Barclays Issues Positive Forecast for Skyward Specialty Insurance Group (NASDAQ:SKWD) Stock Price

Skyward Specialty Insurance Group (NASDAQ:SKWD) had its price target increased by Barclays from $68.00 to $71.00 in a research note released on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Keefe, Bruyette & Woods raised their price target on shares of Skyward Specialty Insurance Group from $72.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, August 10th. TD Cowen lifted their price target on shares of Skyward Specialty Insurance Group from $49.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, August 11th. Piper Sandler reiterated an “overweight” rating on shares of Skyward Specialty Insurance Group in a research report on Monday, August 24th. Weiss Ratings downgraded shares of Skyward Specialty Insurance Group from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, October 30th. Finally, Citigroup restated a “market outperform” rating on shares of Skyward Specialty Insurance Group in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Skyward Specialty Insurance Group presently has a consensus rating of “Moderate Buy” and an average target price of $71.44.

Skyward Specialty Insurance Group Stock Performance

Shares of Skyward Specialty Insurance Group stock traded down $3.51 during trading on Friday, reaching $60.35. 879,959 shares of the company’s stock were exchanged, compared to its average volume of 347,464. Skyward Specialty Insurance Group has a 1-year low of $40.60 and a 1-year high of $65.69. The company has a market cap of $2.68 billion, a P/E ratio of 14.10 and a beta of 0.32. The firm’s 50-day moving average price is $57.99 and its 200 day moving average price is $52.00.

Skyward Specialty Insurance Group (NASDAQ:SKWD) last released its quarterly earnings data on Thursday, November 5th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Skyward Specialty Insurance Group had a return on equity of 18.72% and a net margin of 10.84%. The business had revenue of $455.34 million for the quarter, compared to analyst estimates of $753.93 million. As a group, equities research analysts predict that Skyward Specialty Insurance Group will post 5.00 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SKWD. Diversified Trust Co raised its holdings in Skyward Specialty Insurance Group by 0.9% in the 3rd quarter. Diversified Trust Co now owns 20,185 shares of the company’s stock valued at $1,066,000 after buying an additional 185 shares during the last quarter. Aberdeen Group plc increased its position in Skyward Specialty Insurance Group by 232.6% in the 3rd quarter. Aberdeen Group plc now owns 1,173,935 shares of the company’s stock valued at $57,194,000 after acquiring an additional 821,028 shares during the period. Allworth Financial LP increased its position in Skyward Specialty Insurance Group by 186.9% in the 3rd quarter. Allworth Financial LP now owns 459 shares of the company’s stock valued at $27,000 after acquiring an additional 299 shares during the period. Russell Investments Group Ltd. increased its position in Skyward Specialty Insurance Group by 83.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 110,140 shares of the company’s stock valued at $5,815,000 after acquiring an additional 50,181 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Skyward Specialty Insurance Group by 1.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 164,179 shares of the company’s stock valued at $8,994,000 after acquiring an additional 2,491 shares during the last quarter. Institutional investors and hedge funds own 94.83% of the company’s stock.

Key Stories Impacting Skyward Specialty Insurance Group

Here are the key news stories impacting Skyward Specialty Insurance Group this week:

• Positive Sentiment: Skyward earned $1.28 per share, above the $1.22 consensus and up from $1.05 a year earlier. Barclays raised its price target to $71 from $68 and kept an “overweight” rating, signaling confidence in further upside. Q3 earnings beat estimates Barclays target increase
• Neutral Sentiment: Despite the earnings beat, an article cautioned that SKWD could be trading above fair value, suggesting valuation may limit gains even as quarterly results were strong. Valuation and Q3 results
• Negative Sentiment: Revenue was reported at $455.34 million, well below analyst estimates of about $753.9 million. That sizable sales shortfall could overshadow the EPS beat and contribute to pressure on the stock. Q3 sales miss

Skyward Specialty Insurance Group Company Profile

Skyward Specialty Insurance Group, Inc is a specialty property and casualty insurance company headquartered in Houston, Texas. Through its insurance subsidiaries, the company provides customized coverage for businesses and organizations that may be underserved by the standard insurance market.

Its offerings include excess and surplus lines insurance, professional liability, healthcare liability, workers’ compensation, surety, commercial property and casualty coverage, specialty programs, and accident and health products.