Piper Sandler Issues Pessimistic Forecast for Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Price

Skyward Specialty Insurance Group (NASDAQ:SKWD) had its price target decreased by equities researchers at Piper Sandler from $66.00 to $62.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 35.99% from the stock’s current price.

Several other brokerages have also issued reports on SKWD. Janney Montgomery Scott began coverage on Skyward Specialty Insurance Group in a research report on Monday, October 6th. They set a “buy” rating and a $60.00 target price for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Skyward Specialty Insurance Group in a research report on Wednesday, October 8th. Wolfe Research raised Skyward Specialty Insurance Group to an “outperform” rating in a research report on Monday, September 15th. BMO Capital Markets raised their target price on Skyward Specialty Insurance Group from $52.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, September 8th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Skyward Specialty Insurance Group in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Skyward Specialty Insurance Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.73.

Skyward Specialty Insurance Group Trading Down 0.1%

Shares of NASDAQ:SKWD opened at $45.59 on Friday. The stock’s fifty day simple moving average is $47.55 and its two-hundred day simple moving average is $52.89. Skyward Specialty Insurance Group has a 1-year low of $41.28 and a 1-year high of $65.05. The stock has a market cap of $1.85 billion, a PE ratio of 13.45 and a beta of 0.58.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.20. Skyward Specialty Insurance Group had a return on equity of 17.88% and a net margin of 10.57%.The business had revenue of $606.51 million for the quarter, compared to analysts’ expectations of $334.54 million. During the same period last year, the business earned $0.71 EPS. On average, sell-side analysts forecast that Skyward Specialty Insurance Group will post 3.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Skyward Specialty Insurance Group by 10.0% during the 1st quarter. Vanguard Group Inc. now owns 2,503,156 shares of the company’s stock valued at $132,467,000 after buying an additional 227,921 shares in the last quarter. Invesco Ltd. grew its holdings in Skyward Specialty Insurance Group by 46.3% during the 2nd quarter. Invesco Ltd. now owns 1,790,131 shares of the company’s stock valued at $103,452,000 after buying an additional 566,902 shares in the last quarter. Reinhart Partners LLC. grew its holdings in Skyward Specialty Insurance Group by 68.2% during the 3rd quarter. Reinhart Partners LLC. now owns 1,613,536 shares of the company’s stock valued at $76,740,000 after buying an additional 654,500 shares in the last quarter. Franklin Resources Inc. grew its holdings in Skyward Specialty Insurance Group by 16.8% during the 2nd quarter. Franklin Resources Inc. now owns 1,379,648 shares of the company’s stock valued at $79,730,000 after buying an additional 198,931 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Skyward Specialty Insurance Group by 4.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,094,018 shares of the company’s stock valued at $57,896,000 after buying an additional 45,464 shares in the last quarter. Hedge funds and other institutional investors own 94.83% of the company’s stock.

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.