Skyward Specialty Insurance Group (NASDAQ:SKWD) Trading Up 8.7% on Earnings Beat

Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) shares shot up 8.7% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $58.16 and last traded at $58.23. 293,832 shares were traded during mid-day trading, a decline of 23% from the average session volume of 381,702 shares. The stock had previously closed at $53.57.

The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.12. Skyward Specialty Insurance Group had a net margin of 12.24% and a return on equity of 16.39%. The company had revenue of $328.53 million for the quarter, compared to analysts’ expectations of $310.94 million. During the same quarter in the previous year, the company earned $0.75 earnings per share.

Analyst Ratings Changes

A number of research analysts have recently commented on SKWD shares. Piper Sandler lowered their target price on Skyward Specialty Insurance Group from $58.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Keefe, Bruyette & Woods lowered their price objective on Skyward Specialty Insurance Group from $62.00 to $57.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. TD Cowen started coverage on shares of Skyward Specialty Insurance Group in a research report on Monday, January 13th. They issued a “hold” rating and a $43.00 target price on the stock. Truist Financial lifted their price target on shares of Skyward Specialty Insurance Group from $54.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Finally, Wolfe Research restated a “peer perform” rating on shares of Skyward Specialty Insurance Group in a report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.63.

Insiders Place Their Bets

In other Skyward Specialty Insurance Group news, insider Thomas N. Schmitt sold 6,300 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $51.92, for a total transaction of $327,096.00. Following the transaction, the insider now owns 3,946 shares in the company, valued at approximately $204,876.32. This represents a 61.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John A. Burkhart III sold 4,832 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $50.24, for a total transaction of $242,759.68. Following the sale, the insider now directly owns 17,655 shares in the company, valued at approximately $886,987.20. The trade was a 21.49 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,132 shares of company stock valued at $620,476. Insiders own 8.01% of the company’s stock.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKWD. Reinhart Partners LLC. bought a new stake in shares of Skyward Specialty Insurance Group in the first quarter worth $49,979,000. Capital World Investors purchased a new position in Skyward Specialty Insurance Group in the fourth quarter worth about $41,182,000. American Century Companies Inc. grew its stake in shares of Skyward Specialty Insurance Group by 54.0% during the 4th quarter. American Century Companies Inc. now owns 1,577,846 shares of the company’s stock valued at $79,744,000 after purchasing an additional 553,389 shares during the period. WCM Investment Management LLC purchased a new stake in shares of Skyward Specialty Insurance Group during the 4th quarter valued at about $18,084,000. Finally, Swedbank AB bought a new position in shares of Skyward Specialty Insurance Group in the 4th quarter worth approximately $15,164,000. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Skyward Specialty Insurance Group Stock Up 9.4 %

The business’s fifty day moving average is $51.97 and its 200-day moving average is $49.64. The company has a market cap of $2.36 billion, a PE ratio of 17.88, a P/E/G ratio of 0.81 and a beta of 0.63.

Skyward Specialty Insurance Group Company Profile

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.