Skyward Specialty Insurance Group (NASDAQ:SKWD) Issues Quarterly Earnings Results

Skyward Specialty Insurance Group (NASDAQ:SKWD) released its earnings results on Monday. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.15, Briefing.com reports. The business had revenue of $279.94 million during the quarter, compared to analyst estimates of $282.70 million. Skyward Specialty Insurance Group had a net margin of 11.16% and a return on equity of 15.98%. During the same quarter in the prior year, the firm earned $0.42 earnings per share.

Skyward Specialty Insurance Group Trading Down 2.8 %

SKWD traded down $1.05 on Wednesday, hitting $36.83. The company had a trading volume of 140,217 shares, compared to its average volume of 361,896. The firm has a market cap of $1.47 billion, a P/E ratio of 14.14, a PEG ratio of 0.78 and a beta of 0.61. The company’s fifty day moving average price is $36.88 and its 200 day moving average price is $35.79. Skyward Specialty Insurance Group has a 1 year low of $22.97 and a 1 year high of $41.11.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Oppenheimer initiated coverage on shares of Skyward Specialty Insurance Group in a research note on Friday, July 12th. They set a “market perform” rating for the company. Piper Sandler upped their price target on Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday. Truist Financial reiterated a “buy” rating and set a $49.00 price objective (up previously from $47.00) on shares of Skyward Specialty Insurance Group in a research report on Wednesday. Keefe, Bruyette & Woods upped their target price on Skyward Specialty Insurance Group from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Finally, JMP Securities raised their target price on Skyward Specialty Insurance Group from $47.00 to $50.00 and gave the stock a “market outperform” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.63.

Insiders Place Their Bets

In other news, major shareholder Corp Westaim sold 5,060,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $36.50, for a total value of $184,690,000.00. Following the transaction, the insider now directly owns 1,919,639 shares in the company, valued at approximately $70,066,823.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Andrew S. Robinson sold 23,533 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $37.21, for a total value of $875,662.93. Following the completion of the transaction, the chief executive officer now owns 83,154 shares of the company’s stock, valued at $3,094,160.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Corp Westaim sold 5,060,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $36.50, for a total transaction of $184,690,000.00. Following the sale, the insider now directly owns 1,919,639 shares in the company, valued at $70,066,823.50. The disclosure for this sale can be found here. Insiders sold a total of 5,095,277 shares of company stock valued at $186,000,945 over the last 90 days. 8.01% of the stock is owned by company insiders.

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.