Bowhead Specialty (NYSE:BOW) Shares Gap Up After Better-Than-Expected Earnings

Bowhead Specialty Holdings Inc. (NYSE:BOW) shares gapped up before the market opened on Tuesday following a better than expected earnings announcement. 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, topping the consensus estimate of $0.35 by $0.07.

Wall Street Analyst Weigh In

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

Institutional Trading of Bowhead Specialty

Several large investors have recently made changes to their positions in the company. Gallatin Point Capital LLC bought a new position in shares of Bowhead Specialty in the fourth quarter valued at approximately $389,599,000. American Family Investments Inc. purchased a new position in Bowhead Specialty in the third quarter valued at approximately $169,826,000. Victory Capital Management Inc. raised its stake in shares of Bowhead Specialty by 129.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,508,003 shares of the company’s stock valued at $53,564,000 after buying an additional 849,408 shares during the period. American Century Companies Inc. lifted its position in shares of Bowhead Specialty by 3.6% during the 4th quarter. American Century Companies Inc. now owns 953,549 shares of the company’s stock valued at $33,870,000 after buying an additional 32,792 shares during the last quarter. Finally, Wasatch Advisors LP raised its stake in Bowhead Specialty by 125.3% in the 4th quarter. Wasatch Advisors LP now owns 812,901 shares of the company’s stock valued at $28,874,000 after acquiring an additional 452,033 shares during the period.

Bowhead Specialty Trading Up 7.9 %

The company’s fifty day simple moving average is $33.03 and its 200 day simple 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.