Driehaus Capital Management LLC Reduces Holdings in Bowhead Specialty Holdings Inc. $BOW

Key Points

• Driehaus Capital Management LLC reduced its holdings in Bowhead Specialty Holdings Inc. by 8.5%, owning 310,565 shares valued at approximately $12.62 million.
• Multiple institutional investors, including SBI Securities and Wells Fargo, have recently acquired or increased their positions in Bowhead Specialty, showcasing ongoing interest in the company.
• Following recent analyst reviews, Bowhead Specialty received a new price target from Keefe, Bruyette & Woods, lowering it from $45.00 to $42.00, while other analysts provide varying ratings ranging from "hold" to "buy."

Driehaus Capital Management LLC lessened its position in Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 8.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 310,565 shares of the company's stock after selling 28,740 shares during the quarter. Driehaus Capital Management LLC owned 0.95% of Bowhead Specialty worth $12,624,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Polar Capital Holdings Plc increased its stake 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. bought a new position in shares of Bowhead Specialty in the first quarter worth about $12,297,000. Balyasny Asset Management L.P. increased 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 worth $11,178,000 after buying an additional 230,722 shares during the period. Vanguard Group Inc. lifted its holdings in 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 buying an additional 105,138 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in Bowhead Specialty during the 1st quarter valued at about $3,891,000.

Insider Activity

In other news, Director Matthew Botein sold 2,000,000 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $30.66, for a total value of $61,320,000.00. Following the sale, the director owned 8,968,445 shares in the company, valued at $274,972,523.70. This represents a 18.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock was 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 approximately $274,972,523.70. This represents a 18.23% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Zacks Research raised Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Deutsche Bank Aktiengesellschaft assumed coverage on Bowhead Specialty in a research report on Friday, August 8th. They set a "buy" rating on the stock. 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 report on Tuesday, August 12th. Finally, Morgan Stanley lowered their price objective on shares of 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 research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $38.33.

Bowhead Specialty Stock Performance

BOW traded up $0.51 during trading on Thursday, hitting $31.80. The stock had a trading volume of 195,238 shares, compared to its average volume of 244,801. The company has a market capitalization of $1.04 billion, a PE ratio of 21.72 and a beta of -0.71. Bowhead Specialty Holdings Inc. has a twelve month low of $27.07 and a twelve month high of $42.29. The stock has a 50 day simple moving average of $32.81 and a two-hundred day simple moving average of $35.79.

Bowhead Specialty (NYSE:BOW - Get Free Report) last released 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 net margin of 10.05% and a return on equity of 13.25%. The company had revenue of $232.36 million for the quarter, compared to the consensus estimate of $134.66 million. On average, equities research analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.36 EPS 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.