Skyward Specialty Insurance Group (NASDAQ:SKWD) Shares Gap Up - Here's Why

Shares of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $47.35, but opened at $49.98. Skyward Specialty Insurance Group shares last traded at $49.63, with a volume of 92,274 shares changing hands.

Analyst Ratings Changes

A number of research analysts have weighed in on SKWD shares. Keefe, Bruyette & Woods increased their target price on Skyward Specialty Insurance Group from $60.00 to $62.00 and gave the company an "outperform" rating in a report on Friday, February 28th. Truist Financial increased their target price on Skyward Specialty Insurance Group from $54.00 to $61.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Wolfe Research reissued a "peer perform" rating on shares of Skyward Specialty Insurance Group in a report on Friday, February 28th. JMP Securities reaffirmed a "market outperform" rating and issued a $60.00 price objective on shares of Skyward Specialty Insurance Group in a research note on Monday, February 10th. Finally, TD Cowen began coverage on Skyward Specialty Insurance Group in a research note on Monday, January 13th. They issued a "hold" rating and a $43.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $56.25.

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Skyward Specialty Insurance Group Stock Performance

The firm has a market cap of $1.98 billion, a PE ratio of 15.05, a PEG ratio of 0.81 and a beta of 0.67. The firm has a fifty day simple moving average of $47.54 and a two-hundred day simple moving average of $47.01.

Skyward Specialty Insurance Group (NASDAQ:SKWD - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. The business had revenue of $304.40 million during the quarter, compared to analysts' expectations of $295.56 million. Skyward Specialty Insurance Group had a return on equity of 16.39% and a net margin of 12.24%. Equities analysts forecast that Skyward Specialty Insurance Group, Inc. will post 3.05 EPS for the current fiscal year.

Insider Buying and Selling at Skyward Specialty Insurance Group

In other news, CEO Andrew S. Robinson sold 6,010 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $49.37, for a total value of $296,713.70. Following the completion of the sale, the chief executive officer now directly owns 77,144 shares of the company's stock, valued at $3,808,599.28. This trade represents a 7.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John A. Burkhart III sold 4,832 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $50.24, for a total value of $242,759.68. Following the completion of the sale, the insider now directly owns 17,655 shares of the company's stock, valued at $886,987.20. The trade was a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,450 shares of company stock worth $1,369,342 in the last quarter. 8.01% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Skyward Specialty Insurance Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Summit Investment Advisors Inc. lifted its stake in shares of Skyward Specialty Insurance Group by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,886 shares of the company's stock worth $196,000 after acquiring an additional 247 shares during the last quarter. IHT Wealth Management LLC lifted its stake in shares of Skyward Specialty Insurance Group by 4.6% during the 3rd quarter. IHT Wealth Management LLC now owns 10,501 shares of the company's stock worth $428,000 after acquiring an additional 464 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Skyward Specialty Insurance Group by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,129 shares of the company's stock worth $1,068,000 after acquiring an additional 748 shares during the last quarter. Sterling Capital Management LLC lifted its stake in shares of Skyward Specialty Insurance Group by 756.1% during the 4th quarter. Sterling Capital Management LLC now owns 916 shares of the company's stock worth $46,000 after acquiring an additional 809 shares during the last quarter. Finally, Riverwater Partners LLC lifted its stake in shares of Skyward Specialty Insurance Group by 2.5% during the 4th quarter. Riverwater Partners LLC now owns 35,013 shares of the company's stock worth $1,770,000 after acquiring an additional 862 shares during the last quarter. 94.83% of the stock is owned by institutional investors.

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.