Bowhead Specialty (NYSE:BOW) Sees Unusually-High Trading Volume Following Analyst Upgrade

Bowhead Specialty Holdings Inc. (NYSE:BOW) shares saw unusually-high trading volume on Thursday after Morgan Stanley raised their price target on the stock from $30.00 to $34.00. Morgan Stanley currently has an equal weight rating on the stock. Approximately 691,711 shares traded hands during trading, an increase of 192% from the previous session’s volume of 237,130 shares.The stock last traded at $33.52 and had previously closed at $33.65.

A number of other research analysts have also recently commented on the stock. Piper Sandler cut shares of Bowhead Specialty from an “overweight” rating to a “hold” rating and set a $34.00 price target for the company. in a research note on Monday, August 3rd. Weiss Ratings raised Bowhead Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Keefe, Bruyette & Woods upped their price objective on Bowhead Specialty from $34.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Royal Bank Of Canada cut Bowhead Specialty from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $38.00 to $34.00 in a report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. raised their target price on Bowhead Specialty from $30.00 to $33.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $33.50.

Institutional Investors Weigh In On Bowhead Specialty

A number of hedge funds have recently made changes to their positions in BOW. Martingale Asset Management L P raised its stake in shares of Bowhead Specialty by 1.9% in the fourth quarter. Martingale Asset Management L P now owns 25,791 shares of the company’s stock valued at $736,000 after acquiring an additional 484 shares during the last quarter. Invesco Ltd. raised its position in shares of Bowhead Specialty by 3.5% during the fourth quarter. Invesco Ltd. now owns 14,484 shares of the company’s stock worth $413,000 after acquiring an additional 490 shares during the last quarter. Royal Bank of Canada lifted its position in Bowhead Specialty by 45.5% during the 4th quarter. Royal Bank of Canada now owns 2,065 shares of the company’s stock valued at $59,000 after purchasing an additional 646 shares during the period. Jump Financial LLC lifted its holdings in Bowhead Specialty by 6.6% in the fourth quarter. Jump Financial LLC now owns 10,860 shares of the company’s stock valued at $310,000 after buying an additional 673 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in Bowhead Specialty by 262.6% in the second quarter. Versant Capital Management Inc now owns 1,037 shares of the company’s stock valued at $31,000 after buying an additional 751 shares during the period.

Bowhead Specialty Trading Down 0.4%

The stock has a market capitalization of $1.10 billion, a P/E ratio of 18.12, a PEG ratio of 1.00 and a beta of -0.11. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The business’s 50 day simple moving average is $30.89 and its 200-day simple moving average is $26.88.

Bowhead Specialty (NYSE:BOW) last issued its earnings results on Monday, August 3rd. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.47 by $0.01. The company had revenue of $163.86 million during the quarter, compared to analysts’ expectations of $278.69 million. Bowhead Specialty had a net margin of 10.11% and a return on equity of 14.05%. As a group, analysts forecast that Bowhead Specialty Holdings Inc. will post 1.99 EPS 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.