Bowhead Specialty (NYSE:BOW) Given New $33.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has reduced the price target for Bowhead Specialty (NYSE:BOW) from $39.00 to $33.00, maintaining a "neutral" rating on the stock.
• The stock is currently valued at $26.42, reflecting a 1.6% decrease in trading, with an average analyst rating of "Moderate Buy" and an average price target of $35.67.
• Recent insider trading includes the sale of 2 million shares by Director Matthew Botein, which resulted in an 18.23% decrease in their ownership in the company.

Bowhead Specialty (NYSE:BOW - Get Free Report) had its price target reduced by equities researchers at JPMorgan Chase & Co. from $39.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 24.91% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings restated a "hold (c)" rating on shares of Bowhead Specialty in a report on Wednesday. Morgan Stanley lowered their price target on Bowhead Specialty from $34.00 to $31.00 and set an "equal weight" rating for the company in a report on Tuesday. Keefe, Bruyette & Woods reduced their price objective on shares of Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Piper Sandler cut their price target on shares of Bowhead Specialty from $38.00 to $33.00 and set an "overweight" rating on the stock in a research note on Thursday, October 2nd. Finally, Zacks Research upgraded Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $35.67.

Bowhead Specialty Stock Down 1.6%

Shares of NYSE BOW traded down $0.44 during trading on Thursday, hitting $26.42. The company had a trading volume of 11,483 shares, compared to its average volume of 259,497. The stock has a fifty day simple moving average of $29.54 and a two-hundred day simple moving average of $34.70. The firm has a market capitalization of $866.05 million, a price-to-earnings ratio of 17.97 and a beta of -0.88. Bowhead Specialty has a fifty-two week low of $23.70 and a fifty-two week high of $42.29.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.01. The company had revenue of $232.36 million for the quarter, compared to the consensus estimate of $134.66 million. Bowhead Specialty had a net margin of 10.05% and a return on equity of 13.25%. On average, analysts anticipate that Bowhead Specialty will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other Bowhead Specialty news, Director Matthew Botein sold 2,000,000 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $30.66, for a total value of $61,320,000.00. Following the sale, the director directly owned 8,968,445 shares in the company, valued at approximately $274,972,523.70. This trade represents a 18.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gallatin Point Capital Llc sold 2,000,000 shares of Bowhead Specialty stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the sale, the director owned 8,968,445 shares in the company, valued at approximately $274,972,523.70. This represents a 18.23% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Trading of Bowhead Specialty

A number of institutional investors have recently added to or reduced their stakes in BOW. State of Wyoming bought a new stake in Bowhead Specialty during the 2nd quarter valued at approximately $228,000. Tower Research Capital LLC TRC boosted its holdings in shares of Bowhead Specialty by 99.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,926 shares of the company's stock worth $72,000 after acquiring an additional 958 shares in the last quarter. American Family Investments Inc. raised its stake in shares of Bowhead Specialty by 6.9% in the second quarter. American Family Investments Inc. now owns 5,023,778 shares of the company's stock worth $188,542,000 after acquiring an additional 323,017 shares during the last quarter. Engineers Gate Manager LP raised its stake in shares of Bowhead Specialty by 66.0% during the second quarter. Engineers Gate Manager LP now owns 46,839 shares of the company's stock worth $1,758,000 after buying an additional 18,619 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Bowhead Specialty by 32.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 68,506 shares of the company's stock valued at $2,571,000 after acquiring an additional 16,900 shares during the last quarter.

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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