Skyward Specialty Insurance Group (NASDAQ:SKWD) Reaches New 1-Year High After Analyst Upgrade

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Get Free Report) hit a new 52-week high during trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $57.00 to $67.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Skyward Specialty Insurance Group traded as high as $60.40 and last traded at $59.36, with a volume of 615752 shares. The stock had previously closed at $58.63.

Other equities analysts also recently issued reports about the stock. Barclays upped their price target 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. TD Cowen initiated coverage on Skyward Specialty Insurance Group in a research report on Monday, January 13th. They issued a "hold" rating and a $43.00 target price on the stock. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a report on Friday, May 2nd. Truist Financial increased 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. Finally, Piper Sandler lifted their target price on shares of Skyward Specialty Insurance Group from $57.00 to $66.00 and gave the company an "overweight" rating in a research note on Monday. Four 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 company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $61.13.

Insider Activity at Skyward Specialty Insurance Group

In other news, insider John A. Burkhart III sold 4,832 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $50.24, for a total value of $242,759.68. Following the completion of the transaction, the insider now owns 17,655 shares in the company, valued at approximately $886,987.20. This represents a 21.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gena L. Ashe sold 1,000 shares of Skyward Specialty Insurance Group stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $50.62, for a total transaction of $50,620.00. Following the sale, the director now owns 734 shares in the company, valued at approximately $37,155.08. This trade represents a 57.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,132 shares of company stock worth $620,476. 8.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

Hedge funds have recently modified their holdings of the stock. Barclays PLC increased its position in shares of Skyward Specialty Insurance Group by 277.7% during the 3rd quarter. Barclays PLC now owns 64,032 shares of the company's stock worth $2,608,000 after purchasing an additional 47,081 shares in the last quarter. Franklin Resources Inc. grew its stake in Skyward Specialty Insurance Group by 16.6% during the third quarter. Franklin Resources Inc. now owns 1,117,257 shares of the company's stock worth $45,506,000 after buying an additional 158,679 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Skyward Specialty Insurance Group by 32.9% in the third quarter. JPMorgan Chase & Co. now owns 86,302 shares of the company's stock valued at $3,515,000 after acquiring an additional 21,346 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Skyward Specialty Insurance Group by 2.4% in the 4th quarter. Nordea Investment Management AB now owns 64,321 shares of the company's stock worth $3,248,000 after acquiring an additional 1,523 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in Skyward Specialty Insurance Group during the 4th quarter worth approximately $61,000. 94.83% of the stock is owned by institutional investors and hedge funds.

Skyward Specialty Insurance Group Stock Performance

The stock has a 50-day moving average of $52.51 and a 200 day moving average of $50.00. The firm has a market capitalization of $2.42 billion, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.12. The business had revenue of $328.53 million during the quarter, compared to analysts' expectations 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 business posted $0.75 earnings per share. On average, equities analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current year.

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.