Bank of New York Mellon Corp Takes Position in Bowhead Specialty Holdings Inc. $BOW

Key Points

• Bank of New York Mellon initiated a position in Bowhead Specialty Holdings, purchasing 53,704 shares valued at approximately $1.61 million, or about 0.16% of the company.
• Several institutional investors increased or initiated holdings, including Millennium Management, which raised its position by 75.8% to 250,277 shares.
• Analysts maintain a generally cautious view, with an average rating of “Hold” and a $33.50 price target; Bowhead reported quarterly EPS of $0.48, slightly above consensus.

Bank of New York Mellon Corp bought a new position in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 53,704 shares of the company's stock, valued at approximately $1,607,000. Bank of New York Mellon Corp owned approximately 0.16% of Bowhead Specialty at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada increased its stake in Bowhead Specialty by 112.7% during the 1st quarter. Royal Bank of Canada now owns 5,406 shares of the company's stock worth $219,000 after buying an additional 2,864 shares during the period. AQR Capital Management LLC acquired a new position in Bowhead Specialty in the 1st quarter worth $430,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Bowhead Specialty by 42.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,389 shares of the company's stock valued at $382,000 after buying an additional 2,802 shares during the last quarter. Millennium Management LLC boosted its position in Bowhead Specialty by 75.8% in the 1st quarter. Millennium Management LLC now owns 250,277 shares of the company's stock valued at $10,174,000 after buying an additional 107,896 shares during the last quarter. Finally, NewEdge Advisors LLC acquired a new stake in shares of Bowhead Specialty during the first quarter valued at about $206,000.

Wall Street Analyst Weigh In

BOW has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their price target on Bowhead Specialty from $34.00 to $36.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Piper Sandler lowered Bowhead Specialty from an "overweight" rating to a "hold" rating and set a $34.00 price objective for the company. in a research note on Monday, August 3rd. Weiss Ratings upgraded Bowhead Specialty from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 19th. Morgan Stanley lifted their price objective on Bowhead Specialty from $30.00 to $34.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 19th. Finally, UBS Group set a $28.00 target price on Bowhead Specialty in a research report on Thursday, May 21st. Two research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, Bowhead Specialty currently has an average rating of "Hold" and an average target price of $33.50.

Bowhead Specialty Stock Performance

Shares of Bowhead Specialty stock opened at $33.63 on Wednesday. The firm has a market cap of $1.11 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 0.99 and a beta of -0.08. The firm's 50-day simple moving average is $32.41 and its 200-day simple moving average is $27.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. Bowhead Specialty Holdings Inc. has a 1 year low of $21.21 and a 1 year high of $35.07.

Bowhead Specialty (NYSE:BOW - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.48 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.01. The business had revenue of $163.86 million during the quarter, compared to the consensus estimate of $278.69 million. Bowhead Specialty had a return on equity of 14.05% and a net margin of 10.11%. Equities analysts forecast that Bowhead Specialty Holdings Inc. will post 2 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.

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