Bowhead Specialty (NYSE:BOW) Shares Gap Up on Better-Than-Expected Earnings

Bowhead Specialty Holdings Inc. (NYSE:BOW) gapped up prior to trading 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, beating the consensus estimate of $0.35 by $0.07. The business had revenue of $184.77 million for the quarter, compared to analyst estimates of $102.12 million.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Bowhead Specialty

A number of institutional investors have recently modified their holdings of the stock. Summit Investment Advisors Inc. raised its position in Bowhead Specialty by 66.4% during 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 in the last quarter. New York State Common Retirement Fund purchased a new position in shares of Bowhead Specialty during the 4th quarter valued at approximately $64,000. US Bancorp DE acquired a new position in shares of Bowhead Specialty in the 4th quarter valued at $76,000. KLP Kapitalforvaltning AS purchased a new stake in Bowhead Specialty during the fourth quarter worth $107,000. Finally, Pictet Asset Management Holding SA acquired a new stake in Bowhead Specialty during the fourth quarter valued at $145,000.

Bowhead Specialty Price Performance

The business’s fifty day simple moving average is $32.99 and its two-hundred day simple 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.