Bowhead Specialty (NYSE:BOW) Shares Up 2.8% – Time to Buy?

Bowhead Specialty Holdings Inc. (NYSE:BOW)’s share price rose 2.8% during mid-day trading on Friday . The company traded as high as $41.99 and last traded at $42.15. Approximately 335,287 shares were traded during trading, an increase of 67% from the average daily volume of 201,245 shares. The stock had previously closed at $41.00.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised shares of Bowhead Specialty from a “market perform” rating to an “outperform” rating and set a $44.00 target price on the stock in a research note on Monday, March 3rd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Bowhead Specialty currently has an average rating of “Moderate Buy” and an average price target of $33.60.

Bowhead Specialty Stock Performance

The business has a 50 day moving average of $34.20 and a 200 day moving average of $32.88.

Bowhead Specialty (NYSE:BOW) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.07. The company had revenue of $184.77 million during the quarter, compared to the consensus estimate of $102.12 million. Analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.36 EPS for the current year.

Insiders Place Their Bets

In other news, Director Ava Schnidman acquired 1,493 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of $33.41 per share, for a total transaction of $49,881.13. Following the transaction, the director now directly owns 1,893 shares in the company, valued at approximately $63,245.13. This represents a 373.25 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. bought a new position in shares of Bowhead Specialty during the 3rd quarter valued at about $1,829,000. The Manufacturers Life Insurance Company raised its holdings in Bowhead Specialty by 5.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 60,508 shares of the company’s stock worth $1,695,000 after buying an additional 2,976 shares during the period. Quantbot Technologies LP bought a new position in Bowhead Specialty in the third quarter valued at approximately $157,000. BNP Paribas Financial Markets acquired a new position in shares of Bowhead Specialty in the third quarter valued at approximately $484,000. Finally, MetLife Investment Management LLC bought a new stake in shares of Bowhead Specialty during the third quarter worth $123,000.

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.