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 restated by investment analysts at JMP Securities in a research note issued on Monday,Benzinga reports. They presently have a $60.00 price objective on the stock. JMP Securities’ price objective suggests a potential upside of 23.38% from the company’s current price.

SKWD has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised their price objective on Skyward Specialty Insurance Group from $59.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday. Raymond James lifted their price target on Skyward Specialty Insurance Group from $45.00 to $55.00 and gave the company a “strong-buy” rating in a research note on Tuesday, November 5th. 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 target on the stock. Barclays lifted their price target on Skyward Specialty Insurance Group from $45.00 to $53.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, Piper Sandler decreased their price target on Skyward Specialty Insurance Group from $58.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.44.

Skyward Specialty Insurance Group Stock Performance

NASDAQ:SKWD traded up $0.11 during mid-day trading on Monday, hitting $48.63. 17,244 shares of the stock were exchanged, compared to its average volume of 403,056. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 0.81 and a beta of 0.83. The firm’s 50-day simple moving average is $48.07 and its 200 day simple moving average is $44.82. Skyward Specialty Insurance Group has a fifty-two week low of $30.73 and a fifty-two week high of $55.62.

Insiders Place Their Bets

In other news, CFO Mark W. Haushill sold 1,630 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $49.06, for a total transaction of $79,967.80. Following the transaction, the chief financial officer now directly owns 176,971 shares of the company’s stock, valued at approximately $8,682,197.26. This trade represents a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andrew S. Robinson sold 6,010 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $49.37, for a total value of $296,713.70. Following the transaction, the chief executive officer now directly owns 77,144 shares in the company, valued at $3,808,599.28. This trade represents a 7.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,318 shares of company stock worth $2,098,866 over the last 90 days. Corporate insiders own 8.01% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jennison Associates LLC grew its stake in shares of Skyward Specialty Insurance Group by 1.0% during the third quarter. Jennison Associates LLC now owns 1,296,001 shares of the company’s stock valued at $52,786,000 after buying an additional 12,484 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Skyward Specialty Insurance Group by 16.6% during the third quarter. Franklin Resources Inc. now owns 1,117,257 shares of the company’s stock valued at $45,506,000 after buying an additional 158,679 shares during the last quarter. Emerald Advisers LLC grew its stake in shares of Skyward Specialty Insurance Group by 3.4% during the third quarter. Emerald Advisers LLC now owns 874,581 shares of the company’s stock valued at $35,622,000 after buying an additional 28,618 shares during the last quarter. State Street Corp boosted its holdings in shares of Skyward Specialty Insurance Group by 10.8% during the third quarter. State Street Corp now owns 844,233 shares of the company’s stock worth $34,386,000 after purchasing an additional 82,328 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in shares of Skyward Specialty Insurance Group by 12.9% during the third quarter. Victory Capital Management Inc. now owns 743,073 shares of the company’s stock worth $30,265,000 after purchasing an additional 84,623 shares during the period. 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.