Cinctive Capital Management LP Sells 54,169 Shares of Bowhead Specialty Holdings Inc. $BOW

Key Points

• Cinctive Capital Management LP has significantly reduced its stake in Bowhead Specialty Holdings Inc. by 80%, now holding 13,561 shares worth approximately $551,000.
• Bowhead Specialty reported earnings of $0.37 per share, exceeding analyst expectations of $0.36, with revenues reaching $232.36 million for the quarter.
• Investment analysts have mixed ratings for Bowhead Specialty, with a consensus rating of "Moderate Buy" and an average price target of $38.33.

Cinctive Capital Management LP cut its stake in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 80.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,561 shares of the company's stock after selling 54,169 shares during the period. Cinctive Capital Management LP's holdings in Bowhead Specialty were worth $551,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in Bowhead Specialty by 16.2% in the 1st quarter. Vanguard Group Inc. now owns 752,320 shares of the company's stock worth $30,582,000 after purchasing an additional 105,138 shares in the last quarter. Polar Capital Holdings Plc lifted its position in shares of Bowhead Specialty by 160.3% in the 4th quarter. Polar Capital Holdings Plc now owns 550,000 shares of the company's stock valued at $19,536,000 after acquiring an additional 338,738 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Bowhead Specialty by 8.5% in the 4th quarter. Driehaus Capital Management LLC now owns 339,305 shares of the company's stock worth $12,052,000 after purchasing an additional 26,522 shares during the period. Balyasny Asset Management L.P. grew its position in 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 purchasing an additional 230,722 shares in the last quarter. Finally, Bessemer Group Inc. purchased a new position in Bowhead Specialty during the 1st quarter worth approximately $12,297,000.

Bowhead Specialty Price Performance

BOW traded down $0.03 during trading on Thursday, reaching $28.95. 234,011 shares of the stock traded hands, compared to its average volume of 307,246. The stock's 50-day simple moving average is $32.07 and its two-hundred day simple moving average is $35.73. Bowhead Specialty Holdings Inc. has a fifty-two week low of $27.07 and a fifty-two week high of $42.29. The stock has a market cap of $948.95 million, a price-to-earnings ratio of 19.69 and a beta of -0.71.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its 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 analyst estimates of $134.66 million. Research analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BOW shares. Morgan Stanley reduced their target price on Bowhead Specialty from $37.00 to $34.00 and set an "equal weight" rating for the company in a report on Monday, August 18th. Zacks Research raised Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Keefe, Bruyette & Woods decreased their price objective on Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. 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 research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Bowhead Specialty has a consensus rating of "Moderate Buy" and a consensus target price of $38.33.

Insider Buying and Selling

In related news, Director Gallatin Point Capital Llc sold 2,000,000 shares of the firm'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 transaction of $61,320,000.00. Following the transaction, the director owned 8,968,445 shares of the company's stock, valued at approximately $274,972,523.70. This trade represents 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 through the SEC website. Also, Director Matthew Botein sold 2,000,000 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the director directly owned 8,968,445 shares of the company's stock, valued at $274,972,523.70. This represents a 18.23% decrease in their ownership of the stock. The disclosure for this sale can be found here.

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.