Skyward Specialty Insurance Group (NASDAQ:SKWD) Shares Gap Up – Time to Buy?

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) shares gapped up before the market opened on Friday . The stock had previously closed at $47.35, but opened at $49.98. Skyward Specialty Insurance Group shares last traded at $49.63, with a volume of 92,274 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of Skyward Specialty Insurance Group from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Wolfe Research restated a “peer perform” rating on shares of Skyward Specialty Insurance Group in a report on Friday, February 28th. TD Cowen began coverage on shares of Skyward Specialty Insurance Group in a report on Monday, January 13th. They issued a “hold” rating and a $43.00 price objective on the stock. Piper Sandler reduced their price objective on shares of Skyward Specialty Insurance Group from $58.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Finally, JMP Securities restated a “market outperform” rating and issued a $60.00 price objective on shares of Skyward Specialty Insurance Group in a report on Monday, February 10th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.25.

Skyward Specialty Insurance Group Trading Up 5.1 %

The company’s 50 day moving average is $47.38 and its 200 day moving average is $46.84. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 15.18, a price-to-earnings-growth ratio of 0.81 and a beta of 0.66.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.03. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. The company had revenue of $304.40 million for the quarter, compared to the consensus estimate of $295.56 million. Analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Andrew S. Robinson sold 6,010 shares of Skyward Specialty Insurance Group stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $49.37, for a total value of $296,713.70. Following the sale, the chief executive officer now owns 77,144 shares of the company’s stock, valued at $3,808,599.28. The trade was a 7.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sandip A. Kapadia sold 4,347 shares of Skyward Specialty Insurance Group stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $49.51, for a total transaction of $215,219.97. Following the completion of the sale, the executive vice president now directly owns 12,508 shares in the company, valued at approximately $619,271.08. The trade was a 25.79 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,450 shares of company stock valued at $1,369,342. Insiders own 8.01% of the company’s stock.

Institutional Trading of Skyward Specialty Insurance Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Summit Investment Advisors Inc. boosted its holdings in shares of Skyward Specialty Insurance Group by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,886 shares of the company’s stock valued at $196,000 after acquiring an additional 247 shares in the last quarter. IHT Wealth Management LLC boosted its holdings in Skyward Specialty Insurance Group by 4.6% during the third quarter. IHT Wealth Management LLC now owns 10,501 shares of the company’s stock worth $428,000 after buying an additional 464 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Skyward Specialty Insurance Group by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,129 shares of the company’s stock worth $1,068,000 after buying an additional 748 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in Skyward Specialty Insurance Group by 756.1% during the fourth quarter. Sterling Capital Management LLC now owns 916 shares of the company’s stock worth $46,000 after buying an additional 809 shares in the last quarter. Finally, Riverwater Partners LLC boosted its holdings in Skyward Specialty Insurance Group by 2.5% during the fourth quarter. Riverwater Partners LLC now owns 35,013 shares of the company’s stock worth $1,770,000 after buying an additional 862 shares in the last quarter. Hedge funds and other institutional investors own 94.83% of the company’s stock.

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.