Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Jumps 5.4% – Here’s Why

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) shot up 5.4% on Tuesday. The company traded as high as $63.16 and last traded at $63.0260. Approximately 189,016 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 471,063 shares. The stock had previously closed at $59.80.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Truist Financial lifted their price objective on shares of Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Jefferies Financial Group reaffirmed a “hold” rating and set a $64.00 price target on shares of Skyward Specialty Insurance Group in a report on Monday. Piper Sandler reaffirmed an “overweight” rating on shares of Skyward Specialty Insurance Group in a research note on Monday, August 24th. Citigroup reiterated a “market outperform” rating on shares of Skyward Specialty Insurance Group in a report on Monday, October 12th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Skyward Specialty Insurance Group from $72.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.60.

Skyward Specialty Insurance Group Stock Performance

The firm has a fifty day simple moving average of $58.25 and a 200-day simple moving average of $52.25. The company has a market capitalization of $2.81 billion, a PE ratio of 14.79 and a beta of 0.32.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its earnings results on Thursday, November 5th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Skyward Specialty Insurance Group had a return on equity of 18.70% and a net margin of 10.62%. The company had revenue of $455.34 million for the quarter, compared to analyst estimates of $753.93 million. As a group, research analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 4.93 EPS for the current fiscal year.

Institutional Trading of Skyward Specialty Insurance Group

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Skyward Specialty Insurance Group during the 2nd quarter worth $214,576,000. Reinhart Partners LLC. lifted its position in shares of Skyward Specialty Insurance Group by 4.1% during the second quarter. Reinhart Partners LLC. now owns 2,894,407 shares of the company’s stock worth $168,889,000 after purchasing an additional 113,623 shares during the last quarter. Aberdeen Group plc lifted its position in shares of Skyward Specialty Insurance Group by 232.6% during the third quarter. Aberdeen Group plc now owns 1,173,935 shares of the company’s stock worth $57,194,000 after purchasing an additional 821,028 shares during the last quarter. Wasatch Advisors LP grew its stake in Skyward Specialty Insurance Group by 198.5% in the second 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. Finally, GW&K Investment Management LLC grew its stake in Skyward Specialty Insurance Group by 24.9% in the third quarter. GW&K Investment Management LLC now owns 730,482 shares of the company’s stock worth $38,570,000 after purchasing an additional 145,722 shares in the last quarter. 94.83% of the stock is owned by institutional investors and hedge funds.

About Skyward Specialty Insurance Group

Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurer that provides coverage for businesses and other organizations with specialized or complex risks. It distributes its products primarily through insurance agents, brokers and other underwriting partners. Its offerings span areas such as casualty, professional liability, property, energy, aviation, agriculture, surety and accident and health insurance. The company also works with program administrators to provide coverage tailored to particular industries and customer needs.