Skyward Specialty Insurance Group (NASDAQ:SKWD) Hits New 1-Year High – Here’s What Happened

Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) reached a new 52-week high during trading on Thursday . The stock traded as high as $52.03 and last traded at $51.97, with a volume of 6625 shares changing hands. The stock had previously closed at $51.43.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SKWD. William Blair initiated coverage on shares of Skyward Specialty Insurance Group in a research report on Monday, August 19th. They issued an “outperform” rating on the stock. Piper Sandler raised their target price on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. JMP Securities raised their target price on shares of Skyward Specialty Insurance Group from $50.00 to $53.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. Raymond James raised their target price on shares of Skyward Specialty Insurance Group from $45.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Skyward Specialty Insurance Group from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. Three 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $46.89.

Skyward Specialty Insurance Group Stock Up 1.7 %

The company has a market cap of $2.10 billion, a PE ratio of 15.68, a P/E/G ratio of 0.93 and a beta of 0.53. The stock’s 50 day simple moving average is $44.53 and its two-hundred day simple moving average is $39.91.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06. The company had revenue of $300.89 million for the quarter, compared to the consensus estimate of $292.43 million. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. During the same quarter last year, the firm posted $0.65 earnings per share. Analysts forecast that Skyward Specialty Insurance Group, Inc. will post 3.06 EPS for the current year.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

A number of hedge funds have recently made changes to their positions in the business. Amalgamated Bank raised its stake in shares of Skyward Specialty Insurance Group by 27.7% in the 2nd quarter. Amalgamated Bank now owns 1,285 shares of the company’s stock valued at $46,000 after acquiring an additional 279 shares during the period. Chartwell Investment Partners LLC raised its stake in shares of Skyward Specialty Insurance Group by 0.8% in the 3rd quarter. Chartwell Investment Partners LLC now owns 38,037 shares of the company’s stock valued at $1,549,000 after acquiring an additional 306 shares during the period. IHT Wealth Management LLC raised its stake in shares of Skyward Specialty Insurance Group by 4.6% in the 3rd quarter. IHT Wealth Management LLC now owns 10,501 shares of the company’s stock valued at $428,000 after acquiring an additional 464 shares during the period. Ameritas Investment Partners Inc. grew its holdings in Skyward Specialty Insurance Group by 24.2% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,972 shares of the company’s stock valued at $111,000 after purchasing an additional 579 shares in the last quarter. Finally, Quarry LP grew its holdings in Skyward Specialty Insurance Group by 176.9% during the 3rd quarter. Quarry LP now owns 1,376 shares of the company’s stock valued at $56,000 after purchasing an additional 879 shares in the last quarter. Hedge funds and other 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.