Bowhead Specialty (NYSE:BOW) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Bowhead Specialty (NYSE:BOW) announced its quarterly earnings data on Tuesday. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.07, Zacks reports. Bowhead Specialty had a net margin of 10.05% and a return on equity of 13.25%. The company had revenue of $231.52 million during the quarter, compared to analysts’ expectations of $144.01 million.

Bowhead Specialty Trading Up 1.0%

BOW stock traded up $0.25 during trading on Wednesday, reaching $25.70. The stock had a trading volume of 3,342 shares, compared to its average volume of 259,656. Bowhead Specialty has a 1-year low of $23.50 and a 1-year high of $42.29. The company has a market capitalization of $842.41 million, a P/E ratio of 17.45 and a beta of -0.93. The firm has a fifty day moving average price of $27.21 and a 200 day moving average price of $32.67.

Insiders Place Their Bets

In other Bowhead Specialty news, Director Gallatin Point Capital Llc sold 2,000,000 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $30.66, for a total value of $61,320,000.00. Following the transaction, the director owned 8,968,445 shares in the company, valued at $274,972,523.70. The trade was a 18.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew Botein sold 2,000,000 shares of the business’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the completion of the transaction, the director owned 8,968,445 shares in the company, valued at $274,972,523.70. This represents a 18.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Investors Weigh In On Bowhead Specialty

A number of institutional investors have recently modified their holdings of the stock. American Family Investments Inc. raised its stake in shares of Bowhead Specialty by 6.9% in the 2nd quarter. American Family Investments Inc. now owns 5,023,778 shares of the company’s stock valued at $188,542,000 after purchasing an additional 323,017 shares in the last quarter. Millennium Management LLC raised its stake in shares of 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 purchasing an additional 107,896 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Bowhead Specialty by 33.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 121,705 shares of the company’s stock valued at $4,947,000 after purchasing an additional 30,440 shares in the last quarter. Lighthouse Investment Partners LLC raised its stake in shares of Bowhead Specialty by 41.8% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 87,618 shares of the company’s stock valued at $3,288,000 after purchasing an additional 25,832 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in shares of Bowhead Specialty by 167.7% in the 2nd quarter. Qube Research & Technologies Ltd now owns 84,399 shares of the company’s stock valued at $3,167,000 after purchasing an additional 52,869 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Bowhead Specialty from $38.00 to $33.00 and set an “overweight” rating for the company in a research note on Thursday, October 2nd. JMP Securities lowered their price objective on shares of Bowhead Specialty from $43.00 to $40.00 and set a “market outperform” rating for the company in a research note on Tuesday, October 14th. JPMorgan Chase & Co. lowered their price objective on shares of Bowhead Specialty from $39.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, October 9th. Keefe, Bruyette & Woods decreased their price target on shares of Bowhead Specialty from $45.00 to $42.00 and set an “outperform” rating for the company in a research report on Tuesday, August 12th. Finally, Zacks Research raised shares of Bowhead Specialty from a “strong sell” rating to a “hold” rating in a research report on Friday, August 15th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.67.

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.