Bowhead Specialty (NYSE:BOW) Hits New 1-Year Low - Here's What Happened

Key Points

• Bowhead Specialty Holdings Inc. shares hit a new 52-week low of $27.31 as of Thursday, which is down from a previous close of $27.73.
• Equities analysts have mixed views on the stock, with Zacks upgrading it to a "hold" rating, while others have set target prices ranging from $34.00 to $42.00.
• Insider activity has been notable, with Director Matthew Botein and Gallatin Point Capital LLC selling 2 million shares each at an average price of $30.66, representing an 18.23% decrease in their ownership.

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) shares reached a new 52-week low on Thursday . The company traded as low as $27.33 and last traded at $27.31, with a volume of 64842 shares traded. The stock had previously closed at $27.73.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Zacks Research raised Bowhead Specialty from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Keefe, Bruyette & Woods dropped their target price on Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Deutsche Bank Aktiengesellschaft started coverage on Bowhead Specialty in a research note on Friday, August 8th. They issued a "buy" rating for the company. Finally, Morgan Stanley dropped their price target on Bowhead Specialty from $37.00 to $34.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.33.

Bowhead Specialty Stock Down 1.7%

The stock has a market cap of $893.31 million, a price-to-earnings ratio of 18.56 and a beta of -0.71. The company has a 50 day simple moving average of $30.94 and a 200 day simple moving average of $35.37.

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

Insider Activity

In other news, Director Matthew Botein sold 2,000,000 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the sale, the director directly owned 8,968,445 shares in the company, valued at approximately $274,972,523.70. The trade was a 18.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gallatin Point Capital Llc sold 2,000,000 shares of the company's stock in a transaction that occurred 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 in the company, valued at $274,972,523.70. The trade was a 18.23% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Bowhead Specialty

Several institutional investors have recently added to or reduced their stakes in BOW. SBI Securities Co. Ltd. acquired a new position in shares of Bowhead Specialty during the first quarter worth approximately $44,000. Raymond James Financial Inc. acquired a new position in shares of Bowhead Specialty during the second quarter worth approximately $52,000. Nemes Rush Group LLC acquired a new position in shares of Bowhead Specialty during the first quarter worth approximately $61,000. Tower Research Capital LLC TRC raised its position in Bowhead Specialty by 99.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,926 shares of the company's stock valued at $72,000 after buying an additional 958 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its position in Bowhead Specialty by 38.2% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,575 shares of the company's stock valued at $134,000 after buying an additional 989 shares during the last quarter.

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.

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