Skyward Specialty Insurance Group (NASDAQ:SKWD) Sets New 52-Week High – Here’s Why

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $56.98 and last traded at $55.28, with a volume of 59686 shares changing hands. The stock had previously closed at $54.81.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SKWD shares. Jefferies Financial Group cut shares of Skyward Specialty Insurance Group from a “buy” rating to a “hold” rating and reduced their price target for the stock from $62.00 to $59.00 in a research report on Friday, April 11th. Truist Financial lifted their target price on Skyward Specialty Insurance Group from $54.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Wolfe Research restated a “peer perform” rating on shares of Skyward Specialty Insurance Group in a report on Friday, February 28th. JMP Securities reiterated a “market outperform” rating and set a $60.00 price objective on shares of Skyward Specialty Insurance Group in a report on Monday, February 10th. Finally, Keefe, Bruyette & Woods decreased their price objective on Skyward Specialty Insurance Group from $62.00 to $57.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Skyward Specialty Insurance Group Trading Down 1.0 %

The company has a market capitalization of $2.19 billion, a P/E ratio of 16.55, a PEG ratio of 0.81 and a beta of 0.63. The firm’s 50 day moving average price is $51.47 and its two-hundred day moving average price is $49.23.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.80 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $304.40 million for the quarter, compared to analyst estimates of $295.56 million. Analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Activity at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, insider John A. Burkhart III sold 4,832 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $50.24, for a total transaction of $242,759.68. Following the sale, the insider now directly owns 17,655 shares of the company’s stock, valued at approximately $886,987.20. This represents a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Thomas N. Schmitt sold 6,300 shares of Skyward Specialty Insurance Group stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $51.92, for a total transaction of $327,096.00. Following the completion of the transaction, the insider now directly owns 3,946 shares of the company’s stock, valued at approximately $204,876.32. This trade represents a 61.49 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,132 shares of company stock valued at $620,476. Insiders own 8.01% of the company’s stock.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

Institutional investors have recently bought and sold shares of the business. Barclays PLC boosted its stake in shares of Skyward Specialty Insurance Group by 277.7% during the 3rd quarter. Barclays PLC now owns 64,032 shares of the company’s stock worth $2,608,000 after acquiring an additional 47,081 shares during the period. Franklin Resources Inc. boosted its position in Skyward Specialty Insurance Group by 16.6% during the third quarter. Franklin Resources Inc. now owns 1,117,257 shares of the company’s stock worth $45,506,000 after purchasing an additional 158,679 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Skyward Specialty Insurance Group by 49.8% in the third quarter. Principal Financial Group Inc. now owns 104,105 shares of the company’s stock valued at $4,240,000 after purchasing an additional 34,612 shares during the last quarter. JPMorgan Chase & Co. raised its position 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 valued at $3,515,000 after purchasing an additional 21,346 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of Skyward Specialty Insurance Group by 2.4% during the 4th quarter. Nordea Investment Management AB now owns 64,321 shares of the company’s stock worth $3,248,000 after buying an additional 1,523 shares during the last quarter. Institutional investors and hedge funds 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.