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 mid-day trading on Monday . The stock traded as high as $63.84 and last traded at $63.98, with a volume of 36490 shares trading hands. The stock had previously closed at $63.35.

Analysts Set New Price Targets

A number of equities research analysts have commented on SKWD shares. JMP Securities raised 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 report on Friday, May 2nd. Truist Financial increased their price target 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. Keefe, Bruyette & Woods boosted their price target 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 increased their target price 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. Finally, Jefferies Financial Group downgraded Skyward Specialty Insurance Group from a "buy" rating to a "hold" rating and reduced their target price for the company from $62.00 to $59.00 in a report on Friday, April 11th. Four 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. According to MarketBeat, Skyward Specialty Insurance Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.75.

Skyward Specialty Insurance Group Stock Down 0.8%

The business has a 50 day moving average of $57.12 and a 200 day moving average of $52.07. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 19.04, a price-to-earnings-growth ratio of 0.81 and a beta of 0.79.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.90 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 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 quarter in the previous year, the business earned $0.75 earnings per share. Research analysts predict that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share for the current year.

Insider Transactions at Skyward Specialty Insurance Group

In other Skyward Specialty Insurance Group news, Chairman Kirby Hill sold 8,249 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $60.87, for a total value of $502,116.63. Following the completion of the sale, the chairman now owns 8,249 shares of the company's stock, valued at $502,116.63. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.01% of the company's stock.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

Institutional investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC increased its position in shares of Skyward Specialty Insurance Group by 756.1% during the fourth quarter. Sterling Capital Management LLC now owns 916 shares of the company's stock worth $46,000 after acquiring an additional 809 shares during the last quarter. LRI Investments LLC purchased a new stake in Skyward Specialty Insurance Group during the 1st quarter worth approximately $67,000. KBC Group NV purchased a new stake in Skyward Specialty Insurance Group during the 1st quarter worth approximately $81,000. ORG Wealth Partners LLC raised its position in shares of Skyward Specialty Insurance Group by 86.9% in the 1st quarter. ORG Wealth Partners LLC now owns 2,273 shares of the company's stock valued at $123,000 after purchasing an additional 1,057 shares in the last quarter. Finally, State of Wyoming boosted its stake in shares of Skyward Specialty Insurance Group by 52.4% during the 1st quarter. State of Wyoming now owns 2,435 shares of the company's stock valued at $129,000 after buying an additional 837 shares during the last quarter. Institutional investors and hedge funds own 94.83% of the company's stock.

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.