Bowhead Specialty Holdings Inc. $BOW Shares Bought by PDT Partners LLC

Key Points

• PDT Partners LLC increased its stake in Bowhead Specialty Holdings Inc. by 47.2% during the 1st quarter, owning a total of 26,627 shares worth approximately $1,082,000.
• Director Matthew Botein and Director Gallatin Point Capital LLC each sold 2,000,000 shares of Bowhead Specialty at an average price of $30.66, resulting in a value of about $61.32 million for each transaction.
• Bowhead Specialty reported earnings per share (EPS) of $0.37 for the last quarter, surpassing estimates, with revenue significantly exceeding analyst predictions at $232.36 million.

PDT Partners LLC raised its stake in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 47.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,627 shares of the company's stock after acquiring an additional 8,541 shares during the quarter. PDT Partners LLC owned approximately 0.08% of Bowhead Specialty worth $1,082,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BOW. Polar Capital Holdings Plc increased its position in Bowhead Specialty by 160.3% in the fourth quarter. Polar Capital Holdings Plc now owns 550,000 shares of the company's stock worth $19,536,000 after purchasing an additional 338,738 shares during the period. Bessemer Group Inc. acquired a new position in shares of Bowhead Specialty during the 1st quarter worth approximately $12,297,000. Balyasny Asset Management L.P. boosted its stake in Bowhead Specialty by 274.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 314,684 shares of the company's stock valued at $11,178,000 after purchasing an additional 230,722 shares during the period. Vanguard Group Inc. lifted its position in shares of Bowhead Specialty by 16.2% during the 1st quarter. Vanguard Group Inc. now owns 752,320 shares of the company's stock valued at $30,582,000 after acquiring an additional 105,138 shares during the period. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in shares of Bowhead Specialty during the 1st quarter worth $3,891,000.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods cut their price target on Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. Zacks Research upgraded Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Morgan Stanley cut their price target on Bowhead Specialty from $37.00 to $34.00 and set an "equal weight" rating on the stock in a research note on Monday, August 18th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Bowhead Specialty in a report on Friday, August 8th. They issued a "buy" rating on the stock. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $38.33.

Bowhead Specialty Trading Down 1.6%

Shares of BOW stock traded down $0.49 during trading hours on Tuesday, reaching $30.34. 34,985 shares of the company's stock were exchanged, compared to its average volume of 245,098. The stock's 50 day moving average is $32.45 and its 200-day moving average is $35.84. The company has a market cap of $994.41 million, a price-to-earnings ratio of 20.66 and a beta of -0.70. Bowhead Specialty Holdings Inc. has a fifty-two week low of $27.07 and a fifty-two week high of $42.29.

Bowhead Specialty (NYSE:BOW - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $134.66 million. Equities analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.36 EPS for the current year.

Insider Buying and Selling at Bowhead Specialty

In related news, Director Gallatin Point Capital Llc sold 2,000,000 shares of the business'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 directly owned 8,968,445 shares of the company's stock, valued at $274,972,523.70. The trade was a 18.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the director owned 8,968,445 shares in the company, valued at approximately $274,972,523.70. This trade represents a 18.23% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Bowhead Specialty 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.