Bowhead Specialty (NYSE:BOW) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Bowhead Specialty reported quarterly earnings of $0.37 EPS, matching analyst estimates, while achieving a return on equity of 12.52% and a net margin of 9.32%.
• The stock price of Bowhead Specialty closed at $31.87, which reflects a decline of $0.55, and the company has a market capitalization of $1.04 billion.
• Analysts have raised their price targets for Bowhead Specialty, with a consensus target price now set at $39.67, indicating a "Moderate Buy" rating by market analysts.

Bowhead Specialty (NYSE:BOW - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01, Zacks reports. Bowhead Specialty had a return on equity of 13.25% and a net margin of 10.05%. The firm had revenue of $232.36 million during the quarter, compared to the consensus estimate of $134.66 million.

Bowhead Specialty Stock Down 0.8%

Shares of NYSE:BOW traded down $0.25 during midday trading on Friday, reaching $30.98. The company's stock had a trading volume of 835,714 shares, compared to its average volume of 237,751. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 21.07 and a beta of -0.69. Bowhead Specialty has a 1 year low of $26.56 and a 1 year high of $42.29. The business has a 50 day moving average price of $34.70 and a 200 day moving average price of $36.01.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Bowhead Specialty in a research note on Friday. They issued a "buy" rating for the company. JMP Securities boosted their price target on Bowhead Specialty from $38.00 to $40.00 and gave the stock a "market outperform" rating in a report on Friday, April 11th. Keefe, Bruyette & Woods boosted their price target on Bowhead Specialty from $43.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Piper Sandler initiated coverage on Bowhead Specialty in a report on Wednesday, April 16th. They issued an "overweight" rating and a $44.00 price target for the company. Finally, Morgan Stanley boosted their price target on Bowhead Specialty from $36.00 to $39.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $39.67.

Insiders Place Their Bets

In other news, Director Gallatin Point Capital Llc sold 2,000,000 shares of Bowhead Specialty 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 completion of the sale, the director owned 8,968,445 shares of the company's stock, valued at $274,972,523.70. The trade was a 18.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Botein sold 2,000,000 shares of Bowhead Specialty stock in a transaction on Friday, August 8th. The shares were sold at an average price of $30.66, for a total value of $61,320,000.00. Following the completion of the transaction, the director owned 8,968,445 shares in the company, valued at $274,972,523.70. The trade was a 18.23% decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new position in shares of Bowhead Specialty during the first quarter worth about $206,000. Royal Bank of Canada lifted its stake in shares of Bowhead Specialty by 112.7% during the first quarter. Royal Bank of Canada now owns 5,406 shares of the company's stock worth $219,000 after purchasing an additional 2,864 shares in the last quarter. Creative Planning acquired a new position in shares of Bowhead Specialty during the second quarter worth about $225,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Bowhead Specialty by 42.5% during the first 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 in the last quarter. Finally, AQR Capital Management LLC acquired a new position in shares of Bowhead Specialty during the first quarter worth about $430,000.

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.