TD Cowen Initiates Coverage on Skyward Specialty Insurance Group (NASDAQ:SKWD)

TD Cowen began coverage on shares of Skyward Specialty Insurance Group (NASDAQ:SKWD) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $43.00 price target on the stock. TD Cowen’s price target suggests a potential downside of 3.09% from the stock’s previous close.

Other research analysts have also issued reports about the company. Raymond James lifted their target price on Skyward Specialty Insurance Group from $45.00 to $55.00 and gave the stock a “strong-buy” rating in a report on Tuesday, November 5th. JMP Securities lifted their price objective on shares of Skyward Specialty Insurance Group from $50.00 to $53.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 30th. Jefferies Financial Group boosted their target price on shares of Skyward Specialty Insurance Group from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Barclays raised their target price on shares of Skyward Specialty Insurance Group from $45.00 to $53.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.22.

Skyward Specialty Insurance Group Price Performance

Skyward Specialty Insurance Group stock opened at $44.37 on Monday. Skyward Specialty Insurance Group has a 12-month low of $29.40 and a 12-month high of $55.62. The stock has a market capitalization of $1.78 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The firm has a 50 day simple moving average of $50.27 and a 200-day simple moving average of $43.85.

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

Insider Activity at Skyward Specialty Insurance Group

In other news, Director James Charles Hays sold 25,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.00, for a total transaction of $1,350,000.00. Following the transaction, the director now owns 747,261 shares in the company, valued at $40,352,094. This represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sandip A. Kapadia sold 908 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $46.98, for a total transaction of $42,657.84. Following the transaction, the executive vice president now owns 10,371 shares in the company, valued at $487,229.58. This represents a 8.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,318 shares of company stock valued at $2,098,866. Insiders own 8.01% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. ORG Wealth Partners LLC acquired a new stake in Skyward Specialty Insurance Group in the 4th quarter worth approximately $61,000. Nordea Investment Management AB raised its position in shares of Skyward Specialty Insurance Group by 2.4% in the fourth quarter. Nordea Investment Management AB now owns 64,321 shares of the company’s stock valued at $3,248,000 after purchasing an additional 1,523 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Skyward Specialty Insurance Group by 32.9% in the third quarter. JPMorgan Chase & Co. now owns 86,302 shares of the company’s stock worth $3,515,000 after buying an additional 21,346 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Skyward Specialty Insurance Group by 49.8% during the 3rd quarter. Principal Financial Group Inc. now owns 104,105 shares of the company’s stock worth $4,240,000 after buying an additional 34,612 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Skyward Specialty Insurance Group by 16.6% in the 3rd quarter. Franklin Resources Inc. now owns 1,117,257 shares of the company’s stock worth $45,506,000 after acquiring an additional 158,679 shares during the period. Institutional investors and hedge funds 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.