Bowhead Specialty (NYSE:BOW) Hits New 52-Week High – Time to Buy?

Shares of Bowhead Specialty Holdings Inc. (NYSE:BOW) reached a new 52-week high during trading on Tuesday . The stock traded as high as $37.81 and last traded at $37.61, with a volume of 41195 shares traded. The stock had previously closed at $36.52.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised shares of 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 investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bowhead Specialty presently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Bowhead Specialty Price Performance

The firm has a 50-day simple moving average of $32.89 and a two-hundred day simple moving average of $32.36.

Bowhead Specialty (NYSE:BOW) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.07. The firm had revenue of $184.77 million during the quarter, compared to analyst estimates of $102.12 million. Sell-side analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current year.

Insider Activity

In related news, Director Ava Schnidman purchased 1,493 shares of Bowhead Specialty stock in a transaction on Friday, February 28th. The stock was bought at an average price of $33.41 per share, with a total value of $49,881.13. Following the completion of the transaction, the director now directly owns 1,893 shares of the company’s stock, valued at approximately $63,245.13. This represents a 373.25 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Summit Investment Advisors Inc. boosted its position in Bowhead Specialty by 66.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,218 shares of the company’s stock worth $43,000 after purchasing an additional 486 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Bowhead Specialty in the fourth quarter worth $64,000. US Bancorp DE bought a new stake in shares of Bowhead Specialty during the 4th quarter worth $76,000. KLP Kapitalforvaltning AS acquired a new position in Bowhead Specialty in the 4th quarter valued at $107,000. Finally, Pictet Asset Management Holding SA bought a new position in Bowhead Specialty in the 4th quarter worth $145,000.

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.