Skyward Specialty Insurance Group (NASDAQ:SKWD) Hits New 52-Week High on Analyst Upgrade

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $57.00 to $66.00. Piper Sandler currently has an overweight rating on the stock. Skyward Specialty Insurance Group traded as high as $60.40 and last traded at $59.36, with a volume of 615752 shares traded. The stock had previously closed at $58.63.

A number of other equities research analysts have also issued reports on the stock. TD Cowen initiated coverage on shares of Skyward Specialty Insurance Group in a report on Monday, January 13th. They set a “hold” rating and a $43.00 target price for the company. Wolfe Research restated a “peer perform” rating on shares of Skyward Specialty Insurance Group in a report on Friday, February 28th. Jefferies Financial Group lowered Skyward Specialty Insurance Group from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $62.00 to $59.00 in a research note on Friday, April 11th. Truist Financial lifted their price target on Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the stock a “buy” rating in a report on Monday. Finally, JMP Securities upped their price objective on shares of Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the company a “market outperform” rating in a report on Friday. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Skyward Specialty Insurance Group currently has an average rating of “Moderate Buy” and a consensus price target of $59.88.

Insider Activity at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, insider Thomas N. Schmitt sold 6,300 shares of Skyward Specialty Insurance Group stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $51.92, for a total value of $327,096.00. Following the completion of the transaction, the insider now directly owns 3,946 shares of the company’s stock, valued at $204,876.32. The trade was a 61.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gena L. Ashe sold 1,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $50.62, for a total transaction of $50,620.00. Following the sale, the director now directly owns 734 shares in the company, valued at $37,155.08. This represents a 57.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,132 shares of company stock worth $620,476. Company insiders own 8.01% of the company’s stock.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

A number of hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC boosted its holdings in Skyward Specialty Insurance Group by 756.1% in the fourth quarter. Sterling Capital Management LLC now owns 916 shares of the company’s stock valued at $46,000 after purchasing an additional 809 shares during the period. ORG Wealth Partners LLC purchased a new position in shares of Skyward Specialty Insurance Group in the 4th quarter valued at about $61,000. LRI Investments LLC purchased a new position in shares of Skyward Specialty Insurance Group in the 1st quarter valued at about $67,000. KBC Group NV acquired a new position in shares of Skyward Specialty Insurance Group during the first quarter worth about $81,000. Finally, New York State Teachers Retirement System purchased a new stake in shares of Skyward Specialty Insurance Group during the first quarter worth approximately $179,000. 94.83% of the stock is currently owned by institutional investors and hedge funds.

Skyward Specialty Insurance Group Stock Up 1.2 %

The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 0.81 and a beta of 0.63. The company’s fifty day moving average is $52.14 and its two-hundred day moving average is $49.78.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last issued its earnings results on Thursday, May 1st. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $328.53 million during the quarter, compared to the consensus estimate of $310.94 million. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Sell-side analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current fiscal year.

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.