Driehaus Capital Management LLC Cuts Stake 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 cut its stake in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 8.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 310,565 shares of the company's stock after selling 28,740 shares during the quarter. Driehaus Capital Management LLC owned approximately 0.95% of Bowhead Specialty worth $12,624,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Bowhead Specialty by 16.2% during the first quarter. Vanguard Group Inc. now owns 752,320 shares of the company's stock worth $30,582,000 after buying an additional 105,138 shares in the last quarter. Polar Capital Holdings Plc boosted its position in Bowhead Specialty by 160.3% during 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. Balyasny Asset Management L.P. boosted its position in Bowhead Specialty by 274.8% during the fourth 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 during the period. Bessemer Group Inc. bought a new position in Bowhead Specialty in the 1st quarter worth about $12,297,000. Finally, Alyeska Investment Group L.P. boosted its stake in Bowhead Specialty by 34.7% in the 4th quarter. Alyeska Investment Group L.P. now owns 179,656 shares of the company's stock worth $6,381,000 after purchasing an additional 46,309 shares during the period.

Wall Street Analyst Weigh In

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

Bowhead Specialty Stock Down 3.3%

BOW stock traded down $1.06 during mid-day trading on Friday, reaching $31.00. 59,818 shares of the stock traded hands, compared to its average volume of 244,463. Bowhead Specialty Holdings Inc. has a 52 week low of $27.07 and a 52 week high of $42.29. The firm has a market capitalization of $1.02 billion, a PE ratio of 21.07 and a beta of -0.71. The business has a 50-day moving average of $32.71 and a two-hundred day moving average of $35.79.

Bowhead Specialty (NYSE:BOW - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $134.66 million. On average, equities research analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 shares were sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the completion of the transaction, the director directly owned 8,968,445 shares in the company, valued at $274,972,523.70. This represents a 18.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Botein sold 2,000,000 shares of the company's 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 directly owned 8,968,445 shares in the company, valued at approximately $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.