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

Bowhead Specialty Holdings Inc. (NYSE:BOW)’s stock price gapped up prior to trading on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.59, but opened at $33.85. Bowhead Specialty shares last traded at $33.71, with a volume of 150,274 shares changing hands.

The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. The firm had revenue of $163.86 million during the quarter, compared to analyst estimates of $278.69 million. Bowhead Specialty had a net margin of 9.99% and a return on equity of 13.80%.

Wall Street Analysts Forecast Growth

BOW has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their target price on Bowhead Specialty from $30.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. raised their price target on Bowhead Specialty from $30.00 to $33.00 and gave the company a “neutral” rating in a report 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. UBS Group set a $28.00 price objective on shares of Bowhead Specialty in a research report on Thursday, May 21st. Finally, Morgan Stanley lifted their target price on shares of Bowhead Specialty from $28.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bowhead Specialty presently has an average rating of “Moderate Buy” and an average target price of $33.71.

Institutional Inflows and Outflows

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

Bowhead Specialty Stock Up 10.0%

The stock has a 50 day moving average price of $29.00 and a 200-day moving average price of $26.07. The stock has a market capitalization of $1.10 billion, a P/E ratio of 19.45, a PEG ratio of 0.92 and a beta of -0.10. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.47 and a quick ratio of 0.47.

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.