Barclays Forecasts Strong Price Appreciation for Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock

Skyward Specialty Insurance Group (NASDAQ:SKWD) had its target price increased by analysts at Barclays from $63.00 to $64.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 22.01% from the stock’s previous close.

Several other equities analysts have also issued reports on SKWD. TD Cowen started coverage on Skyward Specialty Insurance Group in a research report on Monday, January 13th. They issued a “hold” rating and a $43.00 price target for the company. Jefferies Financial Group lowered Skyward Specialty Insurance Group from a “buy” rating to a “hold” rating and reduced their target price for the stock from $62.00 to $59.00 in a report on Friday. Wolfe Research reaffirmed a “peer perform” rating on shares of Skyward Specialty Insurance Group in a report on Friday, February 28th. JMP Securities reiterated a “market outperform” rating and issued a $60.00 price objective on shares of Skyward Specialty Insurance Group in a report on Monday, February 10th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Skyward Specialty Insurance Group from $62.00 to $57.00 and set an “outperform” rating on the stock in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Skyward Specialty Insurance Group Trading Up 0.6 %

SKWD traded up $0.31 during midday trading on Friday, reaching $52.46. The company’s stock had a trading volume of 405,652 shares, compared to its average volume of 378,818. Skyward Specialty Insurance Group has a 1 year low of $33.27 and a 1 year high of $55.62. The stock’s 50-day moving average is $50.44 and its 200-day moving average is $48.42. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 0.81 and a beta of 0.63.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. The company had revenue of $304.40 million for the quarter, compared to the consensus estimate of $295.56 million. Skyward Specialty Insurance Group had a return on equity of 16.39% and a net margin of 12.24%. As a group, equities research analysts forecast that Skyward Specialty Insurance Group will post 3.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Thomas N. Schmitt sold 6,300 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $51.92, for a total value of $327,096.00. Following the completion of the sale, the insider now directly owns 3,946 shares of the company’s stock, valued at $204,876.32. This represents a 61.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John A. Burkhart III sold 4,832 shares of Skyward Specialty Insurance Group stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $50.24, for a total transaction of $242,759.68. Following the transaction, the insider now owns 17,655 shares in the company, valued at approximately $886,987.20. This trade represents a 21.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,132 shares of company stock valued at $620,476. 8.01% of the stock is owned by insiders.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Reinhart Partners LLC. purchased a new position in Skyward Specialty Insurance Group during the first quarter valued at $49,979,000. Summit Global Investments bought a new stake in Skyward Specialty Insurance Group in the first quarter worth $1,392,000. GAMMA Investing LLC boosted its stake in Skyward Specialty Insurance Group by 6,374.4% during the first quarter. GAMMA Investing LLC now owns 17,675 shares of the company’s stock worth $935,000 after buying an additional 17,402 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Skyward Specialty Insurance Group during the fourth quarter valued at $6,048,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Skyward Specialty Insurance Group by 35.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 85,587 shares of the company’s stock valued at $4,326,000 after acquiring an additional 22,313 shares during the last quarter. 94.83% of the stock is owned by institutional investors.

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.