Skyward Specialty Insurance Group (NASDAQ:SKWD) Posts Quarterly 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 EPS for the quarter, topping the consensus estimate of $0.65 by $0.15, Briefing.com reports. Skyward Specialty Insurance Group had a net margin of 11.16% and a return on equity of 15.98%. The firm had revenue of $279.94 million for the quarter, compared to analyst estimates of $282.70 million. During the same period in the prior year, the business posted $0.42 EPS.

Skyward Specialty Insurance Group Stock Down 0.6 %

NASDAQ:SKWD traded down $0.24 during trading hours on Wednesday, reaching $37.64. 51,718 shares of the company’s stock were exchanged, compared to its average volume of 361,257. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 0.78 and a beta of 0.61. The company has a 50-day moving average of $36.88 and a 200 day moving average of $35.79. Skyward Specialty Insurance Group has a 1-year low of $22.97 and a 1-year high of $41.11.

Insider Buying and Selling

In related news, CEO Andrew S. Robinson sold 23,533 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $37.21, for a total transaction of $875,662.93. Following the completion of the sale, the chief executive officer now owns 83,154 shares in the company, valued at approximately $3,094,160.34. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, major shareholder Corp Westaim sold 5,060,000 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $36.50, for a total value of $184,690,000.00. Following the completion of the sale, the insider now owns 1,919,639 shares in the company, valued at $70,066,823.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew S. Robinson sold 23,533 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $37.21, for a total transaction of $875,662.93. Following the completion of the sale, the chief executive officer now owns 83,154 shares of the company’s stock, valued at approximately $3,094,160.34. 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 in the last 90 days. Company insiders own 8.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SKWD. JMP Securities upped their price objective on shares of Skyward Specialty Insurance Group from $47.00 to $50.00 and gave the stock a “market outperform” rating in a report on Tuesday. Oppenheimer started coverage on shares of Skyward Specialty Insurance Group in a report on Friday, July 12th. They issued a “market perform” rating on the stock. 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. Truist Financial reaffirmed a “buy” rating and set a $49.00 target price (up from $47.00) on shares of Skyward Specialty Insurance Group in a research note on Wednesday. Finally, Keefe, Bruyette & Woods upped their target price on shares of 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. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.63.

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.