Bowhead Specialty (NYSE:BOW) Stock Price Down 5.6% on Analyst Downgrade

Shares of Bowhead Specialty Holdings Inc. (NYSE:BOW) were down 5.6% during trading on Tuesday after Keefe, Bruyette & Woods lowered their price target on the stock from $38.00 to $36.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Bowhead Specialty traded as low as $26.55 and last traded at $26.4250. Approximately 86,362 shares were traded during trading, a decline of 44% from the average daily volume of 155,131 shares. The stock had previously closed at $27.98.

Several other research firms have also recently issued reports on BOW. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Bowhead Specialty in a research report on Monday, December 29th. Morgan Stanley decreased their target price on Bowhead Specialty from $31.00 to $29.00 and set an “equal weight” rating for the company in a research note on Monday, November 17th. Royal Bank Of Canada began coverage on shares of Bowhead Specialty in a research note on Monday, November 24th. They issued an “outperform” rating and a $33.00 price target on the stock. Piper Sandler raised their price objective on shares of Bowhead Specialty from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Monday, December 22nd. Finally, JMP Securities lowered their target price on shares of Bowhead Specialty from $43.00 to $40.00 and set a “market outperform” rating for the company in a report on Tuesday, October 14th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.83.

Institutional Trading of Bowhead Specialty

Hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its stake in shares of Bowhead Specialty by 99.0% during the second quarter. Tower Research Capital LLC TRC now owns 1,926 shares of the company’s stock worth $72,000 after acquiring an additional 958 shares during the period. Police & Firemen s Retirement System of New Jersey grew its holdings in Bowhead Specialty by 38.2% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,575 shares of the company’s stock worth $134,000 after acquiring an additional 989 shares during the period. Fiduciary Trust Co boosted its position in shares of Bowhead Specialty by 13.8% during the 3rd quarter. Fiduciary Trust Co now owns 9,549 shares of the company’s stock worth $258,000 after purchasing an additional 1,160 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in shares of Bowhead Specialty by 2.5% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 49,781 shares of the company’s stock worth $1,346,000 after purchasing an additional 1,192 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Bowhead Specialty in the 2nd quarter valued at about $52,000.

Bowhead Specialty Price Performance

The stock has a market cap of $866.62 million, a price-to-earnings ratio of 16.95 and a beta of -1.06. The company’s 50 day moving average is $27.06 and its 200 day moving average is $29.35.

Bowhead Specialty (NYSE:BOW) last issued its earnings results on Monday, August 26th. The company reported $0.27 earnings per share (EPS) for the quarter. Bowhead Specialty had a net margin of 10.12% and a return on equity of 13.53%. The company had revenue of $65.45 million during the quarter. Sell-side analysts predict that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current year.

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.