Skyward Specialty Insurance Group (NASDAQ:SKWD) Releases Earnings Results

Skyward Specialty Insurance Group (NASDAQ:SKWD) announced its quarterly earnings data on Thursday. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06, FiscalAI reports. Skyward Specialty Insurance Group had a net margin of 10.84% and a return on equity of 18.72%. The business had revenue of $455.34 million for the quarter, compared to the consensus estimate of $753.93 million.

Skyward Specialty Insurance Group Stock Down 5.5%

Shares of SKWD opened at $60.35 on Friday. The company’s fifty day moving average is $57.99 and its 200-day moving average is $52.00. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 14.10 and a beta of 0.32. Skyward Specialty Insurance Group has a 12 month low of $40.60 and a 12 month high of $65.69.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SKWD shares. Keefe, Bruyette & Woods increased their target price on shares of Skyward Specialty Insurance Group from $72.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Barclays raised their target price on Skyward Specialty Insurance Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Friday. Truist Financial boosted their price target on Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Citigroup reaffirmed a “market outperform” rating on shares of Skyward Specialty Insurance Group in a research note on Monday, October 12th. Finally, TD Cowen increased their price target on Skyward Specialty Insurance Group from $49.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, August 11th. One 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.44.

Key Skyward Specialty Insurance Group News

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.