Bank of New York Mellon Corp Raises Stock Holdings in 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 lifted its position in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 34.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,750 shares of the company's stock after purchasing 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 SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sei Investments Co. grew its stake in 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 acquiring an additional 760 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Bowhead Specialty in the 4th quarter valued at $107,000. Vanguard Group Inc. lifted its holdings in Bowhead Specialty by 55.1% in the 4th quarter. Vanguard Group Inc. now owns 647,182 shares of the company's stock valued at $22,988,000 after purchasing an additional 230,039 shares in the last quarter. Corebridge Financial Inc. boosted its stake in Bowhead Specialty by 49.9% during the 4th quarter. Corebridge Financial Inc. now owns 5,787 shares of the company's stock worth $206,000 after purchasing an additional 1,926 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Bowhead Specialty by 102.4% during 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 last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price 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. Piper Sandler started coverage on shares of Bowhead Specialty in a research note on Wednesday, April 16th. They set an "overweight" rating and a $44.00 target price on the stock. JMP Securities lifted 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 lifted 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. Finally, Morgan Stanley lifted 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 four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $39.67.

Bowhead Specialty Stock Performance

Shares of NYSE BOW traded down $0.64 during trading on Wednesday, hitting $32.06. 306,731 shares of the company were exchanged, compared to its average volume of 165,743. Bowhead Specialty Holdings Inc. has a 12-month low of $24.80 and a 12-month high of $42.29. The company has a fifty day moving average price of $35.56 and a 200-day moving average price of $36.04. The firm has a market capitalization of $1.05 billion, a PE ratio of 24.47 and a beta of -0.60.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm had revenue of $174.85 million for the quarter, compared to analyst estimates of $105.17 million. Bowhead Specialty had a net margin of 9.32% and a return on equity of 12.52%. Research analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal 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.