DAVENPORT & Co LLC Makes New $3.29 Million Investment in Bowhead Specialty Holdings Inc. $BOW

Key Points

• DAVENPORT & Co LLC has invested approximately $3.29 million in Bowhead Specialty Holdings Inc., purchasing 88,238 shares during the second quarter, which represents about 0.27% ownership.
• Insider sales occurred, with Director Matthew Botein and Gallatin Point Capital LLC each selling 2 million shares at an average price of $30.66, reducing their ownership by 18.23%.
• Bowhead Specialty, now rated as a Moderate Buy by analysts, has seen price targets adjusted, with estimates ranging from $31.00 to $42.00 following several recent ratings changes.

DAVENPORT & Co LLC purchased a new position in Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 88,238 shares of the company's stock, valued at approximately $3,290,000. DAVENPORT & Co LLC owned about 0.27% of Bowhead Specialty at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in shares of Bowhead Specialty during the first quarter valued at $44,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Bowhead Specialty by 17.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,400 shares of the company's stock valued at $301,000 after purchasing an additional 1,100 shares during the period. Jump Financial LLC lifted its position in Bowhead Specialty by 17.1% during the first quarter. Jump Financial LLC now owns 9,050 shares of the company's stock valued at $368,000 after purchasing an additional 1,322 shares during the period. Nemes Rush Group LLC acquired a new position in Bowhead Specialty during the first quarter valued at $61,000. Finally, SG Americas Securities LLC lifted its position in Bowhead Specialty by 19.9% during the first quarter. SG Americas Securities LLC now owns 11,612 shares of the company's stock valued at $472,000 after purchasing an additional 1,931 shares during the period.

Insider Activity

In related news, Director Matthew Botein sold 2,000,000 shares of the company's stock in a transaction dated 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 approximately $274,972,523.70. This represents a 18.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 dated 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 approximately $274,972,523.70. This represents a 18.23% decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Bowhead Specialty in a research report on Friday, August 8th. They issued a "buy" rating for the company. Piper Sandler decreased their price objective on shares of Bowhead Specialty from $38.00 to $33.00 and set an "overweight" rating for the company in a research report on Thursday, October 2nd. Zacks Research upgraded shares of Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Keefe, Bruyette & Woods decreased their price objective on shares of 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, Morgan Stanley decreased their price objective on shares of Bowhead Specialty from $34.00 to $31.00 and set an "equal weight" rating for the company in a research report on Tuesday. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.00.

Bowhead Specialty Stock Up 3.4%

BOW opened at $26.90 on Thursday. Bowhead Specialty Holdings Inc. has a twelve month low of $23.70 and a twelve month high of $42.29. The company has a market cap of $881.78 million, a PE ratio of 18.30 and a beta of -0.88. The company has a 50-day moving average price of $29.54 and a 200 day moving average price of $34.70.

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

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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