Skyward Specialty Insurance Group (NASDAQ:SKWD) Releases Earnings Results, Beats Estimates By $0.15 EPS

Skyward Specialty Insurance Group (NASDAQ:SKWD) issued its quarterly earnings data on Monday. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.15, Briefing.com reports. The company had revenue of $279.94 million for the quarter, compared to analysts’ expectations of $282.70 million. Skyward Specialty Insurance Group had a net margin of 11.16% and a return on equity of 15.98%. During the same quarter in the previous year, the firm posted $0.42 earnings per share.

Skyward Specialty Insurance Group Stock Down 2.8 %

NASDAQ:SKWD traded down $1.05 during trading hours on Wednesday, hitting $36.83. 140,217 shares of the company traded hands, compared to its average volume of 361,896. Skyward Specialty Insurance Group has a one year low of $22.97 and a one year high of $41.11. The company has a market cap of $1.47 billion, a PE ratio of 14.14, a PEG ratio of 0.78 and a beta of 0.61. The firm’s 50-day simple moving average is $36.88 and its 200-day simple moving average is $35.79.

Insider Activity

In related news, insider Kirby Hill sold 8,500 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $37.02, for a total transaction of $314,670.00. Following the transaction, the insider now directly owns 13,946 shares in the company, valued at $516,280.92. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Mark W. Haushill sold 3,244 shares of Skyward Specialty Insurance Group stock in a transaction on Friday, May 10th. The stock was sold at an average price of $37.18, for a total transaction of $120,611.92. Following the sale, the chief financial officer now directly owns 177,886 shares in the company, valued at approximately $6,613,801.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kirby Hill sold 8,500 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $37.02, for a total transaction of $314,670.00. Following the completion of the transaction, the insider now directly owns 13,946 shares in the company, valued at $516,280.92. The disclosure for this sale can be found here. Insiders sold a total of 5,095,277 shares of company stock worth $186,000,945 over the last quarter. Insiders own 8.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Skyward Specialty Insurance Group from $46.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday. Keefe, Bruyette & Woods raised their target price on Skyward Specialty Insurance Group from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Truist Financial reissued a “buy” rating and issued a $49.00 price target (up from $47.00) on shares of Skyward Specialty Insurance Group in a research note on Wednesday. JMP Securities lifted their price objective on shares of Skyward Specialty Insurance Group from $47.00 to $50.00 and gave the company a “market outperform” rating in a research note on Tuesday. Finally, Oppenheimer assumed coverage on shares of Skyward Specialty Insurance Group in a research note on Friday, July 12th. They set a “market perform” rating on the stock. Two 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. Based on data from MarketBeat, Skyward Specialty Insurance Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.63.

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.