Skyward Specialty Insurance Group (NASDAQ:SKWD) Trading Down 3.5% - Here's What Happened

Key Points

• Skyward Specialty Insurance Group's shares fell by 3.5% during Wednesday trading, dropping to a low of $48.74 from a previous close of $50.60.
• Analysts maintain a generally positive outlook, with a majority rating the stock as a buy, and setting an average price target of $60.70.
• Skyward reported a quarterly EPS of $0.89, exceeding estimates, but revenue came in under expectations at $319.90 million.

Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Get Free Report) were down 3.5% during trading on Wednesday . The stock traded as low as $48.74 and last traded at $48.85. Approximately 22,554 shares were traded during trading, a decline of 95% from the average daily volume of 433,688 shares. The stock had previously closed at $50.60.

Wall Street Analysts Forecast Growth

SKWD has been the topic of a number of recent research reports. Citigroup reiterated an "outperform" rating on shares of Skyward Specialty Insurance Group in a report on Thursday, September 4th. Janney Montgomery Scott started coverage on shares of Skyward Specialty Insurance Group in a research report on Monday, October 6th. They issued a "buy" rating and a $60.00 target price for the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Skyward Specialty Insurance Group in a research report on Wednesday, October 8th. BMO Capital Markets raised their target price on shares of Skyward Specialty Insurance Group from $52.00 to $55.00 and gave the company a "market perform" rating in a research report on Monday, September 8th. Finally, Wolfe Research raised shares of Skyward Specialty Insurance Group to an "outperform" rating in a research note on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Skyward Specialty Insurance Group has an average rating of "Moderate Buy" and an average price target of $60.70.

Skyward Specialty Insurance Group Price Performance

The stock's 50-day simple moving average is $48.21 and its 200 day simple moving average is $53.39. The stock has a market capitalization of $1.99 billion, a P/E ratio of 15.43 and a beta of 0.58.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Skyward Specialty Insurance Group had a net margin of 10.53% and a return on equity of 16.40%. The firm had revenue of $319.90 million during the quarter, compared to analysts' expectations of $324.64 million. During the same period in the previous year, the business posted $0.80 earnings per share. As a group, analysts expect that Skyward Specialty Insurance Group, Inc. will post 3.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its stake in Skyward Specialty Insurance Group by 6,374.4% in the first quarter. GAMMA Investing LLC now owns 17,675 shares of the company's stock valued at $935,000 after purchasing an additional 17,402 shares in the last quarter. SG Americas Securities LLC acquired a new position in Skyward Specialty Insurance Group during the first quarter worth about $631,000. Janney Montgomery Scott LLC acquired a new position in Skyward Specialty Insurance Group during the first quarter worth about $544,000. ORG Wealth Partners LLC raised its stake in Skyward Specialty Insurance Group by 86.9% during the first quarter. ORG Wealth Partners LLC now owns 2,273 shares of the company's stock worth $123,000 after acquiring an additional 1,057 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in Skyward Specialty Insurance Group during the first quarter worth about $241,000. 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.

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