Skyward Specialty Insurance Group (NASDAQ:SKWD) Announces Quarterly Earnings Results

Key Points

• Skyward Specialty Insurance Group reported an earnings per share (EPS) of $0.89 for the quarter, exceeding the consensus estimate of $0.86 by $0.03.
• Despite the positive earnings report, the company’s stock decreased by 2.9%, closing at $49.44 after trading volume reached 621,795 shares.
• Institutional investors hold 94.83% of the company's stock, with notable recent activity including increases in holdings by several funds.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03, Zacks reports. Skyward Specialty Insurance Group had a net margin of 10.53% and a return on equity of 16.84%. The company had revenue of $319.90 million for the quarter, compared to the consensus estimate of $324.64 million. During the same quarter in the prior year, the company earned $0.80 EPS.

Skyward Specialty Insurance Group Price Performance

Shares of NASDAQ:SKWD traded down $1.19 during midday trading on Friday, reaching $49.39. 462,985 shares of the company's stock were exchanged, compared to its average volume of 423,636. The firm's 50 day simple moving average is $56.94 and its two-hundred day simple moving average is $53.42. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 15.53 and a beta of 0.65. Skyward Specialty Insurance Group has a fifty-two week low of $34.10 and a fifty-two week high of $65.05.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SKWD shares. Keefe, Bruyette & Woods raised their price objective on shares of Skyward Specialty Insurance Group from $67.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Barclays raised 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 note on Friday, April 11th. Piper Sandler dropped their price objective on shares of Skyward Specialty Insurance Group from $69.00 to $59.00 and set an "overweight" rating on the stock in a research note on Friday. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a research report on Friday, May 2nd. Finally, Truist Financial increased their target price on 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. Three investment 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. Based on data from MarketBeat, Skyward Specialty Insurance Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.88.

Insider Transactions at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, Chairman Kirby Hill sold 8,249 shares of Skyward Specialty Insurance Group stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $60.87, for a total value of $502,116.63. Following the completion of the transaction, the chairman directly owned 8,249 shares of the company's stock, valued at $502,116.63. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark W. Haushill sold 52,748 shares of Skyward Specialty Insurance Group stock in a transaction dated 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 completion of the transaction, 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 disclosure for this sale can be found here. 8.01% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its stake in shares of Skyward Specialty Insurance Group by 30.2% during the first quarter. Integrated Wealth Concepts LLC now owns 6,285 shares of the company's stock worth $332,000 after purchasing an additional 1,456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Skyward Specialty Insurance Group by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,096 shares of the company's stock worth $1,169,000 after acquiring an additional 967 shares during the period. Jane Street Group LLC grew its holdings in Skyward Specialty Insurance Group by 286.1% during the first quarter. Jane Street Group LLC now owns 33,768 shares of the company's stock worth $1,787,000 after acquiring an additional 25,022 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Skyward Specialty Insurance Group by 16.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 99,804 shares of the company's stock worth $5,282,000 after acquiring an additional 14,217 shares during the period. Hedge funds and other 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.