Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Skyward Specialty Insurance Group from “buy” to “hold.” Despite the downgrade, the broader analyst consensus remains “Moderate Buy,” with a $71.11 average price target.
• SKWD shares opened at $58.32, down 1.7%, with a market capitalization of approximately $2.59 billion. The stock has traded between $40.60 and $65.69 over the past year.
• The company’s latest quarterly results exceeded earnings expectations, reporting $1.30 EPS versus a $1.17 estimate; institutional investors own 94.83% of its shares.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

A number of other research firms have also issued reports on SKWD. Barclays upped their price target on Skyward Specialty Insurance Group from $65.00 to $68.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Truist Financial boosted their price objective on Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Piper Sandler restated an "overweight" rating on shares of Skyward Specialty Insurance Group in a report on Monday, August 24th. TD Cowen raised their target price on Skyward Specialty Insurance Group from $49.00 to $65.00 and gave the stock a "hold" rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings upgraded Skyward Specialty Insurance Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Skyward Specialty Insurance Group has an average rating of "Moderate Buy" and a consensus price target of $71.11.

Skyward Specialty Insurance Group Trading Down 1.7%

Shares of NASDAQ:SKWD opened at $58.32 on Friday. Skyward Specialty Insurance Group has a 12-month low of $40.60 and a 12-month high of $65.69. The company has a market capitalization of $2.59 billion, a PE ratio of 13.59 and a beta of 0.37. The business has a 50 day moving average of $57.62 and a two-hundred day moving average of $52.75.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.13. Skyward Specialty Insurance Group had a net margin of 10.84% and a return on equity of 18.72%. The business had revenue of $489.53 million for the quarter, compared to analyst estimates of $706.59 million. Equities research analysts predict that Skyward Specialty Insurance Group will post 4.98 earnings per share for the current fiscal year.

Institutional Trading of Skyward Specialty Insurance Group

A number of large investors have recently modified their holdings of SKWD. BlackRock Inc. purchased a new stake in shares of Skyward Specialty Insurance Group during the 2nd quarter worth $214,576,000. Wasatch Advisors LP increased its holdings in Skyward Specialty Insurance Group by 198.5% in the second quarter. Wasatch Advisors LP now owns 954,489 shares of the company's stock valued at $55,694,000 after buying an additional 634,708 shares during the last quarter. Freestone Grove Partners LP purchased a new position in Skyward Specialty Insurance Group in the second quarter valued at $21,142,000. Sei Investments Co. increased its holdings in Skyward Specialty Insurance Group by 397.5% in the first quarter. Sei Investments Co. now owns 433,298 shares of the company's stock valued at $18,926,000 after buying an additional 346,202 shares during the last quarter. Finally, Langdon Equity Partners acquired a new stake in Skyward Specialty Insurance Group in the fourth quarter valued at $16,965,000. 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 is a specialty property and casualty insurance company headquartered in Houston, Texas. Through its insurance subsidiaries, the company provides customized coverage for businesses and other commercial policyholders, focusing on risks that may require specialized underwriting and claims expertise.

Its products and programs include commercial property and casualty insurance, workers' compensation, commercial auto, general and professional liability, excess and surplus lines, healthcare-related coverage, surety, and other specialty insurance solutions.

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