Skyward Specialty Insurance Group (NASDAQ:SKWD) Hits New 12-Month High – Time to Buy?

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $52.03 and last traded at $51.97, with a volume of 6625 shares. The stock had previously closed at $51.43.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Truist Financial reiterated a “buy” rating and set a $49.00 price target (up previously from $47.00) on shares of Skyward Specialty Insurance Group in a research report on Wednesday, August 7th. Piper Sandler increased their price objective on Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Barclays raised their price target on Skyward Specialty Insurance Group from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Keefe, Bruyette & Woods lifted their price objective on Skyward Specialty Insurance Group from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. Finally, William Blair initiated coverage on Skyward Specialty Insurance Group in a research note on Monday, August 19th. They issued an “outperform” rating for the company. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Skyward Specialty Insurance Group currently has a consensus rating of “Moderate Buy” and an average price target of $46.89.

Skyward Specialty Insurance Group Stock Up 2.8 %

The stock’s fifty day moving average price is $45.08 and its 200 day moving average price is $40.11. The stock has a market cap of $2.15 billion, a PE ratio of 16.33, a PEG ratio of 0.93 and a beta of 0.53.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last issued its earnings results on Tuesday, October 29th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.06. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. The company had revenue of $300.89 million for the quarter, compared to analysts’ expectations of $292.43 million. During the same quarter last year, the company posted $0.65 earnings per share. On average, equities research analysts expect that Skyward Specialty Insurance Group, Inc. will post 3.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKWD. Arcadia Investment Management Corp MI bought a new position in Skyward Specialty Insurance Group in the third quarter worth approximately $41,000. Amalgamated Bank grew its stake in shares of 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 buying an additional 279 shares in the last quarter. Quarry LP grew its stake in shares of Skyward Specialty Insurance Group by 176.9% in the 3rd quarter. Quarry LP now owns 1,376 shares of the company’s stock worth $56,000 after buying an additional 879 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Skyward Specialty Insurance Group by 24.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,972 shares of the company’s stock worth $111,000 after buying an additional 579 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Skyward Specialty Insurance Group during the 2nd quarter worth about $160,000. Hedge funds and other 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.