Bowhead Specialty (NYSE:BOW) Shares Gap Up Following Earnings Beat

Shares of Bowhead Specialty Holdings Inc. (NYSE:BOW) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $31.46, but opened at $33.08. Bowhead Specialty shares last traded at $34.77, with a volume of 27,920 shares traded.

The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.07. The firm had revenue of $184.77 million for the quarter, compared to analysts’ expectations of $102.12 million.

Analyst Upgrades and Downgrades

BOW has been the subject of a number of research reports. JMP Securities lifted their price objective on Bowhead Specialty from $32.00 to $33.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 6th. Keefe, Bruyette & Woods upped their price objective on Bowhead Specialty from $36.00 to $44.00 and gave the stock a “market perform” rating in a research report on Friday, January 10th. JPMorgan Chase & Co. lifted their price target on shares of Bowhead Specialty from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada increased their price objective on Bowhead Specialty from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $33.60.

Institutional Investors Weigh In On Bowhead Specialty

A number of institutional investors and hedge funds have recently modified their holdings of BOW. The Manufacturers Life Insurance Company increased its holdings in Bowhead Specialty by 0.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 60,963 shares of the company’s stock worth $2,165,000 after buying an additional 455 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in shares of Bowhead Specialty by 66.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,218 shares of the company’s stock valued at $43,000 after acquiring an additional 486 shares during the period. Sei Investments Co. increased its holdings in shares of Bowhead Specialty by 0.8% during the 4th quarter. Sei Investments Co. now owns 94,395 shares of the company’s stock worth $3,353,000 after purchasing an additional 760 shares during the period. Emerald Mutual Fund Advisers Trust raised its holdings in Bowhead Specialty by 0.5% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 194,333 shares of the company’s stock valued at $5,443,000 after acquiring an additional 937 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Bowhead Specialty by 0.3% in the fourth quarter. Schroder Investment Management Group now owns 365,886 shares of the company’s stock valued at $12,641,000 after purchasing an additional 1,209 shares in the last quarter.

Bowhead Specialty Price Performance

The stock’s 50 day moving average is $32.99 and its two-hundred day moving average is $31.85.

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.