Skyward Specialty Insurance Group (NASDAQ:SKWD) Hits New 52-Week High – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price objective on 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. Truist Financial reissued 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 raised their price target on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Oppenheimer initiated coverage on shares of Skyward Specialty Insurance Group in a research note on Friday, July 12th. They set a “market perform” rating for the company. Finally, William Blair began coverage on Skyward Specialty Insurance Group in a research note on Monday, August 19th. They issued an “outperform” rating on the stock. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.78.

Skyward Specialty Insurance Group Price Performance

The company has a 50 day moving average of $39.35 and a two-hundred day moving average of $37.49. The company has a market capitalization of $1.72 billion, a PE ratio of 15.44, a PEG ratio of 0.77 and a beta of 0.60.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its earnings results on Monday, August 5th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $282.70 million. During the same period in the prior year, the firm earned $0.42 EPS. On average, equities analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 2.96 EPS for the current year.

Insider Buying and Selling

In other Skyward Specialty Insurance Group news, Director Katharine Terry sold 1,653 shares of Skyward Specialty Insurance Group stock in a transaction on Friday, August 9th. The stock was sold at an average price of $36.87, for a total transaction of $60,946.11. Following the completion of the transaction, the director now owns 4,001 shares in the company, valued at $147,516.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.01% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Amalgamated Bank raised its holdings in 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 acquiring an additional 279 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in 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. Ashton Thomas Private Wealth LLC purchased a new position in Skyward Specialty Insurance Group in the 2nd quarter worth about $160,000. ProShare Advisors LLC bought a new position in Skyward Specialty Insurance Group during the 1st quarter valued at about $200,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Skyward Specialty Insurance Group by 67.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,632 shares of the company’s stock valued at $204,000 after acquiring an additional 2,270 shares during the last quarter. 94.83% of the stock is owned by hedge funds and other 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.