Skyward Specialty Insurance Group (NASDAQ:SKWD) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Skyward Specialty Insurance Group (NASDAQ:SKWD) posted its earnings results on Thursday. The company reported $1.28 earnings per share 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 firm had revenue of $455.34 million during the quarter, compared to the consensus estimate of $753.93 million.

Skyward Specialty Insurance Group Trading Down 5.5%

NASDAQ:SKWD traded down $3.51 during midday trading on Friday, reaching $60.35. The company had a trading volume of 879,959 shares, compared to its average volume of 347,464. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 12.82 and a beta of 0.32. The stock’s fifty day simple moving average is $57.94 and its 200-day simple moving average is $51.92. Skyward Specialty Insurance Group has a 12-month low of $40.60 and a 12-month high of $65.69.

More 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

Wall Street Analyst Weigh In

SKWD has been the subject of a number of research reports. Barclays lifted their price objective on Skyward Specialty Insurance Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Friday. Wall Street Zen raised Skyward Specialty Insurance Group from a “hold” rating to a “buy” rating in a research report on Sunday, October 18th. Keefe, Bruyette & Woods boosted their price target on shares of Skyward Specialty Insurance Group from $72.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Truist Financial boosted their price target on shares of Skyward Specialty Insurance Group from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Citigroup reissued a “market outperform” rating on shares of Skyward Specialty Insurance Group in a research note on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Skyward Specialty Insurance Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.44.

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.