Lord Abbett & CO. LLC Sells 126,044 Shares of Bowhead Specialty Holdings Inc. $BOW

Key Points

• Lord Abbett & Co. LLC has reduced its stake in Bowhead Specialty Holdings Inc. by 49.2%, now holding 129,938 shares worth approximately $5.28 million.
• In contrast, Bank of America and JPMorgan Chase increased their holdings in Bowhead Specialty by 113.3% and 102.4% respectively in the recent quarter.
• Bowhead Specialty has a current consensus rating of "Moderate Buy" with a target price of $39.17 based on recent analyst reports.

Lord Abbett & CO. LLC decreased its stake in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 49.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 129,938 shares of the company's stock after selling 126,044 shares during the period. Lord Abbett & CO. LLC owned 0.40% of Bowhead Specialty worth $5,282,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in Bowhead Specialty by 113.3% during the 4th quarter. Bank of America Corp DE now owns 154,961 shares of the company's stock worth $5,504,000 after purchasing an additional 82,305 shares in the last quarter. Informed Momentum Co LLC purchased a new stake in Bowhead Specialty during the 1st quarter worth about $3,137,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Bowhead Specialty during the 1st quarter worth about $3,891,000. JPMorgan Chase & Co. lifted its holdings in Bowhead Specialty by 102.4% during the 4th quarter. JPMorgan Chase & Co. now owns 99,813 shares of the company's stock worth $3,545,000 after purchasing an additional 50,491 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in Bowhead Specialty during the 4th quarter worth about $284,000.

Bowhead Specialty Price Performance

Shares of NYSE:BOW traded up $0.93 on Friday, hitting $32.58. The company's stock had a trading volume of 210,534 shares, compared to its average volume of 241,853. The company has a 50-day simple moving average of $33.77 and a 200 day simple moving average of $35.90. Bowhead Specialty Holdings Inc. has a 1 year low of $27.07 and a 1 year high of $42.29. The company has a market capitalization of $1.07 billion, a PE ratio of 22.16 and a beta of -0.69.

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

Insider Activity

In other news, Director Gallatin Point Capital Llc sold 2,000,000 shares of the stock in a transaction dated 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 transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Botein sold 2,000,000 shares of the firm'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 transaction, the director owned 8,968,445 shares in the company, valued at approximately $274,972,523.70. The trade was a 18.23% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

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

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.