Wall Street Zen Upgrades Skyward Specialty Insurance Group (NASDAQ:SKWD) to Buy

Skyward Specialty Insurance Group (NASDAQ:SKWD) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

A number of other equities research analysts have also weighed in on SKWD. Citizens Jmp lifted their price objective on Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the company a “market outperform” rating in a report on Thursday, October 30th. JMP Securities set a $75.00 price target on Skyward Specialty Insurance Group in a report on Thursday, October 30th. Citigroup restated an “outperform” rating on shares of Skyward Specialty Insurance Group in a research note on Thursday, October 30th. Wolfe Research upgraded Skyward Specialty Insurance Group to an “outperform” rating in a research report on Monday, September 15th. Finally, Piper Sandler reduced their target price on Skyward Specialty Insurance Group from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.50.

Skyward Specialty Insurance Group Stock Up 4.0%

NASDAQ:SKWD traded up $1.82 during midday trading on Friday, reaching $47.48. The stock had a trading volume of 370,277 shares, compared to its average volume of 453,312. The stock has a market cap of $1.92 billion, a P/E ratio of 14.01 and a beta of 0.57. The firm has a fifty day simple moving average of $47.31 and a two-hundred day simple moving average of $52.62. Skyward Specialty Insurance Group has a 12-month low of $41.28 and a 12-month high of $65.05.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.85 by $0.20. The company had revenue of $382.53 million during the quarter, compared to analysts’ expectations of $334.54 million. Skyward Specialty Insurance Group had a net margin of 10.57% and a return on equity of 17.88%. During the same quarter last year, the business earned $0.71 EPS. On average, sell-side analysts anticipate that Skyward Specialty Insurance Group will post 3.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Skyward Specialty Insurance Group by 5.2% in the third quarter. Vanguard Group Inc. now owns 2,452,842 shares of the company’s stock valued at $116,657,000 after acquiring an additional 120,663 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Skyward Specialty Insurance Group by 840.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,664 shares of the company’s stock worth $79,000 after buying an additional 1,487 shares during the period. Assetmark Inc. lifted its stake in shares of Skyward Specialty Insurance Group by 1,210.5% in the third quarter. Assetmark Inc. now owns 747 shares of the company’s stock worth $36,000 after acquiring an additional 690 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Skyward Specialty Insurance Group by 198.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 15,068 shares of the company’s stock valued at $717,000 after purchasing an additional 10,027 shares in the last quarter. Finally, Alps Advisors Inc. bought a new position in Skyward Specialty Insurance Group during the 3rd quarter valued at $471,000. Institutional investors and hedge funds 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.