Bowhead Specialty (NYSE:BOW) Sees Unusually-High Trading Volume - Here's What Happened

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) saw strong trading volume on Monday . 135,189 shares were traded during trading, a decline of 33% from the previous session's volume of 202,110 shares.The stock last traded at $41.43 and had previously closed at $42.15.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upgraded Bowhead Specialty from a "market perform" rating to an "outperform" rating and set a $44.00 price objective on the stock in a research report on Monday, March 3rd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $33.60.

Bowhead Specialty Price Performance

The stock has a 50-day moving average of $34.72 and a 200 day moving average of $33.14.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.42 earnings per share 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 analysts' expectations of $102.12 million. As a group, equities analysts expect that Bowhead Specialty Holdings Inc. will post 1.36 EPS for the current year.

Remove Ads

Insider Activity at Bowhead Specialty

In other Bowhead Specialty news, Director Ava Schnidman purchased 1,493 shares of the business's stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $33.41 per share, for a total transaction of $49,881.13. Following the completion of the purchase, 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Institutional Investors Weigh In On Bowhead Specialty

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. acquired a new stake in Bowhead Specialty in the third quarter valued at $1,829,000. The Manufacturers Life Insurance Company grew its position in shares of Bowhead Specialty by 5.2% in the third quarter. The Manufacturers Life Insurance Company now owns 60,508 shares of the company's stock valued at $1,695,000 after purchasing an additional 2,976 shares during the period. Quantbot Technologies LP acquired a new position in shares of Bowhead Specialty during the 3rd quarter valued at about $157,000. BNP Paribas Financial Markets acquired a new position in Bowhead Specialty during the third quarter worth approximately $484,000. Finally, MetLife Investment Management LLC purchased a new position in shares of Bowhead Specialty in the 3rd quarter worth $123,000.

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.