Royal Bank of Canada Buys 37,094 Shares of Bowhead Specialty Holdings Inc. $BOW

Key Points

• Royal Bank of Canada sharply increased its Bowhead Specialty stake by purchasing 37,094 additional shares, bringing its holdings to 39,159 shares valued at approximately $878,000, or 0.12% of the company.
• Other major institutional investors, including American Family Investments, Vanguard, Polar Capital, and Wasatch Advisors, also increased their positions in Bowhead Specialty.
• Bowhead reported quarterly EPS of $0.48, slightly beating expectations, while analysts maintain a consensus “Hold” rating with an average price target of $33.50; the stock opened at $33.50.

Royal Bank of Canada increased its stake in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 1,796.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,159 shares of the company's stock after purchasing an additional 37,094 shares during the quarter. Royal Bank of Canada owned approximately 0.12% of Bowhead Specialty worth $878,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BOW. American Family Investments Inc. increased its holdings in shares of Bowhead Specialty by 6.9% during the second quarter. American Family Investments Inc. now owns 5,023,778 shares of the company's stock worth $188,542,000 after buying an additional 323,017 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Bowhead Specialty by 2.6% during the 4th quarter. Victory Capital Management Inc. now owns 1,564,326 shares of the company's stock valued at $44,646,000 after acquiring an additional 39,041 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Bowhead Specialty by 36.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,506,887 shares of the company's stock valued at $40,746,000 after acquiring an additional 404,199 shares in the last quarter. Polar Capital Holdings Plc grew its position in Bowhead Specialty by 77.6% during the 4th quarter. Polar Capital Holdings Plc now owns 1,225,000 shares of the company's stock worth $34,962,000 after acquiring an additional 535,065 shares during the last quarter. Finally, Wasatch Advisors LP increased its holdings in Bowhead Specialty by 18.7% in the 4th quarter. Wasatch Advisors LP now owns 721,797 shares of the company's stock worth $20,600,000 after purchasing an additional 113,840 shares in the last quarter.

Bowhead Specialty Price Performance

Shares of NYSE BOW opened at $33.50 on Friday. Bowhead Specialty Holdings Inc. has a twelve month low of $21.21 and a twelve month high of $35.07. The firm has a fifty day simple moving average of $31.14 and a 200 day simple moving average of $26.99. The company has a market capitalization of $1.10 billion, a PE ratio of 18.11, a P/E/G ratio of 0.99 and a beta of -0.11. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31.

Bowhead Specialty (NYSE:BOW - Get Free Report) last released its 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 net margin of 10.11% and a return on equity of 14.05%. The business had revenue of $163.86 million for the quarter, compared to analyst estimates of $278.69 million. On average, sell-side analysts forecast that Bowhead Specialty Holdings Inc. will post 2 EPS for the current year.

Analyst Upgrades and Downgrades

BOW has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lowered Bowhead Specialty from a "buy" rating to a "hold" rating and set a $34.00 price target on the stock. in a research note on Monday, August 3rd. Keefe, Bruyette & Woods upped their price objective on Bowhead Specialty from $34.00 to $36.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Morgan Stanley upped their price objective on Bowhead Specialty from $30.00 to $34.00 and gave the company an "equal weight" rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Bowhead Specialty from $30.00 to $33.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Finally, Royal Bank Of Canada downgraded shares of Bowhead Specialty from an "outperform" rating to a "sector perform" rating and cut their target price for the stock from $38.00 to $34.00 in a research report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $33.50.

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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