Janney Montgomery Scott Begins Coverage on Skyward Specialty Insurance Group (NASDAQ:SKWD)

Stock analysts at Janney Montgomery Scott initiated coverage on shares of Skyward Specialty Insurance Group (NASDAQ:SKWD) in a research report issued on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $60.00 price target on the stock. Janney Montgomery Scott’s price target would indicate a potential upside of 24.30% from the company’s current price.

Several other equities analysts also recently weighed in on the company. JMP Securities raised their price objective on Skyward Specialty Insurance Group from $65.00 to $70.00 and gave the company a “market outperform” rating in a research note on Thursday, September 4th. Piper Sandler dropped their price objective on Skyward Specialty Insurance Group from $69.00 to $59.00 and set an “overweight” rating for the company in a research note on Friday, August 1st. Citigroup reaffirmed an “outperform” rating on shares of Skyward Specialty Insurance Group in a research note on Thursday, September 4th. Wall Street Zen downgraded Skyward Specialty Insurance Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, Wolfe Research raised Skyward Specialty Insurance Group to an “outperform” rating in a research note on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $60.70.

Skyward Specialty Insurance Group Price Performance

Skyward Specialty Insurance Group stock opened at $48.27 on Monday. Skyward Specialty Insurance Group has a 1-year low of $41.28 and a 1-year high of $65.05. The company has a market cap of $1.95 billion, a PE ratio of 15.18 and a beta of 0.58. The stock’s 50 day moving average price is $48.23 and its 200 day moving average price is $53.53.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Skyward Specialty Insurance Group had a return on equity of 16.40% and a net margin of 10.53%.The firm had revenue of $319.90 million for the quarter, compared to the consensus estimate of $324.64 million. During the same period in the previous year, the business earned $0.80 earnings per share. On average, equities research analysts anticipate that Skyward Specialty Insurance Group will post 3.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Skyward Specialty Insurance Group

Several hedge funds have recently bought and sold shares of SKWD. Vanguard Group Inc. grew its position in shares of Skyward Specialty Insurance Group by 10.0% in the first quarter. Vanguard Group Inc. now owns 2,503,156 shares of the company’s stock valued at $132,467,000 after purchasing an additional 227,921 shares during the period. Invesco Ltd. grew its position in shares of Skyward Specialty Insurance Group by 46.3% in the second quarter. Invesco Ltd. now owns 1,790,131 shares of the company’s stock valued at $103,452,000 after purchasing an additional 566,902 shares during the period. Franklin Resources Inc. grew its position in shares of Skyward Specialty Insurance Group by 16.8% in the second quarter. Franklin Resources Inc. now owns 1,379,648 shares of the company’s stock valued at $79,730,000 after purchasing an additional 198,931 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Skyward Specialty Insurance Group by 4.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,094,018 shares of the company’s stock valued at $57,896,000 after purchasing an additional 45,464 shares during the period. Finally, Reinhart Partners LLC. grew its position in shares of Skyward Specialty Insurance Group by 1.5% in the second quarter. Reinhart Partners LLC. now owns 959,036 shares of the company’s stock valued at $55,423,000 after purchasing an additional 14,605 shares during the period. Hedge funds and other institutional investors 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.