Bowhead Specialty (NYSE:BOW) Given New $38.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on Bowhead Specialty from $30 to $38 while keeping an outperform rating, implying about 20.5% upside from the current price.
• Other analysts remain constructive overall: Bowhead now has a Moderate Buy consensus with a $33.14 average target, though individual ratings and targets vary.
• The stock traded at $31.53 on Monday after the upgrade, and the company recently beat quarterly EPS estimates with $0.48 per share versus the expected $0.42.

Bowhead Specialty (NYSE:BOW - Get Free Report) had its target price boosted by stock analysts at Royal Bank Of Canada from $30.00 to $38.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price would suggest a potential upside of 20.52% from the company's current price.

Several other equities analysts have also weighed in on the company. UBS Group set a $28.00 price target on Bowhead Specialty in a research note on Thursday, May 21st. Morgan Stanley raised their price objective on Bowhead Specialty from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Keefe, Bruyette & Woods upped their target price on Bowhead Specialty from $34.00 to $36.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Piper Sandler upped their target price on Bowhead Specialty from $28.00 to $32.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. Finally, Citizens Jmp dropped their price target on shares of Bowhead Specialty from $38.00 to $35.00 and set a "market outperform" rating on the stock in a research note on Monday, April 13th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.14.

Bowhead Specialty Stock Performance

Shares of NYSE BOW traded up $0.14 during trading on Monday, reaching $31.53. 10,466 shares of the company traded hands, compared to its average volume of 207,466. The stock has a market cap of $1.04 billion, a P/E ratio of 18.22, a PEG ratio of 0.94 and a beta of -0.10. The firm's fifty day simple moving average is $27.95 and its 200 day simple moving average is $25.73. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.32. Bowhead Specialty has a 12-month low of $21.21 and a 12-month high of $34.21.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.48 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.06. The firm had revenue of $155.69 million for the quarter, compared to the consensus estimate of $211.74 million. Bowhead Specialty had a return on equity of 13.80% and a net margin of 9.99%. As a group, research analysts anticipate that Bowhead Specialty will post 1.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bowhead Specialty

Several large investors have recently bought and sold shares of BOW. Royal Bank of Canada lifted its position in shares of Bowhead Specialty by 112.7% in the first quarter. Royal Bank of Canada now owns 5,406 shares of the company's stock valued at $219,000 after acquiring an additional 2,864 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of Bowhead Specialty during the first quarter worth approximately $430,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 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 valued at $382,000 after purchasing an additional 2,802 shares during the last quarter. Millennium Management LLC lifted its holdings in Bowhead Specialty by 75.8% in the 1st quarter. Millennium Management LLC now owns 250,277 shares of the company's stock valued at $10,174,000 after purchasing an additional 107,896 shares in the last quarter. Finally, NewEdge Advisors LLC acquired a new stake in Bowhead Specialty during the 1st quarter worth $206,000.

About Bowhead Specialty

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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