Bowhead Specialty Holdings Inc. (NYSE:BOW) Short Interest Down 8.5% in October

Bowhead Specialty Holdings Inc. (NYSE:BOW) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 343,700 shares, a drop of 8.5% from the October 15th total of 375,700 shares. Based on an average daily trading volume, of 206,100 shares, the short-interest ratio is presently 1.7 days. Approximately 1.6% of the shares of the stock are short sold.

Insider Activity at Bowhead Specialty

In other news, Director Family Mutual Insuran American sold 1,362,285 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $27.70, for a total transaction of $37,735,294.50. Following the transaction, the director now directly owns 4,700,761 shares of the company’s stock, valued at $130,211,079.70. This represents a 22.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On Bowhead Specialty

Several institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in Bowhead Specialty in the 2nd quarter worth about $2,770,000. Peregrine Capital Management LLC acquired a new position in Bowhead Specialty in the 2nd quarter worth about $3,073,000. TD Asset Management Inc acquired a new position in Bowhead Specialty in the 2nd quarter worth about $265,000. Victory Capital Management Inc. acquired a new position in Bowhead Specialty in the 2nd quarter worth about $15,973,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in Bowhead Specialty in the 2nd quarter worth about $4,901,000.

Analyst Upgrades and Downgrades

BOW has been the subject of several research analyst reports. Keefe, Bruyette & Woods raised their price target on Bowhead Specialty from $30.00 to $33.00 and gave the company a “market perform” rating in a report on Tuesday, October 29th. Royal Bank of Canada raised their price target on Bowhead Specialty from $32.00 to $35.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. JMP Securities raised their price target on Bowhead Specialty from $32.00 to $33.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised their price target on Bowhead Specialty from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Bowhead Specialty presently has a consensus rating of “Hold” and a consensus target price of $31.40.

Bowhead Specialty Stock Performance

Bowhead Specialty stock traded up $0.16 during trading hours on Monday, hitting $33.70. 96,946 shares of the stock traded hands, compared to its average volume of 186,811. The firm’s 50 day moving average price is $29.78. Bowhead Specialty has a 1 year low of $22.14 and a 1 year high of $34.49.

Bowhead Specialty (NYSE:BOW) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.38. The company had revenue of $116.76 million during the quarter, compared to analyst estimates of $113.00 million. As a group, analysts predict that Bowhead Specialty will post 1.38 EPS for the current fiscal 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.