Bowhead Specialty (NYSE:BOW) Hits New 12-Month Low – What’s Next?

Bowhead Specialty Holdings Inc. (NYSE:BOW)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $23.50 and last traded at $22.3150, with a volume of 23823 shares changing hands. The stock had previously closed at $24.79.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BOW. Weiss Ratings reissued a “hold (c-)” rating on shares of Bowhead Specialty in a report on Monday, December 29th. Keefe, Bruyette & Woods lowered their price target on Bowhead Specialty from $38.00 to $36.00 and set an “outperform” rating for the company in a report on Tuesday, January 6th. Zacks Research cut Bowhead Specialty from a “hold” rating to a “strong sell” rating in a research note on Friday, January 23rd. Royal Bank Of Canada began coverage on shares of Bowhead Specialty in a research note on Monday, November 24th. They set an “outperform” rating and a $33.00 target price for the company. Finally, Morgan Stanley reduced their price target on shares of Bowhead Specialty from $31.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Monday, November 17th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Bowhead Specialty presently has a consensus rating of “Hold” and a consensus price target of $33.83.

Bowhead Specialty Price Performance

The firm’s fifty day moving average price is $25.90 and its 200-day moving average price is $27.04. The company has a market cap of $749.22 million, a price-to-earnings ratio of 14.82, a P/E/G ratio of 0.81 and a beta of -1.05.

Bowhead Specialty (NYSE:BOW) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $151.68 million for the quarter, compared to the consensus estimate of $145.99 million. Bowhead Specialty had a net margin of 10.12% and a return on equity of 13.53%. As a group, equities analysts forecast that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Institutional Trading of Bowhead Specialty

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its position in Bowhead Specialty by 112.7% during the 1st quarter. Royal Bank of Canada now owns 5,406 shares of the company’s stock worth $219,000 after acquiring an additional 2,864 shares during the period. AQR Capital Management LLC acquired a new stake in Bowhead Specialty in the first quarter worth about $430,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Bowhead Specialty by 42.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,389 shares of the company’s stock worth $382,000 after purchasing an additional 2,802 shares during the period. Millennium Management LLC grew its position in 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 buying an additional 107,896 shares in the last quarter. Finally, NewEdge Advisors LLC acquired a new position in Bowhead Specialty during the 1st quarter valued at about $206,000.

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.