Skyward Specialty Insurance Group (NASDAQ:SKWD) Hits New 12-Month High – Time to Buy?

Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $52.03 and last traded at $51.97, with a volume of 6625 shares trading hands. The stock had previously closed at $51.43.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SKWD shares. Raymond James boosted their price target on shares of Skyward Specialty Insurance Group from $45.00 to $55.00 and gave the company a “strong-buy” rating in a report on Tuesday, November 5th. Jefferies Financial Group boosted their price target on shares of Skyward Specialty Insurance Group from $45.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Barclays boosted their price target on shares of Skyward Specialty Insurance Group from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. William Blair started coverage on shares of Skyward Specialty Insurance Group in a report on Monday, August 19th. They issued an “outperform” rating for the company. Finally, Piper Sandler upped their target price on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Skyward Specialty Insurance Group currently has an average rating of “Moderate Buy” and a consensus price target of $46.89.

Skyward Specialty Insurance Group Stock Performance

The company has a market capitalization of $2.15 billion, a P/E ratio of 16.33, a PEG ratio of 0.93 and a beta of 0.53. The business has a fifty day moving average of $45.08 and a 200-day moving average of $40.11.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last announced its earnings results on Tuesday, October 29th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.06. The company had revenue of $300.89 million for the quarter, compared to analysts’ expectations of $292.43 million. Skyward Specialty Insurance Group had a return on equity of 16.39% and a net margin of 12.24%. During the same quarter in the previous year, the firm earned $0.65 earnings per share. Sell-side analysts anticipate that Skyward Specialty Insurance Group, Inc. will post 3.06 EPS for the current year.

Institutional Trading of Skyward Specialty Insurance Group

Several hedge funds have recently added to or reduced their stakes in the stock. Arcadia Investment Management Corp MI purchased a new stake in Skyward Specialty Insurance Group during the 3rd quarter worth about $41,000. Amalgamated Bank lifted its holdings in shares of Skyward Specialty Insurance Group by 27.7% in the second quarter. Amalgamated Bank now owns 1,285 shares of the company’s stock worth $46,000 after buying an additional 279 shares in the last quarter. Quarry LP boosted its position in shares of Skyward Specialty Insurance Group by 176.9% in the third quarter. Quarry LP now owns 1,376 shares of the company’s stock valued at $56,000 after acquiring an additional 879 shares during the period. Ameritas Investment Partners Inc. grew its stake in Skyward Specialty Insurance Group by 24.2% during the first quarter. Ameritas Investment Partners Inc. now owns 2,972 shares of the company’s stock valued at $111,000 after acquiring an additional 579 shares in the last quarter. Finally, CWM LLC lifted its stake in Skyward Specialty Insurance Group by 3,103.1% in the 3rd quarter. CWM LLC now owns 4,132 shares of the company’s stock worth $168,000 after purchasing an additional 4,003 shares in the last quarter. 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.