Bowhead Specialty (NYSE:BOW) Receives Market Perform Rating from Citizens Jmp

Key Points

• Citizens JMP reiterated its “market perform” rating on Bowhead Specialty, while several other brokerages also downgraded the stock to hold or sector perform. Analysts have a consensus “Hold” rating and an average price target of $33.50.
• Bowhead Specialty shares opened at $33.65, near the analyst consensus target, with a market capitalization of approximately $1.11 billion. The stock has traded between $21.21 and $35.07 over the past year.
• The insurer slightly exceeded quarterly earnings expectations, reporting $0.48 in EPS versus $0.47 expected, alongside $163.86 million in revenue, a 10.11% net margin, and a 14.05% return on equity.

Bowhead Specialty (NYSE:BOW - Get Free Report)'s stock had its "market perform" rating reiterated by stock analysts at Citizens Jmp in a research note issued on Thursday, Benzinga reports.

Several other brokerages have also recently weighed in on BOW. Citigroup cut Bowhead Specialty to a "market perform" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered Bowhead Specialty from a "buy" rating to a "hold" rating and set a $34.00 price objective for the company. in a research note on Monday, August 3rd. Royal Bank Of Canada cut shares of Bowhead Specialty from an "outperform" rating to a "sector perform" rating and cut their target price for the stock from $38.00 to $34.00 in a report on Tuesday, August 4th. Piper Sandler downgraded shares of Bowhead Specialty from an "overweight" rating to a "hold" rating and set a $34.00 target price on the stock. in a research note on Monday, August 3rd. Finally, Morgan Stanley upped their price target on shares of Bowhead Specialty from $30.00 to $34.00 and gave the company an "equal weight" rating in a report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Bowhead Specialty has a consensus rating of "Hold" and an average target price of $33.50.

Bowhead Specialty Stock Performance

Shares of NYSE BOW opened at $33.65 on Thursday. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 18.19, a P/E/G ratio of 0.99 and a beta of -0.08. The stock's 50-day moving average is $32.46 and its 200 day moving average is $27.82. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. Bowhead Specialty has a 1-year low of $21.21 and a 1-year high of $35.07.

Bowhead Specialty (NYSE:BOW - Get Free Report) last released 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 for the quarter, compared to analyst estimates of $278.69 million. Bowhead Specialty had a net margin of 10.11% and a return on equity of 14.05%. On average, sell-side analysts anticipate that Bowhead Specialty will post 2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bowhead Specialty

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

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.

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