Lord Abbett & CO. LLC Trims Holdings in 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 lessened its holdings in Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 49.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 129,938 shares of the company's stock after selling 126,044 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.40% of Bowhead Specialty worth $5,282,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. SBI Securities Co. Ltd. bought a new position in Bowhead Specialty in the 1st quarter valued at $44,000. Summit Investment Advisors Inc. grew its position in Bowhead Specialty by 66.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,218 shares of the company's stock valued at $43,000 after acquiring an additional 486 shares during the last quarter. Nemes Rush Group LLC bought a new position in Bowhead Specialty in the 1st quarter valued at $61,000. GAMMA Investing LLC grew its position in Bowhead Specialty by 7,651.2% in the 1st quarter. GAMMA Investing LLC now owns 3,333 shares of the company's stock valued at $135,000 after acquiring an additional 3,290 shares during the last quarter. Finally, State of Tennessee Department of Treasury bought a new position in Bowhead Specialty in the 4th quarter valued at $199,000.

Bowhead Specialty Stock Performance

BOW stock traded up $0.16 during trading on Wednesday, reaching $30.92. 278,026 shares of the company traded hands, compared to its average volume of 242,241. Bowhead Specialty Holdings Inc. has a 12 month low of $27.07 and a 12 month high of $42.29. The business has a 50 day simple moving average of $33.95 and a 200 day simple moving average of $35.94. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 21.03 and a beta of -0.69.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $134.66 million. As a group, research analysts forecast that Bowhead Specialty Holdings Inc. will post 1.36 EPS for the current year.

Insider Transactions at Bowhead Specialty

In other Bowhead Specialty news, Director Matthew Botein 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 value 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 trade represents a 18.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gallatin Point Capital Llc sold 2,000,000 shares of the stock in a transaction dated Friday, August 8th. The shares were 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 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 disclosure for this sale can be found here.

Wall Street Analyst Weigh In

BOW has been the topic of several research analyst reports. 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 research report on Monday. Keefe, Bruyette & Woods dropped their price target on Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Zacks Research raised Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Bowhead Specialty in a research report on Friday, August 8th. They set a "buy" rating on the stock. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $38.33.

Bowhead Specialty 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.