JMP Securities Reaffirms Market Outperform Rating for Skyward Specialty Insurance Group (NASDAQ:SKWD)

Skyward Specialty Insurance Group (NASDAQ:SKWD)‘s stock had its “market outperform” rating reissued by investment analysts at JMP Securities in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $50.00 price target on the stock. JMP Securities’ price target would indicate a potential upside of 10.06% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Oppenheimer began coverage on Skyward Specialty Insurance Group in a research note on Friday, July 12th. They set a “market perform” rating on the stock. Barclays started coverage on Skyward Specialty Insurance Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $44.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price target on Skyward Specialty Insurance Group from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, August 12th. Truist Financial reissued a “buy” rating and set a $49.00 price objective (up previously from $47.00) on shares of Skyward Specialty Insurance Group in a report on Wednesday, August 7th. Finally, William Blair started coverage on Skyward Specialty Insurance Group in a report on Monday, August 19th. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $44.78.

Skyward Specialty Insurance Group Stock Performance

Shares of NASDAQ SKWD opened at $45.43 on Tuesday. The stock has a 50 day moving average price of $40.44 and a 200 day moving average price of $38.00. Skyward Specialty Insurance Group has a 52 week low of $27.12 and a 52 week high of $46.03. The stock has a market capitalization of $1.82 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 0.81 and a beta of 0.60.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its quarterly earnings data on Monday, August 5th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.15. Skyward Specialty Insurance Group had a return on equity of 17.36% and a net margin of 11.52%. The company had revenue of $279.94 million during the quarter, compared to analysts’ expectations of $282.70 million. During the same period last year, the firm posted $0.42 earnings per share. As a group, research analysts forecast that Skyward Specialty Insurance Group will post 2.98 EPS for the current year.

Insiders Place Their Bets

In other Skyward Specialty Insurance Group news, Director Katharine Terry sold 1,653 shares of Skyward Specialty Insurance Group stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $36.87, for a total transaction of $60,946.11. Following the transaction, the director now directly owns 4,001 shares of the company’s stock, valued at approximately $147,516.87. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.01% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SKWD. Amalgamated Bank raised its position in shares of Skyward Specialty Insurance Group by 27.7% in the 2nd quarter. Amalgamated Bank now owns 1,285 shares of the company’s stock worth $46,000 after acquiring an additional 279 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Skyward Specialty Insurance Group by 24.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,972 shares of the company’s stock worth $111,000 after acquiring an additional 579 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of Skyward Specialty Insurance Group in the 2nd quarter worth about $160,000. CWM LLC raised its position in shares of 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 acquiring an additional 4,003 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Skyward Specialty Insurance Group in the 1st quarter worth about $200,000. 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.