Bowhead Specialty (NYSE:BOW) Sees Large Volume Increase – Still a Buy?

Bowhead Specialty Holdings Inc. (NYSE:BOW) shares saw strong trading volume on Monday . 135,189 shares changed hands 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 Ratings Changes

Separately, Keefe, Bruyette & Woods upgraded Bowhead Specialty from a “market perform” rating to an “outperform” rating and set a $44.00 price objective for the company in a 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $33.60.

Bowhead Specialty Stock Performance

The firm’s 50-day simple moving average is $34.51 and its two-hundred day simple moving average is $33.08.

Bowhead Specialty (NYSE:BOW) last announced its quarterly earnings data 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 for 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 earnings per share for the current year.

Insider Transactions at Bowhead Specialty

In other Bowhead Specialty news, Director Ava Schnidman purchased 1,493 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $33.41 per share, for a total transaction of $49,881.13. Following the acquisition, the director now owns 1,893 shares in the company, valued at $63,245.13. This represents a 373.25 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its position in Bowhead Specialty by 0.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 60,963 shares of the company’s stock worth $2,165,000 after purchasing an additional 455 shares during the period. Summit Investment Advisors Inc. boosted its stake in shares of Bowhead Specialty by 66.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,218 shares of the company’s stock worth $43,000 after buying an additional 486 shares during the last quarter. Sei Investments Co. grew its holdings in Bowhead Specialty by 0.8% during the fourth quarter. Sei Investments Co. now owns 94,395 shares of the company’s stock worth $3,353,000 after acquiring an additional 760 shares during the period. Schroder Investment Management Group raised its position in Bowhead Specialty by 0.3% during the fourth quarter. Schroder Investment Management Group now owns 365,886 shares of the company’s stock valued at $12,641,000 after acquiring an additional 1,209 shares in the last quarter. Finally, New York State Common Retirement Fund purchased a new position in shares of Bowhead Specialty during the 4th quarter valued at approximately $64,000.

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.