JMP Securities Reaffirms Market Outperform Rating for Skyward Specialty Insurance Group (NASDAQ:SKWD)

JMP Securities reissued their market outperform rating on shares of Skyward Specialty Insurance Group (NASDAQ:SKWD) in a report released on Monday,Benzinga reports. The brokerage currently has a $60.00 price target on the stock.

Several other analysts also recently commented on SKWD. Raymond James lifted their target price on shares of 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. Piper Sandler lowered their price target 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. Keefe, Bruyette & Woods increased their price target on shares of Skyward Specialty Insurance Group from $59.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. TD Cowen assumed 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 target on the stock. Finally, Barclays increased their price target on shares of Skyward Specialty Insurance Group from $45.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Four equities 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 an average price target of $51.44.

Skyward Specialty Insurance Group Price Performance

SKWD stock opened at $48.73 on Monday. Skyward Specialty Insurance Group has a one year low of $31.18 and a one year high of $55.62. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 14.86, a price-to-earnings-growth ratio of 0.81 and a beta of 0.83. The company has a fifty day moving average price of $47.74 and a two-hundred day moving average price of $45.00.

Insider Transactions at Skyward Specialty Insurance Group

In other news, insider Thomas N. Schmitt sold 546 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $46.85, for a total transaction of $25,580.10. Following the transaction, the insider now directly owns 10,246 shares of the company’s stock, valued at approximately $480,025.10. This trade represents a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Charles Hays sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $54.00, for a total transaction of $1,350,000.00. Following the transaction, the director now directly owns 747,261 shares in the company, valued at $40,352,094. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,318 shares of company stock valued at $2,098,866. 8.01% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SKWD. American Century Companies Inc. increased its stake in Skyward Specialty Insurance Group by 54.0% in the fourth quarter. American Century Companies Inc. now owns 1,577,846 shares of the company’s stock valued at $79,744,000 after acquiring an additional 553,389 shares during the last quarter. WCM Investment Management LLC bought a new position in Skyward Specialty Insurance Group in the fourth quarter valued at approximately $18,084,000. Swedbank AB bought a new position in Skyward Specialty Insurance Group in the fourth quarter valued at approximately $15,164,000. Franklin Resources Inc. increased its stake in Skyward Specialty Insurance Group by 16.6% in the third quarter. Franklin Resources Inc. now owns 1,117,257 shares of the company’s stock valued at $45,506,000 after acquiring an additional 158,679 shares during the last quarter. Finally, Phase 2 Partners LLC bought a new position in Skyward Specialty Insurance Group in the third quarter valued at approximately $5,680,000. 94.83% of the stock is 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.