Skyward Specialty Insurance Group (NASDAQ:SKWD) Sets New 52-Week High – Here’s Why

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) hit a new 52-week high on Friday . The company traded as high as $42.92 and last traded at $42.92, with a volume of 21006 shares changing hands. The stock had previously closed at $42.00.

Wall Street Analysts Forecast Growth

SKWD has been the subject of several recent research reports. Piper Sandler lifted their target price on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. JMP Securities boosted their target price on Skyward Specialty Insurance Group from $47.00 to $50.00 and gave the stock a “market outperform” rating in a report on Tuesday, August 6th. Truist Financial restated a “buy” rating and set a $49.00 price target (up from $47.00) on shares of Skyward Specialty Insurance Group in a report on Wednesday, August 7th. Oppenheimer began coverage on shares of Skyward Specialty Insurance Group in a research note on Friday, July 12th. They issued a “market perform” rating on the stock. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Skyward Specialty Insurance Group from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, August 12th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $43.78.

Skyward Specialty Insurance Group Stock Performance

The firm has a market cap of $1.77 billion, a PE ratio of 16.26, a price-to-earnings-growth ratio of 0.77 and a beta of 0.60. The stock has a 50-day simple moving average of $39.56 and a two-hundred day simple moving average of $37.57.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its quarterly earnings data on Monday, August 5th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $279.94 million during the quarter, compared to analysts’ expectations of $282.70 million. During the same period in the previous year, the company earned $0.42 earnings per share. As a group, sell-side analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 2.96 EPS for the current fiscal year.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, Director Katharine Terry sold 1,653 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $36.87, for a total value of $60,946.11. Following the transaction, the director now owns 4,001 shares of the company’s stock, valued at approximately $147,516.87. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 8.01% of the company’s stock.

Institutional Trading of Skyward Specialty Insurance Group

Several large investors have recently added to or reduced their stakes in the business. Capital International Investors boosted its stake in shares of 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 worth $82,767,000 after acquiring an additional 717,972 shares during the last quarter. Marshall Wace LLP purchased a new position in Skyward Specialty Insurance Group during the second quarter valued at $10,152,000. Dimensional Fund Advisors LP purchased a new position in Skyward Specialty Insurance Group during the second quarter valued at $8,151,000. Vanguard Group Inc. grew its holdings in Skyward Specialty Insurance Group by 11.3% during the first quarter. Vanguard Group Inc. now owns 2,043,773 shares of the company’s stock valued at $76,458,000 after purchasing an additional 207,744 shares during the period. Finally, Mutual of America Capital Management LLC purchased a new stake in Skyward Specialty Insurance Group in the second quarter worth about $6,568,000. 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.