Insider Selling: Bowhead Specialty Holdings Inc. (NYSE:BOW) Director Sells 2,000,000 Shares of Stock

Key Points

• Bowhead Specialty Holdings Inc. Director Gallatin Point Capital LLC sold 2,000,000 shares for $61.32 million, reducing their ownership by 18.23%.
• The company reported $0.37 earnings per share for the last quarter, exceeding estimates by $0.01, with revenues of $232.36 million against expectations of $134.66 million.
• Analysts have rated Bowhead Specialty with an average rating of "Moderate Buy" and a target price of $39.67.

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) Director Gallatin Point Capital Llc sold 2,000,000 shares of Bowhead Specialty stock in a transaction on 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 owned 8,968,445 shares in the company, valued at $274,972,523.70. This trade represents a 18.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Bowhead Specialty Trading Down 1.1%

Shares of NYSE:BOW traded down $0.36 during mid-day trading on Tuesday, reaching $31.24. The stock had a trading volume of 64,073 shares, compared to its average volume of 236,869. The company has a market cap of $1.02 billion, a P/E ratio of 21.25 and a beta of -0.69. Bowhead Specialty Holdings Inc. has a 1 year low of $26.56 and a 1 year high of $42.29. The business's 50 day moving average price is $34.58 and its 200 day moving average price is $36.04.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.01. Bowhead Specialty had a net margin of 10.05% and a return on equity of 13.25%. The business had revenue of $232.36 million during the quarter, compared to analysts' expectations of $134.66 million. Analysts predict that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bowhead Specialty

A number of institutional investors and hedge funds have recently made changes to their positions in BOW. KLP Kapitalforvaltning AS purchased a new position in shares of Bowhead Specialty in the 4th quarter worth $107,000. Vanguard Group Inc. grew its stake in shares of Bowhead Specialty by 55.1% in the 4th quarter. Vanguard Group Inc. now owns 647,182 shares of the company's stock worth $22,988,000 after buying an additional 230,039 shares in the last quarter. Corebridge Financial Inc. grew its stake in shares of Bowhead Specialty by 49.9% in the 4th quarter. Corebridge Financial Inc. now owns 5,787 shares of the company's stock worth $206,000 after buying an additional 1,926 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Bowhead Specialty by 102.4% in the 4th quarter. JPMorgan Chase & Co. now owns 99,813 shares of the company's stock worth $3,545,000 after buying an additional 50,491 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Bowhead Specialty during the 4th quarter worth about $4,828,000.

Analyst Upgrades and Downgrades

BOW has been the topic of several recent analyst reports. Keefe, Bruyette & Woods decreased their price objective on shares of Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating on the stock in a research report on Tuesday. Piper Sandler initiated coverage on shares of Bowhead Specialty in a research report on Wednesday, April 16th. They set an "overweight" rating and a $44.00 price objective on the stock. Morgan Stanley raised their price objective on shares of Bowhead Specialty from $36.00 to $39.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Bowhead Specialty in a research report on Friday. They set a "buy" rating on the stock. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $39.17.

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.