Bank of New York Mellon Corp Buys 10,200 Shares of Bowhead Specialty Holdings Inc. (NYSE:BOW)

Key Points

• Bank of New York Mellon Corp increased its holdings in Bowhead Specialty Holdings Inc. by 34.5% in the first quarter, owning 39,750 shares valued at approximately $1.6 million.
• Several institutional investors, including Vanguard Group and JPMorgan Chase, also boosted their stakes in Bowhead Specialty during the 4th quarter, reflecting growing interest in the company.
• Bowhead Specialty recently surpassed earnings expectations, reporting an EPS of $0.34 for the quarter, beating forecasts by $0.01 and generating revenue of $174.85 million.

Bank of New York Mellon Corp raised its holdings in Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 34.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,750 shares of the company's stock after acquiring an additional 10,200 shares during the quarter. Bank of New York Mellon Corp owned 0.12% of Bowhead Specialty worth $1,616,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Sei Investments Co. boosted its position in shares of Bowhead Specialty by 0.8% in the 4th quarter. Sei Investments Co. now owns 94,395 shares of the company's stock valued at $3,353,000 after purchasing an additional 760 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Bowhead Specialty in the fourth quarter worth approximately $107,000. Vanguard Group Inc. raised its holdings in shares of Bowhead Specialty by 55.1% during the fourth quarter. Vanguard Group Inc. now owns 647,182 shares of the company's stock valued at $22,988,000 after acquiring an additional 230,039 shares during the period. Corebridge Financial Inc. lifted its position in shares of Bowhead Specialty by 49.9% in the 4th quarter. Corebridge Financial Inc. now owns 5,787 shares of the company's stock valued at $206,000 after acquiring an additional 1,926 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Bowhead Specialty by 102.4% in the 4th quarter. JPMorgan Chase & Co. now owns 99,813 shares of the company's stock worth $3,545,000 after purchasing an additional 50,491 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Morgan Stanley raised their target price on Bowhead Specialty from $36.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods upped their price objective on shares of Bowhead Specialty from $43.00 to $45.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. JMP Securities lifted their target price on shares of Bowhead Specialty from $38.00 to $40.00 and gave the company a "market outperform" rating in a research note on Friday, April 11th. JPMorgan Chase & Co. upped their price target on shares of Bowhead Specialty from $30.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 8th. Finally, Piper Sandler began coverage on Bowhead Specialty in a research report on Wednesday, April 16th. They set an "overweight" rating and a $44.00 price objective for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.67.

Bowhead Specialty Stock Down 1.9%

Shares of NYSE:BOW traded down $0.61 on Friday, reaching $31.89. The company had a trading volume of 130,799 shares, compared to its average volume of 167,235. Bowhead Specialty Holdings Inc. has a twelve month low of $24.80 and a twelve month high of $42.29. The stock has a 50-day moving average price of $35.24 and a 200 day moving average price of $36.02. The stock has a market capitalization of $1.05 billion, a P/E ratio of 24.34 and a beta of -0.68.

Bowhead Specialty (NYSE:BOW - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.01. The company had revenue of $174.85 million during the quarter, compared to analysts' expectations of $105.17 million. Bowhead Specialty had a net margin of 9.32% and a return on equity of 12.52%. On average, sell-side analysts predict that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

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.