Morgan Stanley Lowers Bowhead Specialty (NYSE:BOW) Price Target to $34.00

Bowhead Specialty (NYSE:BOW) had its target price trimmed by Morgan Stanley from $37.00 to $34.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities research analysts also recently commented on the company. Keefe, Bruyette & Woods cut their price objective on Bowhead Specialty from $45.00 to $42.00 and set an “outperform” rating for the company in a report on Tuesday, August 12th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Bowhead Specialty in a research report on Friday, August 8th. They set a “buy” rating on the stock. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Bowhead Specialty currently has a consensus rating of “Moderate Buy” and an average price target of $38.33.

Bowhead Specialty Trading Up 0.5%

Bowhead Specialty stock opened at $30.92 on Monday. Bowhead Specialty has a 1-year low of $27.07 and a 1-year high of $42.29. The company has a fifty day simple moving average of $33.86 and a 200 day simple moving average of $35.91. The company has a market cap of $1.01 billion, a P/E ratio of 21.03 and a beta of -0.69.

Bowhead Specialty (NYSE:BOW) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. The company had revenue of $232.36 million during the quarter, compared to analysts’ expectations of $134.66 million. Bowhead Specialty had a return on equity of 13.25% and a net margin of 10.05%. On average, equities research analysts forecast that Bowhead Specialty will post 1.36 EPS for the current year.

Insider Buying and Selling at Bowhead Specialty

In other news, Director Gallatin Point Capital Llc sold 2,000,000 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $30.66, for a total value of $61,320,000.00. Following the transaction, the director directly owned 8,968,445 shares of the company’s stock, valued at $274,972,523.70. This represents a 18.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Botein sold 2,000,000 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the sale, the director owned 8,968,445 shares of the company’s stock, valued at approximately $274,972,523.70. This represents a 18.23% decrease in their position. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Bowhead Specialty

Several institutional investors and hedge funds have recently made changes to their positions in BOW. Polar Capital Holdings Plc lifted its holdings in Bowhead Specialty by 160.3% during the 4th quarter. Polar Capital Holdings Plc now owns 550,000 shares of the company’s stock worth $19,536,000 after purchasing an additional 338,738 shares during the last quarter. American Family Investments Inc. increased its position in Bowhead Specialty by 6.9% during the 2nd quarter. American Family Investments Inc. now owns 5,023,778 shares of the company’s stock worth $188,542,000 after buying an additional 323,017 shares during the period. Bessemer Group Inc. bought a new position in Bowhead Specialty during the 1st quarter worth $12,297,000. Balyasny Asset Management L.P. lifted its holdings in shares of Bowhead Specialty by 274.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 314,684 shares of the company’s stock worth $11,178,000 after buying an additional 230,722 shares in the last quarter. Finally, Voleon Capital Management LP bought a new stake in shares of Bowhead Specialty in the fourth quarter valued at about $5,454,000.

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.