Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Skyward Specialty Insurance Group (NASDAQ:SKWD) from a hold rating to a buy rating in a research note released on Sunday morning,Wall Street Zen reports.

A number of other brokerages have also recently commented on SKWD. Citigroup reaffirmed a “market outperform” rating on shares of Skyward Specialty Insurance Group in a research report on Monday, October 12th. Keefe, Bruyette & Woods increased their price objective on Skyward Specialty Insurance Group from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, August 10th. TD Cowen increased their price objective on Skyward Specialty Insurance Group from $49.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, August 11th. Weiss Ratings upgraded Skyward Specialty Insurance Group from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday. Finally, Truist Financial raised their price objective on Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.11.

Skyward Specialty Insurance Group Stock Performance

NASDAQ:SKWD opened at $61.23 on Friday. Skyward Specialty Insurance Group has a 12 month low of $40.60 and a 12 month high of $65.69. The firm has a fifty day simple moving average of $57.33 and a 200-day simple moving average of $53.42. The company has a market capitalization of $2.72 billion, a P/E ratio of 14.27 and a beta of 0.37.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. Skyward Specialty Insurance Group had a net margin of 10.84% and a return on equity of 18.72%. The firm had revenue of $489.53 million for the quarter, compared to analyst estimates of $706.59 million. Equities analysts forecast that Skyward Specialty Insurance Group will post 5.00 EPS for the current year.

Institutional Trading of Skyward Specialty Insurance Group

A number of hedge funds and other institutional investors have recently made changes to their positions in SKWD. BlackRock Inc. acquired a new position in Skyward Specialty Insurance Group in the second quarter valued at approximately $214,576,000. Wasatch Advisors LP boosted its position in Skyward Specialty Insurance Group by 198.5% in the 2nd quarter. Wasatch Advisors LP now owns 954,489 shares of the company’s stock worth $55,694,000 after purchasing an additional 634,708 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Skyward Specialty Insurance Group during the 2nd quarter worth approximately $21,142,000. Sei Investments Co. grew its stake in shares of Skyward Specialty Insurance Group by 397.5% during the 1st quarter. Sei Investments Co. now owns 433,298 shares of the company’s stock worth $18,926,000 after purchasing an additional 346,202 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Skyward Specialty Insurance Group during the 2nd quarter worth approximately $8,130,000. Institutional investors and hedge funds own 94.83% of the company’s stock.

About Skyward Specialty Insurance Group

Skyward Specialty Insurance Group, Inc is a specialty property and casualty insurance company headquartered in Houston, Texas. Through its insurance subsidiaries, the company provides customized coverage for businesses and other commercial policyholders, focusing on risks that may require specialized underwriting and claims expertise.

Its products and programs include commercial property and casualty insurance, workers’ compensation, commercial auto, general and professional liability, excess and surplus lines, healthcare-related coverage, surety, and other specialty insurance solutions.