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

Bowhead Specialty Holdings Inc. (NYSE:BOW)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.07. The firm had revenue of $184.77 million during the quarter, compared to analysts’ expectations of $102.12 million.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Bowhead Specialty

A number of hedge funds have recently made changes to their positions in BOW. Charles Schwab Investment Management Inc. purchased a new position in shares of Bowhead Specialty during the third quarter worth $1,829,000. Geode Capital Management LLC acquired a new stake in shares of Bowhead Specialty during the third quarter worth about $4,691,000. Barclays PLC purchased a new position in shares of Bowhead Specialty in the third quarter valued at approximately $479,000. JPMorgan Chase & Co. acquired a new position in shares of Bowhead Specialty in the third quarter valued at approximately $1,382,000. Finally, Victory Capital Management Inc. increased its stake in Bowhead Specialty by 4.5% during the 3rd quarter. Victory Capital Management Inc. now owns 658,595 shares of the company’s stock worth $18,447,000 after buying an additional 28,235 shares during the period.

Bowhead Specialty Stock Down 1.5 %

The firm has a 50 day moving average price of $32.99 and a 200-day moving average price of $31.85.

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.