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

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) released 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, Zacks reports. The company had revenue of $328.53 million during the quarter, compared to the consensus estimate of $310.94 million. Skyward Specialty Insurance Group had a return on equity of 16.39% and a net margin of 12.24%. During the same period in the previous year, the company posted $0.75 EPS.

Skyward Specialty Insurance Group Trading Up 1.3 %

SKWD stock traded up $0.78 during trading on Thursday, hitting $59.64. 323,709 shares of the company's stock were exchanged, compared to its average volume of 375,440. The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 0.81 and a beta of 0.64. Skyward Specialty Insurance Group has a 52-week low of $33.42 and a 52-week high of $60.40. The business has a 50-day moving average price of $52.40 and a two-hundred day moving average price of $49.91.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SKWD. Wolfe Research restated a "peer perform" rating on shares of Skyward Specialty Insurance Group in a report on Friday, February 28th. Jefferies Financial Group downgraded shares of Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating and dropped their price target for the stock from $62.00 to $59.00 in a research note on Friday, April 11th. TD Cowen began coverage on Skyward Specialty Insurance Group in a research note on Monday, January 13th. They issued a "hold" rating and a $43.00 price objective on the stock. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a report on Friday, May 2nd. Finally, Truist Financial increased their price target on Skyward Specialty Insurance Group from $61.00 to $70.00 and gave the company a "buy" rating in a research report on Monday. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Skyward Specialty Insurance Group currently has an average rating of "Moderate Buy" and an average target price of $61.13.

Insiders Place Their Bets

In related news, insider Thomas N. Schmitt sold 6,300 shares of the stock in a transaction on Monday, March 3rd. The shares were 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John A. Burkhart III sold 4,832 shares of the business's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $50.24, for a total transaction of $242,759.68. Following the completion of the sale, the insider now directly 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,132 shares of company stock valued at $620,476. 8.01% of the stock is owned by corporate insiders.

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.