Bowhead Specialty (NYSE:BOW) Shares Up 5% on Analyst Upgrade

Bowhead Specialty Holdings Inc. (NYSE:BOW)’s share price shot up 5% on Tuesday after JMP Securities raised their price target on the stock from $31.00 to $32.00. JMP Securities currently has a market outperform rating on the stock. Bowhead Specialty traded as high as $30.60 and last traded at $30.60. 14,051 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 155,975 shares. The stock had previously closed at $29.14.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. began coverage on Bowhead Specialty in a report on Monday, June 17th. They set a “neutral” rating and a $27.00 price objective on the stock. Morgan Stanley began coverage on Bowhead Specialty in a report on Monday, June 17th. They set an “equal weight” rating and a $26.00 price objective on the stock. Keefe, Bruyette & Woods began coverage on Bowhead Specialty in a report on Monday, June 17th. They set a “market perform” rating and a $30.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 price objective on shares of Bowhead Specialty in a report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $29.40.

Institutional Trading of Bowhead Specialty

Institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. acquired a new position in Bowhead Specialty in the 2nd quarter worth $117,000. Sandia Investment Management LP bought a new stake in shares of Bowhead Specialty during the 2nd quarter valued at about $127,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Bowhead Specialty during the 2nd quarter valued at about $192,000. Davidson Kempner Capital Management LP bought a new stake in shares of Bowhead Specialty during the 2nd quarter valued at about $253,000. Finally, TD Asset Management Inc bought a new stake in shares of Bowhead Specialty during the 2nd quarter valued at about $265,000.

Bowhead Specialty Stock Performance

The firm’s 50-day moving average price is $28.91.

Bowhead Specialty (NYSE:BOW) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $98.90 million during the quarter, compared to the consensus estimate of $94.28 million. The company’s revenue was up 51.0% compared to the same quarter last year. Sell-side analysts predict that Bowhead Specialty Holdings Inc. will post 1.3 earnings per share for the current year.

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.