Bowhead Specialty (NYSE:BOW) Shares Gap Up on Strong Earnings

Bowhead Specialty Holdings Inc. (NYSE:BOW) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $31.46, but opened at $33.08. Bowhead Specialty shares last traded at $34.77, with a volume of 27,920 shares.

The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.07.

Wall Street Analysts Forecast Growth

BOW has been the topic of several research reports. JPMorgan Chase & Co. lifted their price objective on Bowhead Specialty from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Royal Bank of Canada boosted their price objective on shares of Bowhead Specialty from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. JMP Securities upped their price target on Bowhead Specialty from $32.00 to $33.00 and gave the company a “market outperform” rating in a report on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bowhead Specialty from $36.00 to $44.00 and gave the stock a “market perform” rating in a report on Friday, January 10th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Bowhead Specialty has an average rating of “Hold” and an average price target of $33.60.

Institutional Investors Weigh In On Bowhead Specialty

A number of hedge funds have recently made changes to their positions in BOW. Summit Investment Advisors Inc. lifted its holdings in shares of Bowhead Specialty by 66.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,218 shares of the company’s stock worth $43,000 after purchasing an additional 486 shares during the period. New York State Common Retirement Fund acquired a new stake in Bowhead Specialty in the fourth quarter valued at approximately $64,000. US Bancorp DE acquired a new position in shares of Bowhead Specialty during the 4th quarter worth about $76,000. KLP Kapitalforvaltning AS acquired a new stake in Bowhead Specialty during the 4th quarter worth $107,000. Finally, MetLife Investment Management LLC purchased a new position in Bowhead Specialty during the third quarter worth approximately $123,000.

Bowhead Specialty Price Performance

The stock’s fifty day moving average is $33.03 and its 200-day moving average is $31.80.

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.