Bowhead Specialty (NYSE:BOW) Sees Large Volume Increase Following Analyst Upgrade

Key Points

• Trading volume surged 192% to 691,711 shares after Morgan Stanley raised its price target for Bowhead Specialty from $30 to $34 while maintaining an equal-weight rating. Shares last traded at $33.52.
• Analyst sentiment remains cautious: two analysts rate the stock a Buy and seven rate it Hold, producing an overall Hold consensus and an average price target of $33.50.
• Bowhead Specialty slightly beat quarterly EPS expectations, reporting $0.48 versus the $0.47 consensus estimate, with $163.86 million in revenue and a 14.05% return on equity.

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) saw strong trading volume on Thursday after Morgan Stanley raised their price target on the stock from $30.00 to $34.00. Morgan Stanley currently has an equal weight rating on the stock. 691,711 shares were traded during trading, an increase of 192% from the previous session's volume of 237,130 shares.The stock last traded at $33.52 and had previously closed at $33.65.

Several other research firms also recently commented on BOW. Deutsche Bank Aktiengesellschaft downgraded shares of Bowhead Specialty from a "buy" rating to a "hold" rating and set a $34.00 target price on the stock. in a research report on Monday, August 3rd. Weiss Ratings raised Bowhead Specialty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Royal Bank Of Canada downgraded Bowhead Specialty from an "outperform" rating to a "sector perform" rating and decreased their price target for the stock from $38.00 to $34.00 in a research note on Tuesday, August 4th. Keefe, Bruyette & Woods increased their price objective on Bowhead Specialty from $34.00 to $36.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th. Finally, Piper Sandler downgraded Bowhead Specialty from an "overweight" rating to a "hold" rating and set a $34.00 price objective on the stock. in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $33.50.

Institutional Investors Weigh In On Bowhead Specialty

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in Bowhead Specialty by 61.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 256,645 shares of the company's stock worth $5,756,000 after purchasing an additional 97,494 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Bowhead Specialty during the 1st quarter worth about $1,438,000. Steelhead Wealth Management LLC acquired a new position in shares of Bowhead Specialty during the first quarter valued at about $2,143,000. First Trust Advisors LP raised its position in shares of Bowhead Specialty by 374.0% during the first quarter. First Trust Advisors LP now owns 172,305 shares of the company's stock valued at $3,865,000 after buying an additional 135,954 shares during the last quarter. Finally, Wasatch Advisors LP raised its position in shares of Bowhead Specialty by 28.9% during the second quarter. Wasatch Advisors LP now owns 348,437 shares of the company's stock valued at $10,429,000 after buying an additional 78,209 shares during the last quarter.

Bowhead Specialty Trading Down 0.4%

The firm has a market cap of $1.10 billion, a P/E ratio of 18.12, a PEG ratio of 1.00 and a beta of -0.11. The company's 50 day moving average is $30.89 and its two-hundred day moving average is $26.88. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.01. Bowhead Specialty had a return on equity of 14.05% and a net margin of 10.11%.The firm had revenue of $163.86 million for the quarter, compared to analyst estimates of $278.69 million. On average, sell-side analysts predict that Bowhead Specialty Holdings Inc. will post 1.99 earnings per share for the current year.

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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