Bowhead Specialty (NYSE:BOW) Posts Quarterly Earnings Results, Beats Expectations 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) announced its quarterly earnings data on Tuesday. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01, Zacks reports. The company had revenue of $232.36 million during the quarter, compared to analysts' expectations of $134.66 million. Bowhead Specialty had a net margin of 10.05% and a return on equity of 13.53%.

Bowhead Specialty Stock Down 3.8%

NYSE:BOW traded down $1.23 on Thursday, hitting $30.87. The stock had a trading volume of 632,741 shares, compared to its average volume of 226,415. The business's fifty day moving average is $34.95 and its 200 day moving average is $36.00. The company has a market cap of $1.01 billion, a PE ratio of 21.01 and a beta of -0.69. Bowhead Specialty has a 52 week low of $26.56 and a 52 week high of $42.29.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BOW. NewEdge Advisors LLC purchased a new stake in shares of Bowhead Specialty in the 1st quarter worth about $206,000. Royal Bank of Canada grew its holdings 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 purchasing an additional 2,864 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in 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 buying an additional 2,802 shares during the period. AQR Capital Management LLC bought a new stake in shares of Bowhead Specialty during the 1st quarter worth approximately $430,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Bowhead Specialty by 33.4% in the first quarter. Goldman Sachs Group Inc. now owns 121,705 shares of the company's stock valued at $4,947,000 after purchasing an additional 30,440 shares during the period.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Piper Sandler started coverage on shares of Bowhead Specialty in a research report on Wednesday, April 16th. They issued an "overweight" rating and a $44.00 price objective for the company. Keefe, Bruyette & Woods upped their price target on shares of Bowhead Specialty from $43.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. JMP Securities lifted their price objective on shares of Bowhead Specialty from $38.00 to $40.00 and gave the stock a "market outperform" rating in a research note on Friday, April 11th. Finally, Morgan Stanley boosted their target price on Bowhead Specialty from $36.00 to $39.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.67.

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.