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

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $63.67 and last traded at $63.60, with a volume of 294118 shares trading hands. The stock had previously closed at $63.61.

Wall Street Analyst Weigh In

Several analysts have commented on SKWD shares. JMP Securities lifted their price objective on shares of Skyward Specialty Insurance Group from $60.00 to $65.00 and gave the company a "market outperform" rating in a research note on Friday, May 2nd. Wolfe Research restated a "peer perform" rating on shares of Skyward Specialty Insurance Group in a research report on Friday, February 28th. Barclays upped their price objective on shares of Skyward Specialty Insurance Group from $63.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, April 11th. Keefe, Bruyette & Woods upped their target price on shares of Skyward Specialty Insurance Group from $57.00 to $67.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Finally, Truist Financial upped their target price on shares of Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Four research 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. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $61.13.

Skyward Specialty Insurance Group Stock Up 0.8%

The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 0.81 and a beta of 0.64. The company's 50-day moving average price is $55.19 and its 200-day moving average price is $51.26.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. The firm had revenue of $328.53 million for the quarter, compared to analysts' expectations of $310.94 million. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. During the same quarter last year, the company earned $0.75 earnings per share. On average, sell-side analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Transactions at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, insider John A. Burkhart III sold 4,832 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $50.24, for a total value of $242,759.68. Following the completion of the sale, the insider now owns 17,655 shares of the company's stock, valued at approximately $886,987.20. This trade represents a 21.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas N. Schmitt sold 6,300 shares of Skyward Specialty Insurance Group stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $51.92, for a total value of $327,096.00. Following the transaction, the insider now directly owns 3,946 shares of the company's stock, valued at $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 have sold 20,381 shares of company stock worth $1,122,592. Insiders own 7.86% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. increased its stake in shares of 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 valued at $196,000 after acquiring an additional 247 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of 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 purchasing an additional 451 shares during the period. US Bancorp DE grew its holdings in shares of 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 purchasing an additional 451 shares during the period. Cetera Investment Advisers grew its holdings in shares of Skyward Specialty Insurance Group by 6.2% during the 1st quarter. Cetera Investment Advisers now owns 9,641 shares of the company's stock worth $510,000 after purchasing an additional 566 shares during the period. Finally, Moran Wealth Management LLC grew its holdings in shares of Skyward Specialty Insurance Group by 6.2% during the 1st quarter. Moran Wealth Management LLC now owns 10,032 shares of the company's stock worth $531,000 after purchasing an additional 585 shares during the period. 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.