American Century Companies Inc. Reduces Holdings in Bowhead Specialty Holdings Inc. $BOW

Key Points

• American Century Companies Inc. reduced its holdings in Bowhead Specialty Holdings Inc. by 15.9%, owning approximately 2.46% of the company after selling over 151,000 shares.
• Bowhead Specialty reported earnings of $0.37 per share for the last quarter, exceeding estimates and achieving revenue of $232.36 million.
• Several institutional investors have recently altered their positions, with Polar Capital Holdings increasing its stake by 160.3% in the last quarter.

American Century Companies Inc. decreased its stake in Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 15.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 802,368 shares of the company's stock after selling 151,181 shares during the period. American Century Companies Inc. owned about 2.46% of Bowhead Specialty worth $32,616,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BOW. Geode Capital Management LLC increased its holdings in shares of Bowhead Specialty by 30.6% in the 4th quarter. Geode Capital Management LLC now owns 218,642 shares of the company's stock worth $7,768,000 after buying an additional 51,209 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Bowhead Specialty by 113.6% in the 4th quarter. Wells Fargo & Company MN now owns 6,465 shares of the company's stock worth $230,000 after buying an additional 3,438 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Bowhead Specialty by 66.8% in the 4th quarter. Legal & General Group Plc now owns 11,243 shares of the company's stock worth $399,000 after buying an additional 4,501 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Bowhead Specialty by 66.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,218 shares of the company's stock worth $43,000 after buying an additional 486 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Bowhead Specialty by 241.5% in the 4th quarter. Barclays PLC now owns 58,343 shares of the company's stock worth $2,071,000 after buying an additional 41,261 shares during the last quarter.

Analyst Ratings Changes

BOW has been the topic of a number of research analyst reports. Zacks Research raised shares of Bowhead Specialty from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Deutsche Bank Aktiengesellschaft began coverage on shares of Bowhead Specialty in a report on Friday, August 8th. They issued a "buy" rating on the stock. Morgan Stanley reduced their target price on shares of Bowhead Specialty from $37.00 to $34.00 and set an "equal weight" rating on the stock in a report on Monday, August 18th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Bowhead Specialty has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

Bowhead Specialty Stock Performance

Shares of BOW stock traded up $0.23 on Wednesday, hitting $31.42. 197,331 shares of the company's stock traded hands, compared to its average volume of 400,712. Bowhead Specialty Holdings Inc. has a one year low of $27.07 and a one year high of $42.29. The company's fifty day simple moving average is $33.36 and its 200 day simple moving average is $35.84. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 21.37 and a beta of -0.69.

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, beating the consensus estimate of $0.36 by $0.01. The business had revenue of $232.36 million during the quarter, compared to analysts' expectations of $134.66 million. Bowhead Specialty had a net margin of 10.05% and a return on equity of 13.25%. As a group, sell-side analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Bowhead Specialty

In other Bowhead Specialty news, Director Matthew Botein sold 2,000,000 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $30.66, for a total transaction 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 $274,972,523.70. This represents a 18.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gallatin Point Capital Llc sold 2,000,000 shares of the stock in a transaction on Friday, August 8th. The shares were 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 of the company's stock, valued at $274,972,523.70. The trade was a 18.23% decrease in their position. The disclosure for this sale can be found here.

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.