Skyward Specialty Insurance Group (NASDAQ:SKWD) Price Target Cut to $59.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler has lowered its price target for Skyward Specialty Insurance Group (NASDAQ:SKWD) from $69.00 to $59.00, while maintaining an "overweight" rating, indicating a potential upside of 16.65% from current levels.
• Recent earnings exceeded expectations with a reported $0.89 EPS for the quarter, beating analyst estimates of $0.86, despite revenue falling short of forecasts.
• Insider selling has occurred recently, with significant transactions by both the chairman and CFO, leading to a notable decrease in their ownership stakes in the company.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Free Report) had its price objective decreased by Piper Sandler from $69.00 to $59.00 in a report issued on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other analysts have also recently issued reports on SKWD. Barclays lifted their target price on shares of Skyward Specialty Insurance Group from $63.00 to $64.00 and gave the company an "overweight" rating in a research note on Friday, April 11th. JMP Securities lifted their price target on shares of Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the company a "market outperform" rating in a research report on Friday, May 2nd. Citigroup reissued an "outperform" rating on shares of Skyward Specialty Insurance Group in a research report on Friday, May 2nd. Keefe, Bruyette & Woods lifted their price target on shares of Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Finally, Truist Financial lifted their price target on shares of Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $60.88.

Skyward Specialty Insurance Group Stock Performance

Shares of SKWD stock traded down $1.48 during trading on Friday, hitting $48.10. 516,931 shares of the company were exchanged, compared to its average volume of 423,700. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 15.12 and a beta of 0.62. The business's 50-day simple moving average is $56.48 and its 200 day simple moving average is $53.60. Skyward Specialty Insurance Group has a twelve month low of $34.10 and a twelve month high of $65.05.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of $319.90 million during the quarter, compared to analysts' expectations of $324.64 million. Skyward Specialty Insurance Group had a net margin of 10.53% and a return on equity of 16.84%. During the same period last year, the company posted $0.80 earnings per share. On average, equities analysts forecast that Skyward Specialty Insurance Group will post 3.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, CFO Mark W. Haushill sold 52,748 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $58.76, for a total value of $3,099,472.48. Following the sale, the chief financial officer owned 133,629 shares of the company's stock, valued at $7,852,040.04. The trade was a 28.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Kirby Hill sold 8,249 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $60.87, for a total transaction of $502,116.63. Following the completion of the sale, the chairman directly owned 8,249 shares in the company, valued at $502,116.63. This trade represents a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders own 8.01% of the company's stock.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Large investors have recently made changes to their positions in the company. Summit Investment Advisors Inc. grew its holdings in Skyward Specialty Insurance Group by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,886 shares of the company's stock worth $196,000 after acquiring an additional 247 shares during the last quarter. Arizona State Retirement System grew its holdings in Skyward Specialty Insurance Group by 4.6% during the 1st quarter. Arizona State Retirement System now owns 10,329 shares of the company's stock worth $547,000 after acquiring an additional 451 shares during the last quarter. US Bancorp DE grew its holdings in Skyward Specialty Insurance Group by 8.2% during the 1st quarter. US Bancorp DE now owns 5,935 shares of the company's stock worth $314,000 after acquiring an additional 451 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Skyward Specialty Insurance Group by 4.7% during the 2nd quarter. Janney Montgomery Scott LLC now owns 10,756 shares of the company's stock worth $622,000 after acquiring an additional 479 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its holdings in Skyward Specialty Insurance Group by 10.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,041 shares of the company's stock worth $291,000 after acquiring an additional 480 shares during the last quarter. Institutional investors 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.