Bowhead Specialty Holdings Inc. (NYSE:BOW) Director Gallatin Point Capital Llc Sells 2,000,000 Shares

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 the company's 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 completion of the sale, the director owned 8,968,445 shares of the company's stock, valued at approximately $274,972,523.70. The trade was a 18.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Bowhead Specialty Trading Up 1.1%

Bowhead Specialty stock traded up $0.34 during midday trading on Wednesday, reaching $31.83. 27,874 shares of the stock traded hands, compared to its average volume of 237,159. The company has a 50-day simple moving average of $34.46 and a two-hundred day simple moving average of $36.01. Bowhead Specialty Holdings Inc. has a 12-month low of $26.56 and a 12-month high of $42.29. The firm has a market cap of $1.04 billion, a PE ratio of 21.61 and a beta of -0.69.

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

Institutional Investors Weigh In On Bowhead Specialty

A number of hedge funds have recently bought and sold shares of BOW. Gallatin Point Capital LLC acquired a new stake in Bowhead Specialty in the 4th quarter valued at about $389,599,000. Wasatch Advisors LP raised its position in shares of Bowhead Specialty by 125.3% during the 4th quarter. Wasatch Advisors LP now owns 812,901 shares of the company's stock worth $28,874,000 after acquiring an additional 452,033 shares in the last quarter. Polar Capital Holdings Plc raised its position in shares of Bowhead Specialty by 160.3% during the 4th quarter. Polar Capital Holdings Plc now owns 550,000 shares of the company's stock worth $19,536,000 after acquiring an additional 338,738 shares in the last quarter. Bessemer Group Inc. acquired a new stake in shares of Bowhead Specialty during the 1st quarter worth about $12,297,000. Finally, Balyasny Asset Management L.P. raised its position in shares of Bowhead Specialty by 274.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 314,684 shares of the company's stock worth $11,178,000 after acquiring an additional 230,722 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BOW shares. Morgan Stanley increased their price target on Bowhead Specialty from $36.00 to $39.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. Keefe, Bruyette & Woods lowered their price target on Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a report on Tuesday. Piper Sandler started coverage on Bowhead Specialty in a report on Wednesday, April 16th. They set an "overweight" rating and a $44.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on Bowhead Specialty in a report on Friday, August 8th. They set a "buy" rating for the company. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.17.

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.