Skyward Specialty Insurance Group (NASDAQ:SKWD) Shares Up 5.4% – Time to Buy?

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

Analyst Upgrades and Downgrades

SKWD has been the topic of a number of recent research reports. TD Cowen raised their price target on shares of Skyward Specialty Insurance Group from $49.00 to $65.00 and gave the stock a “hold” rating in a research report on Tuesday, August 11th. Citigroup restated a “market outperform” rating on shares of Skyward Specialty Insurance Group in a report on Monday, October 12th. Jefferies Financial Group restated a “hold” rating and issued a $64.00 price target on shares of Skyward Specialty Insurance Group in a research report on Monday. Piper Sandler reiterated an “overweight” rating on shares of Skyward Specialty Insurance Group in a report on Monday, August 24th. Finally, Truist Financial raised their target price on shares of 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 research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Skyward Specialty Insurance Group has an average rating of “Moderate Buy” and a consensus target price of $70.70.

Skyward Specialty Insurance Group Price Performance

The stock has a market cap of $2.80 billion, a P/E ratio of 14.76 and a beta of 0.32. The stock’s 50-day moving average is $58.02 and its two-hundred day moving average is $52.07.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its quarterly earnings data on Thursday, November 5th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Skyward Specialty Insurance Group had a net margin of 10.84% and a return on equity of 18.72%. The company had revenue of $455.34 million during the quarter, compared to analyst estimates of $753.93 million. On average, analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 5.00 EPS for the current fiscal year.

Institutional Trading of Skyward Specialty Insurance Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Skyward Specialty Insurance Group in the second quarter valued at $214,576,000. Reinhart Partners LLC. grew its position in 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 valued at $168,889,000 after acquiring an additional 113,623 shares during the period. Aberdeen Group plc boosted its position in Skyward Specialty Insurance Group by 232.6% during the 3rd 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 period. Wasatch Advisors LP grew its position 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 valued at $55,694,000 after acquiring an additional 634,708 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Skyward Specialty Insurance Group by 4.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 854,789 shares of the company’s stock valued at $37,337,000 after buying an additional 36,997 shares during 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. 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.