Weiss Ratings Reaffirms Buy (B) Rating for Skyward Specialty Insurance Group (NASDAQ:SKWD)

Key Points

• Weiss Ratings has reaffirmed a "buy (B)" rating for Skyward Specialty Insurance Group (NASDAQ:SKWD), alongside multiple other analysts who have issued favorable ratings for the stock.
• The consensus price target for Skyward Specialty Insurance Group is $60.70, with recent analysts raising their price objectives, indicating positive sentiments towards the stock's performance.
• Skyward Specialty Insurance reported $0.89 earnings per share for the last quarter, surpassing the consensus estimate, and expects to post 3.05 earnings per share for the current fiscal year.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report)'s stock had its "buy (b)" rating reissued by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Other equities analysts have also issued reports about the stock. Citigroup restated an "outperform" rating on shares of Skyward Specialty Insurance Group in a report on Thursday, September 4th. JMP Securities upped their price objective on shares of Skyward Specialty Insurance Group from $65.00 to $70.00 and gave the stock a "market outperform" rating in a report on Thursday, September 4th. Janney Montgomery Scott assumed coverage on shares of Skyward Specialty Insurance Group in a report on Monday. They issued a "buy" rating and a $60.00 price objective on the stock. BMO Capital Markets upped their price objective on shares of Skyward Specialty Insurance Group from $52.00 to $55.00 and gave the stock a "market perform" rating in a report on Monday, September 8th. Finally, Wolfe Research upgraded shares of Skyward Specialty Insurance Group to an "outperform" rating in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $60.70.

Skyward Specialty Insurance Group Price Performance

Skyward Specialty Insurance Group stock opened at $48.97 on Wednesday. The firm has a 50 day simple moving average of $48.22 and a 200-day simple moving average of $53.49. Skyward Specialty Insurance Group has a 1-year low of $41.28 and a 1-year high of $65.05. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 15.40 and a beta of 0.58.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate 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 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 company posted $0.80 EPS. Equities analysts expect that Skyward Specialty Insurance Group will post 3.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

A number of hedge funds and other institutional investors have recently modified their holdings of SKWD. Invesco Ltd. raised its holdings in shares of Skyward Specialty Insurance Group by 46.3% in the 2nd quarter. Invesco Ltd. now owns 1,790,131 shares of the company's stock valued at $103,452,000 after purchasing an additional 566,902 shares in the last quarter. Voya Investment Management LLC raised its holdings in shares of Skyward Specialty Insurance Group by 3,712.0% in the 1st quarter. Voya Investment Management LLC now owns 433,652 shares of the company's stock valued at $22,949,000 after purchasing an additional 422,276 shares in the last quarter. Aberdeen Group plc acquired a new stake in shares of Skyward Specialty Insurance Group in the 2nd quarter valued at $19,319,000. Ameriprise Financial Inc. raised its holdings in shares of Skyward Specialty Insurance Group by 46.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 946,216 shares of the company's stock valued at $54,682,000 after purchasing an additional 301,288 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Skyward Specialty Insurance Group in the 1st quarter valued at $14,354,000. 94.83% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.