Bowhead Specialty (NYSE:BOW) Sets New 1-Year High – Here’s What Happened

Bowhead Specialty Holdings Inc. (NYSE:BOW) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $33.20 and last traded at $32.1250, with a volume of 1585 shares changing hands. The stock had previously closed at $31.21.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BOW. Morgan Stanley raised their target price on Bowhead Specialty from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Piper Sandler increased their price objective on Bowhead Specialty from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. raised their price objective on Bowhead Specialty from $30.00 to $33.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Weiss Ratings raised Bowhead Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Finally, Citizens Jmp dropped their target price on Bowhead Specialty from $38.00 to $35.00 and set a “market outperform” rating on the stock in a research report on Monday, April 13th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bowhead Specialty currently has an average rating of “Moderate Buy” and an average target price of $33.71.

Bowhead Specialty Stock Down 4.8%

The company has a market capitalization of $999.13 million, a price-to-earnings ratio of 17.59, a P/E/G ratio of 0.97 and a beta of -0.10. The business’s 50-day moving average is $28.96 and its 200-day moving average is $26.03. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.32.

Bowhead Specialty (NYSE:BOW) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.06. The company had revenue of $155.69 million for the quarter, compared to the consensus estimate of $211.74 million. Bowhead Specialty had a return on equity of 13.80% and a net margin of 9.99%. As a group, equities analysts predict that Bowhead Specialty Holdings Inc. will post 1.96 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada lifted its holdings in Bowhead Specialty by 112.7% in the first quarter. Royal Bank of Canada now owns 5,406 shares of the company’s stock valued at $219,000 after acquiring an additional 2,864 shares during the period. AQR Capital Management LLC acquired a new stake in shares of Bowhead Specialty during the 1st quarter worth approximately $430,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Bowhead Specialty by 42.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,389 shares of the company’s stock valued at $382,000 after purchasing an additional 2,802 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Bowhead Specialty by 75.8% during the 1st quarter. Millennium Management LLC now owns 250,277 shares of the company’s stock valued at $10,174,000 after purchasing an additional 107,896 shares in the last quarter. Finally, NewEdge Advisors LLC purchased a new position in shares of Bowhead Specialty during the 1st quarter valued at approximately $206,000.

Bowhead Specialty Company Profile

Bowhead Specialty Holdings Inc provides specialty property and casualty insurance products in the United States. It underwrites casualty insurance solutions for risks in the construction, distribution, heavy manufacturing, real estate, and hospitality segments; professional liability insurance solutions for financial institutions, private and public directors and officers liability insurance, errors and omissions liability insurance, and cyber segments; and healthcare solutions for hospitals, senior care providers, managed care organizations, miscellaneous medical facilities, and healthcare management liability segments.