Skyward Specialty Insurance Group Inc (SKWD) saw its stock price soar 5.00% in pre-market trading on Friday, following the release of its impressive first-quarter earnings report. The property and casualty insurer significantly outperformed analyst expectations, demonstrating robust growth and profitability.
For the quarter ended March 31, Skyward Specialty reported adjusted earnings of 90 cents per share, surpassing the mean analyst estimate of 77 cents and showing substantial growth from the 75 cents per share reported in the same quarter last year. The company's revenue also impressed, rising 24% year-over-year to $328.53 million, well above the $310.87 million expected by analysts. Net income for the quarter stood at a solid $42.06 million, with reported EPS reaching $1.01.
The strong quarterly performance has reinforced positive sentiment among analysts. The current average analyst rating for SKWD shares is "buy," with 7 "strong buy" or "buy" recommendations and 5 "hold" ratings. Wall Street's median 12-month price target for the stock is $59.00. Notable firms including Piper Sandler and Truist Financial have reiterated their Buy ratings on Skyward Specialty Insurance Group following the earnings release. The company's shares have gained 5.0% year-to-date, indicating growing investor confidence in its business model and growth prospects.
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