Skyward Specialty Insurance Group (NASDAQ:SKWD) Posts Earnings Results, Beats Expectations By $0.03 EPS

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) released its quarterly earnings results on Wednesday. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03, Zacks reports. Skyward Specialty Insurance Group had a return on equity of 16.84% and a net margin of 10.53%. The business had revenue of $319.90 million during the quarter, compared to analysts' expectations of $324.64 million. During the same quarter in the prior year, the business earned $0.80 earnings per share.

Skyward Specialty Insurance Group Price Performance

Skyward Specialty Insurance Group stock traded down $1.19 during trading hours on Friday, hitting $49.39. The stock had a trading volume of 462,985 shares, compared to its average volume of 417,120. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 15.53 and a beta of 0.62. Skyward Specialty Insurance Group has a 1-year low of $34.10 and a 1-year high of $65.05. The stock's fifty day moving average is $56.71 and its two-hundred day moving average is $53.51.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, Chairman Kirby Hill sold 8,249 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $60.87, for a total value of $502,116.63. Following the sale, the chairman owned 8,249 shares of the company's stock, valued at approximately $502,116.63. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark W. Haushill sold 52,748 shares of the company'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 completion of the sale, the chief financial officer directly owned 133,629 shares in the company, valued at $7,852,040.04. This trade represents 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 corporate insiders.

Institutional Trading of Skyward Specialty Insurance Group

Several large investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC boosted 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 valued at $332,000 after acquiring an additional 1,456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of 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 valued at $1,169,000 after acquiring an additional 967 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of 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 valued at $1,787,000 after acquiring an additional 25,022 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of 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 valued at $5,282,000 after acquiring an additional 14,217 shares during the last quarter. Institutional investors and hedge funds own 94.83% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SKWD shares. Jefferies Financial Group cut Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating and cut their price target for the stock from $62.00 to $59.00 in a research note on Friday, April 11th. Barclays upped their price target on 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. Wall Street Zen cut Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating in a research note on Saturday. Truist Financial upped their price objective on Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Skyward Specialty Insurance Group in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $60.88.

Skyward Specialty Insurance Group Company Profile

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.