQ:SKWD) Reaches New 12-Month High – Here’s Why

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) hit a new 52-week high on Thursday . The stock traded as high as $46.23 and last traded at $46.12, with a volume of 8458 shares trading hands. The stock had previously closed at $45.43.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SKWD shares. Keefe, Bruyette & Woods boosted their price objective on Skyward Specialty Insurance Group from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, August 12th. JMP Securities restated a “market outperform” rating and set a $50.00 price objective on shares of Skyward Specialty Insurance Group in a research note on Tuesday. Piper Sandler upped their target price on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Oppenheimer assumed coverage on shares of Skyward Specialty Insurance Group in a report on Friday, July 12th. They set a “market perform” rating on the stock. Finally, Jefferies Financial Group increased their price objective on shares of Skyward Specialty Insurance Group from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Skyward Specialty Insurance Group has a consensus rating of “Moderate Buy” and a consensus price target of $44.78.

Skyward Specialty Insurance Group Trading Up 0.8 %

The stock’s 50-day moving average price is $40.81 and its two-hundred day moving average price is $38.11. The stock has a market capitalization of $1.85 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.85 and a beta of 0.60.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released 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 return on equity of 17.36% and a net margin of 11.52%. The business had revenue of $279.94 million during the quarter, compared to the consensus estimate of $282.70 million. During the same period last year, the business posted $0.42 earnings per share. On average, equities research analysts predict that Skyward Specialty Insurance Group, Inc. will post 2.98 earnings per share for the current year.

Insider Activity at Skyward Specialty Insurance Group

In other news, Director Katharine Terry sold 1,653 shares of Skyward Specialty Insurance Group stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $36.87, for a total value of $60,946.11. Following the completion of the transaction, the director now owns 4,001 shares in the company, valued at $147,516.87. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.01% of the stock is currently owned by company insiders.

Institutional Trading of Skyward Specialty Insurance Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital International Investors grew its holdings in Skyward Specialty Insurance Group by 48.0% during the 1st quarter. Capital International Investors now owns 2,212,423 shares of the company’s stock valued at $82,767,000 after buying an additional 717,972 shares in the last quarter. Vanguard Group Inc. increased its holdings in Skyward Specialty Insurance Group by 11.3% during the 1st quarter. Vanguard Group Inc. now owns 2,043,773 shares of the company’s stock worth $76,458,000 after acquiring an additional 207,744 shares during the period. Champlain Investment Partners LLC lifted its stake in Skyward Specialty Insurance Group by 0.3% in the 1st quarter. Champlain Investment Partners LLC now owns 1,405,980 shares of the company’s stock worth $52,598,000 after purchasing an additional 4,510 shares in the last quarter. Driehaus Capital Management LLC boosted its holdings in Skyward Specialty Insurance Group by 2.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,258,383 shares of the company’s stock valued at $45,528,000 after purchasing an additional 34,286 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Skyward Specialty Insurance Group by 9.2% during the 2nd quarter. American Century Companies Inc. now owns 919,548 shares of the company’s stock valued at $33,269,000 after purchasing an additional 77,354 shares in the last quarter. 94.83% of the stock is currently owned by institutional investors.

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.